Analyzing the Impacts of 8.4% CAGR on the Motor Vehicle Steering and Suspension Components Global Market Demand Report 2024-2033

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Motor Vehicle Steering and Suspension Components Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $147.5 billion In 2028 At A CAGR Of 8.4% :

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.

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Motor Vehicle Steering and Suspension Components Market Major 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 Driver - 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.

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Prominent Trend - 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.

Motor Vehicle Steering and Suspension Components Market Players
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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the motor vehicle steering and suspension component market in 2023. Western Europe was the second largest market in global motor vehicle steering and suspension component market share. The regions covered in the motor vehicle steering and suspension components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Motor Vehicle Steering and Suspension Components Market Report Structure
3. Motor Vehicle Steering and Suspension Components Market Trends And Strategies
4. Motor Vehicle Steering and Suspension Components Market - Macro Economic Scenario
5. Motor Vehicle Steering and Suspension Components Market Size And Growth
…..
27. Motor Vehicle Steering and Suspension Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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