Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2022 – By Type (Steering Components, Suspension Components), By Application (Commercial Vehicle, Passenger Car), By End use(OEM, Aftermarket) – Market Size, Trends, And Global Forecast 2022-2026

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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 consist of a group of parts including the 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 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.

The main types in motor vehicle steering and suspension components are steering components, suspension components. The steering components help the driver and protect them and add a support system to the driver while driving. The various applications include commercial vehicles, passenger cars. The motor vehicle steering and suspension are used in OEM and aftermarket.

The global motor vehicle steering and suspension components market size is expected to grow from $81.61 billion in 2021 to $90.71 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The global motor vehicle steering and suspension component market is then expected to grow to $134.27 billion in 2026 at a CAGR of 10.3%.

The growth of the motor vehicle steering and suspension components market is positively affected by the poor quality of roads. The steering and suspension components are used to maintain the stability of the motor vehicle through the rough roads. Rough roads with potholes and poor surface causes wear and tear of steering and suspension components in the long run thus increasing the risk of accidents. This constant wear and tear shorten their working life and increase the rate at which they need to be replaced. According to the U.S National transportation research group (TRIP), 71% of roads in the San Francisco-Oakland area were in poor condition, costing drivers an average of $1,049 in vehicle operating costs each year. The lack of standards for maintenance of roads resulting in rough roads with potholes increases the demand for motor vehicle steering and suspension components.

The growth of the motor vehicle steering and suspension components market is restricted by the growing popularity of electric vehicles all over the world. The increased popularity of electric vehicles will require the motor vehicle steering and suspension system manufacturers to produce power steering and suspension systems specifically designed for the new electric vehicles. Thus, reducing the demand for motor power steering systems and suspension parts. The manufacturers will have to adapt and compete to create the parts used in driverless vehicle models. According to the International Energy Agency (IEA), there were 5 million electric passenger cars in Norway. The popularity of the electric car market is backed up by several government initiatives such as in Norway, the drivers of zero-emissions cars are not only exempted from road tax but also exempted from 25% VAT on sales, reduced road and ferry tolls and parking costs, and access to bus lanes. The overall cost for adapting to the changing demand due to the growing popularity of electric vehicles restricts the growth of the motor vehicle steering and suspension components market.

The latest trend in the industry is the development of suspension systems 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 respond 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 respond 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 launched the fourth generation of the MagneRide suspension technology. The China-based, BeijingWest Industries Group is a supplier of brake and suspension systems.

In June 2020, Bendix Corporation, American manufacturing, and engineering company acquired RH Sheppard for $149.5 million. The acquisition of RH Sheppard was transacted by Bendix Commercial Vehicle Systems LLC, Elyria, OH, which is a subsidiary of Knorr-Bremse that is part of its Commercial Vehicle Systems division. Through this acquisition, Knorr-Bremse became a leading global supplier of commercial vehicle steering systems. RH Sheppard is a USA-based company that designs and manufactures automotive products.

Major players in the motor vehicle steering and suspension components market are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.

Asia Pacific was the largest region in the motor vehicle steering and suspension components market in 2021. Western Europe was the second largest market in the global motor vehicle steering and suspension component market. The regions covered in the global motor vehicle steering and suspension components (except spring) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the motor vehicle steering and suspension market components include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.

The global motor vehicle steering and suspension components (except spring) market is segmented -

1) By Type: Steering Components, Suspension Components

2) By Application: Commercial Vehicle, Passenger Car

3) By End-Use: OEM, Aftermarket

    Table Of Contents

    1. Executive Summary

    2. Motor Vehicle Steering and Suspension Components Market Characteristics

    3. Motor Vehicle Steering and Suspension Components Market Trends And Strategies

    4. Impact Of COVID-19 On Motor Vehicle Steering and Suspension Components

    5. Motor Vehicle Steering and Suspension Components Market Size And Growth

    5.1. Global Motor Vehicle Steering and Suspension Components Historic Market, 2016-2021, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global Motor Vehicle Steering and Suspension Components Forecast Market, 2021-2026F, 2031F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. Motor Vehicle Steering and Suspension Components Market Segmentation

    6.1. Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    Steering components

    Suspension components

    6.2. Global Motor Vehicle Steering and Suspension Components Market, Segmentation   By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

     Commercial Vehicle

    Passenger Car

    6.3. Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By End use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    OEM

    Aftermarket

    7. Motor Vehicle Steering and Suspension Components Market Regional And Country Analysis

    7.1. Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    7.2. Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    8. Asia-Pacific Motor Vehicle Steering and Suspension Components Market  

    8.1. Asia-Pacific Motor Vehicle Steering and Suspension Components Market Overview  

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    9. China Motor Vehicle Steering and Suspension Components Market  

    9.1. China Motor Vehicle Steering and Suspension Components Market Overview  

    9.2. China Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F,$ Billion

    10. India Motor Vehicle Steering and Suspension Components Market  

    10.1. India Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    11. Japan Motor Vehicle Steering and Suspension Components Market  

    11.1. Japan Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    12. Australia Motor Vehicle Steering and Suspension Components Market  

    12.1. Australia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    13. Indonesia Motor Vehicle Steering and Suspension Components Market  

    13.1. Indonesia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    14. South Korea Motor Vehicle Steering and Suspension Components Market  

    14.1. South Korea Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    15. Western Europe Motor Vehicle Steering and Suspension Components Market  

    15.1. Western Europe Motor Vehicle Steering and Suspension Components Market Overview

    15.2. Western Europe Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    16. UK Motor Vehicle Steering and Suspension Components Market  

    16.1. UK Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    17. Germany Motor Vehicle Steering and Suspension Components Market  

    17.1. Germany Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    18. France Motor Vehicle Steering and Suspension Components Market  

    18.3. France Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    19. Eastern Europe Motor Vehicle Steering and Suspension Components Market  

    19.1. Eastern Europe Motor Vehicle Steering and Suspension Components Market Overview

    19.2. Eastern Europe Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    20. Russia Motor Vehicle Steering and Suspension Components Market  

    20.1. Russia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    21. North America Motor Vehicle Steering and Suspension Components Market  

    21.1. North America Motor Vehicle Steering and Suspension Components Market Overview

    21.2. North America Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    22. USA Motor Vehicle Steering and Suspension Components Market  

    22.1. USA Motor Vehicle Steering and Suspension Components Market Overview

    22.2. USA Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    23. South America Motor Vehicle Steering and Suspension Components Market  

    23.1. South America Motor Vehicle Steering and Suspension Components Market Overview

    23.2. South America Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    24. Brazil Motor Vehicle Steering and Suspension Components Market  

    24.1. Brazil Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    25. Middle East Motor Vehicle Steering and Suspension Components Market  

    25.1. Middle East Motor Vehicle Steering and Suspension Components Market Overview

    25.2. Middle East Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    26. Africa Motor Vehicle Steering and Suspension Components Market  

    26.1. Africa Motor Vehicle Steering and Suspension Components Market Overview

    26.2. Africa Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

    27. Motor Vehicle Steering and Suspension Components Market Competitive Landscape And Company Profiles

    27.1. Motor Vehicle Steering and Suspension Components Market Competitive Landscape

    27.2. Motor Vehicle Steering and Suspension Components Market Company Profiles

    27.2.1. Bosch

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Hyundai

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. Tennaco

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. Denso

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. Hella

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    29. Key Mergers And Acquisitions In The Motor Vehicle Steering and Suspension Components Market

    29. Motor Vehicle Steering and Suspension Components Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Research Inquiries

    30.4. The Business Research Company

    30.5. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Table 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Table 3: Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 4: Global Motor Vehicle Steering and Suspension Components Market, Segmentation   By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 5: Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By End use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 6: Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 7: Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 8: Asia-Pacific, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 9: China, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 10: India, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 11: Japan, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 12: Australia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 13: Indonesia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 14: South Korea, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 15: Western Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 16: UK, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 17: Germany, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 18: France, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 19: Eastern Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 20: Russia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 21: North America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 22: USA, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 23: South America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 24: Brazil, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 25: Middle East, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 26: Africa, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Table 27: Bosch Financial Performance
  • Table 28: Hyundai Financial Performance
  • Table 29: Tennaco Financial Performance
  • Table 30: Denso Financial Performance
  • Table 31: Hella Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2016-2021, $ Billion
  • Figure 2: Global Forecast Market Growth, 2021-2026F, 2031F, $ Billion
  • Figure 3: Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 4: Global Motor Vehicle Steering and Suspension Components Market, Segmentation   By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 5: Global Motor Vehicle Steering and Suspension Components Market, Segmentation  By End use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 6: Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 7: Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 8: Asia-Pacific, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 9: China, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 10: India, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 11: Japan, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 12: Australia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 13: Indonesia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 14: South Korea, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 15: Western Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 16: UK, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 17: Germany, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 18: France, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 19: Eastern Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 20: Russia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 21: North America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 22: USA, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 23: South America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 24: Brazil, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 25: Middle East, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 26: Africa, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
  • Figure 27: Bosch Financial Performance
  • Figure 28: Hyundai Financial Performance
  • Figure 29: Tennaco Financial Performance
  • Figure 30: Denso Financial Performance
  • Figure 31: Hella Financial Performance
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