Market Trends And Strategies Of Major Players In The Motor Vehicle Steering and Suspension Component Market 2021-2030
8 Oct, 2021
The motor vehicle steering and suspension components market consists of sales of motor vehicle steering and suspension components (except spring) and related services which are used for keeping the wheels of the motor vehicle firmly intact with the ground. Motor vehicle steering components consists of group of parts including steering wheel, steering column and shaft, tie rods, steering arms used to transmit the movement of the steering wheel to the wheels enabling the right and left movement of the wheel. The suspension components comprise of tires, the air in the tires, shock absorbers, struts, arms, bars, linkages, bushings, and joints used to connect the vehicle to its wheels to allow relative motion between the two. The suspension components of a motor vehicle provide supports to the vehicle, absorb bumps and other shocks and allow the vehicle to turn in response to steering input from the drive.
Global Motor Vehicle Steering and Suspension Components (Except Spring) Market Size And Drivers:
The global motor vehicle steering and suspension components market is expected to grow from $144.08 billion in 2020 to $150.57 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $213.06 billion in 2025 at a CAGR of 9%. The growth of motor vehicle steering and suspension components market is positively affected by the poor quality of roads.
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Trends In The Global Motor Vehicle Steering and Suspension Components (Except Spring) Market
The latest trend in the industry is the development of suspension system using the new magnetic ride control (MRC or MagneRide) technology developed by General Motors (GM). The magnetic damper technology improves the performance of the suspension system and provides a smooth driving experience. The technology uses a fluid infused with magnetized particles acting as electronically-controlled shock absorbers, which responds to changing driving conditions and speed in real-time making the shock absorbers adapt to the changing terrain. Such absorbers along with the automobile sensors responds to the terrain every five milliseconds. Following the trend started by General Motors, BeijingWest Industries (BWI) Group opened a new plant in Greenfield, Indiana, in 2019, from which the company will launch the fourth generation of the MagneRide suspension technology. The China based, BeijingWest Industries (BWI) Group is a supplier of brake and suspension systems.
Global Motor Vehicle Steering and Suspension Components (Except Spring) Market Segments:
The global motor vehicle steering and suspension components market is further segmented –
By Type: Steering Components, Suspension Components
By Application: Commercial Vehicle, Passenger Car
By End Use: OEM, Aftermarket
By Geography: The global motor vehicle steering and suspension component market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/motor-vehicle-steering-and-suspension-components-except-spring-global-market-reportMotor Vehicle Steering and Suspension Components (Except Spring) Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides motor vehicle steering and suspension components (except spring) market overviews, analyzes and forecasts market size and growth for the global motor vehicle steering and suspension components (except spring) market, motor vehicle steering and suspension components (except spring) market share, motor vehicle steering and suspension components (except spring) market players, motor vehicle steering and suspension components (except spring) market segments and geographies, motor vehicle steering and suspension components (except spring) market’s leading competitors’ revenues, profiles and market shares. The motor vehicle steering and suspension components (except spring) market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.