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Motor Vehicle Steering & Suspension Components Market 2024-2033 - Size, Growth & Trends
Motor Vehicle Steering & Suspension Components Market
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According to The Business Research Company's, The motor vehicle steering and suspension components (except spring) 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 automobile mass production, road infrastructure development, innovations in steering and suspension systems, automotive safety regulations.
The motor vehicle steering and suspension components (except spring) 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 electric and autonomous vehicles, lightweight materials, enhanced driver assistance systems (adas), ride comfort and handling, global urbanization. Major trends in the forecast period include electric power steering (eps), adaptive suspension systems, air suspension systems, enhanced durability and longevity, environmentally friendly materials.
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Market Drivers and Trends:
The growth of the motor vehicle steering and suspension components (except spring) 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 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 shortens their working life and increases 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 the maintenance of roads, resulting in rough roads with potholes, increases the demand for growth of the motor vehicle steering and suspension components (except spring) 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, in 2021, Cadillac adopted the latest magnetorheological fluid technology into its new models, the 2022 CT4-V Blackwing and CT5-V Blackwing models, to provide the fastest reacting suspension technology and achieve a smooth ride in automobiles.
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Major Key Players of the Market:
Bosch Limited, Hyundai Motor Company, Tenneco Inc., Denso Corporation, Hella GmbH & Co. KGaA, JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive Group Limited, thyssenkrupp AG, ZF Friedrichshafen AG, Magna International Inc., Aisin Seiki Co. Ltd., Continental Automotive Systems Inc., Asama Coldwater Manufacturing Inc., Global Steering Systems LLC, Maval Industries LLC, American Showa Inc., Atsco Remanufacturing Inc., KYB Americas Corporation, Raytech Powertrain LLC, NSK Americas Inc., San-Ei Seiko America Inc., Hutchinson Aerospace & Industry Inc., Yamada North America Inc., Fox Factory Holding Corp., NSK Steering Systems America Inc., Key Electronics of Nevada Inc., Key Safety Restraint Systems Inc., Reman Gotec Plus Sun LLC, Mevotech LP
Motor Vehicle Steering and Suspension Components (except Spring) Market 2024 Key Insights:
• The motor vehicle steering and suspension components (except spring) 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%.
• Poor Road Conditions Drive Demand For Motor Vehicle Steering And Suspension Components
• Advancements Led To The Introduction Of The New Magnetic Ride Control Technology
• Asia-Pacific was the largest region in the motor vehicle steering and suspension components (except spring) market in 2023
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