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Motor Vehicle Steering and Suspension Components Market 2023 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2032
Motor Vehicle Steering and Suspension Components Market
The Business Research Company's Motor Vehicle Steering and Suspension Components Global Market Report 2023 identifies poor quality of roads as the major driver for the Motor Vehicle Steering and Suspension Components market's growth in the forecast period. The steering and suspension components are used to maintain the stability of the motor vehicle on rough roads. Rough roads with potholes and poor surfaces cause 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 increases the rate at which they need to be replaced.
The global motor vehicle steering and suspension components market grew from $90.91 billion in 2022 to $100.46 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The motor vehicle steering and suspension components market is expected to grow from $147.03 billion in 2027 at a CAGR of 10.0%.
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Major competitors in the Motor Vehicle Steering and Suspension Components market are Bosch, Hyundai, TennaCo., Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive.
A key trend in the Motor Vehicle Steering and Suspension Components market includes development of suspension systems using the new magnetic ride control (MRC or MagneRide) technology. The magnetic damper technology improves the performance of the suspension system and provides a smooth driving experience. The technology uses a fluid infused with magnetised 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.
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The Motor Vehicle Steering and Suspension Components market is segmented -
• By Type: Steering Components, Suspension Components
• By Application: Commercial Vehicle, Passenger Car
• By End Use: OEM, Aftermarket
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Motor Vehicle Steering and Suspension Components market.
The Business Research Company's "Global Motor Vehicle Steering and Suspension Components Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Motor Vehicle Steering and Suspension Components Market Include:
1. Executive Summary
2. Motor Vehicle Steering and Suspension Components Market Characteristics
3. Motor Vehicle Steering and Suspension Components Market - Macro Economic Scenario
4. Motor Vehicle Steering and Suspension Components Market Size And Growth
5. Motor Vehicle Steering and Suspension Components Market Segmentation
…………………………………..
26. Motor Vehicle Steering and Suspension Components Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Motor Vehicle Steering and Suspension Components Market
28. Motor Vehicle Steering and Suspension Components Market Trends And Strategies
29. Motor Vehicle Steering and Suspension Components Market Future Outlook and Potential Analysis
30. Appendix
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