Motor Vehicle Steering and Suspension Components Global Market Report 2024 - By Share, Size, Demand, Growth And Analysis, Outlook By 2033

The motor vehicle steering and suspension components market size has grown strongly in recent years. It will grow from $98.44 billion in 2023 to $106.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to manufacturing process refinement, rise in vehicle customization, market shift towards suvs and trucks, steering mechanism innovations, advancements in shock absorbers.

The motor vehicle steering and suspension components market size is expected to see strong growth in the next few years. It will grow to $147.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to aftermarket growth, global market penetration, environmental regulations, rising demand for vehicle comfort, adaptive and active suspension systems. Major trends in the forecast period include manufacturing process innovations, electric and autonomous vehicles, advanced materials integration, enhanced safety standards, adaptive suspension systems.

Market Overview -
The motor vehicle steering system, which consists of several pieces and linkages, enables a driver to direct a vehicle. A motor vehicle's suspension system helps the driver maintain total control while isolating the passengers from vibrations caused by the vehicle's passage over the road's contours.

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Impact Of Poor Road Quality On The Growth Of Motor Vehicle Steering And Suspension Components Market
The growth of the motor vehicle steering and suspension components market (except springs) is positively affected by the poor quality of roads. 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. According to the World Highways data, India's road network is the second largest after the United States of America. But one of the striking underlying facts is the condition of the roads. Around 30 percent of the country's population lacked access to all-wealth. The lack of standards for maintenance of roads, resulting in rough roads with potholes, increases the demand for motor vehicle steering and suspension components market.

Competitive Landscape -
Major companies operating in the motor vehicle steering and suspension components market report are Hyundai Motor Company, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental Automotive Systems Corporation, Thyssen Krupp AG, Magna International Inc., Aisin Group, Tenneco Inc., BENTELER International AG, Knorr-Bremse AG, Nsk Steering Systems America Inc., Hella KGaA Hueck & Co., DigiKey Corporation, Nexteer Automotive Group Ltd., Fox Factory Holding Corp., KYB Americas Corporation, Gotec Plus Sun LLC, Japan Precision Instruments Inc., YAMADA North America Inc., Asama Coldwater Manufacturing, Global Steering Systems LLC, Hutchinson Aerospace & Industry Inc., Raytech Corporation, Maval Industries LLC, San-Ei Seiko America Inc., Showa Corporation, Atsco Remanufacturing Inc., Breed Corporation

Advancement Of Magnetic Ride Control (MRC) Technology In Suspension Systems
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 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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Key Segments -
The motor vehicle steering and suspension components market covered in this report is segmented -
1) By Type: Steering Components, Suspension Components
2) By Application: Commercial Vehicle, Passenger Car
3) By End Use: OEM, Aftermarket

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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