Leading Growth Driver in the Motor Vehicle Steering and Suspension Components (except Spring) Market in 2025: Poor Road Conditions Drive Demand For Motor Vehicle Steering And Suspension Components Driver's Influence

What Are the Market Size and Growth Forecast for the Motor Vehicle Steering and Suspension Components (except Spring) Market?
In recent times, the market size for motor vehicle steering and suspension components, excluding springs, has experienced robust growth. The market is projected to expand from a value of $108.3 billion in 2024 to approximately $118.54 billion in 2025, equating to a compound annual growth rate (CAGR) of 9.5%. The substantial growth observed in the historical period can be credited to factors such as mass production of automobiles, advancements in road infrastructure, innovations in steering and suspension systems, and stringent automotive safety regulations.

The market for motor vehicle steering and suspension components (excluding springs) is anticipated to experience significant expansion in the coming years. It is projected to escalate to $164.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.6%. The expected growth during the forecast period could be due to factors like electric and self-driving vehicles, lightweight materials, improved driver support systems (adas), ride comfort and handling, and global urbanization. The forecast period also expects to see major trends like electric power steering (eps), adaptive suspension systems, air suspension systems, enhanced durability and life span, and eco-friendly materials.

What Is Contributing to the Growth of the Motor Vehicle Steering and Suspension Components (except Spring) Market?
The expansion of the motor vehicle steering and suspension components market (excluding springs) is positively impacted by substandard road quality. These components are essential for ensuring vehicle stability on uneven terrains. Bumpy roads laden with potholes and inferior surfaces cause the steering and suspension parts to degrade over time, heightening the potential for accidents. This relentless degradation reduces their operational longevity and accelerates the frequency of replacements. As per reports by the U.S. National Transportation Research Group (TRIP), about 71% of roads around the San Francisco-Oakland vicinity were deemed subpar, imposing an average vehicle operation cost of $1,049 on motorists annually. The absence of adequate road maintenance regulations, leading to the prevalence of potholed, uneven roads, escalates the demand for the motor vehicle steering and suspension components market (excluding springs).

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Which Key Market Leaders Are Driving Motor Vehicle Steering and Suspension Components (except Spring) Industry Growth?
Major companies operating in the motor vehicle steering and suspension components (except spring) market include 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

What Are the Emerging Trends in the Motor Vehicle Steering and Suspension Components (except Spring) Industry?
Major firms in the motor vehicle steering and suspension components sector are focusing on technological innovation, particularly the development of sophisticated products like the Modular Pinion-Assist Electric Power Steering (EPS) System. Engineered to optimize vehicle performance and manufacturing efficiency, the EPS system introduced by US-based Nexteer Automotive in August 2024 stands out. This successfully designed system can be modified to suit various vehicle platforms, offering car manufacturers increased design leeway and easier implementation. In addition, the system improves steering response, ultimately enhancing the user's driving experience. With a modular design, it also lowers manufacturing costs and eases the integration process into diverse vehicle models.

What Are the Main Segments in the Motor Vehicle Steering and Suspension Components (except Spring) Market?
The motor vehicle steering and suspension components (except spring) 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, After market

Subsegments:
1) By Steering Components: Steering Columns, Steering Racks, Steering Pumps, Steering Tie Rods, Steering Linkages
2) By Suspension Components: Shock Absorbers, Struts, Control Arms, Ball Joints, Bushings, Sway Bars

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Which Geographic Area Leads the Motor Vehicle Steering and Suspension Components (except Spring) Market?
Asia-Pacific was the largest region in the motor vehicle steering and suspension components (except spring) market in 2023. Western Europe was the second largest region in the motor vehicle steering and suspension components (except spring) market. The regions covered in the motor vehicle steering and suspension components (except spring) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

What Is Covered In The Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report?

- Market Size Analysis: Analyze the Motor Vehicle Steering and Suspension Components (except Spring) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Motor Vehicle Steering and Suspension Components (except Spring) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Motor Vehicle Steering and Suspension Components (except Spring) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Motor Vehicle Steering and Suspension Components (except Spring) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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