Global Motor Vehicle Steering and Suspension Components Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities

The Motor Vehicle Steering and Suspension Components Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Motor Vehicle Steering and Suspension Components Market?
The market size for motor vehicle steering and suspension components has seen robust growth in the past few years. The market value is projected to increase from $108.3 billion in 2024 to $118.54 billion in 2025, boasting a compound annual growth rate (CAGR) of 9.5%. Factors contributing to this growth in the historic period include enhancements in the manufacturing process, an increase in vehicle customization, a trend towards SUVs and trucks, innovations in steering mechanisms, and improvements in shock absorbers.

Expectations are high for robust expansion in the motor vehicle steering and suspension components market in the coming years. The market is projected to be worth $164.97 billion by 2029, expanding at a compound annual growth rate (CAGR) of 8.6%. The elements contributing to this projected growth during the forecast period include increased aftermarket growth, wider global market penetration, strict environmental regulations, growing demand for vehicular comfort, and the use of adaptive and active suspension systems. Key trends anticipated during the forecast period entail innovations in manufacturing processes, the rise of electric and autonomous vehicles, the incorporation of advanced materials, improved safety measures, and the adoption of adaptive suspension systems.

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What Are the Different Motor Vehicle Steering and Suspension Components Market 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, After market

Subsegments:
1) By Steering Components: Steering Gearboxes, Steering Columns, Power Steering Pumps, Tie Rods, Steering Knuckles
2) By Suspension Components: Control Arms, Shock Absorbers, Ball Joints, Stabilizer Bars, Bushings

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What Are the Primary Drivers Shaping the Motor Vehicle Steering and Suspension Components Market?
The increase in steering and suspension components for motor vehicles is influenced by the subpar condition of the roads. These essential components are utilized in preserving the equilibrium of motor vehicles on rough terrain. The damage and gradual deterioration of these components is caused by poorly maintained roads filled with potholes and uneven road surfaces, thereby heightening the possibility of mishaps. Consistent deterioration diminishes their lifespan, thus they often needed to be replaced. As per World Highways data, the road network in India ranks second just behind the United States in size. Nonetheless, the state of these roads is a major concern. Approximately 30 percent of the population lacks access to all-wealth. The absence of adequate road maintenance standards which results in numerous potholes, leads to an amplified demand in the motor vehicle steering and suspension components market.

Which Companies Are Leading in the Motor Vehicle Steering and Suspension Components Market?
Major companies operating in the motor vehicle steering and suspension components market include 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., Nexteer Automotive Group Ltd., Fox Factory Holding Corp., KYB Americas Corporation, YAMADA North America Inc., Asama Coldwater Manufacturing, Global Steering Systems LLC, Hutchinson Aerospace & Industry Inc., Maval Industries LLC, San-Ei Seiko America Inc., Showa Corporation, Atsco Remanufacturing Inc., Breed Corporation

What Are the Major Trends Shaping the Motor Vehicle Steering and Suspension Components Market?
The current industry trend focuses on the use and development of suspension systems employing the innovative magnetic ride control (MRC or MagneRide) technology which is a creation of General Motors (GM). This advanced magnetic damper technology enhances the operational efficiency of the suspension system, delivering a seamless driving experience. The technology employs a fluid laden with magnetized particles that function as electronically-managed shock absorbers, instantly reacting to varied driving conditions and speeds. Consequently, the shock absorbers are capable of adjusting to shifting terrain patterns. These absorbers, in combination with the car sensors, respond to alterations in the terrain every five milliseconds.

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What Are the Top Revenue-Generating Geographies in the Motor Vehicle Steering and Suspension Components Market?
Asia-Pacific was the largest region in the motor vehicle steering and suspension component market in 2024. 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Motor Vehicle Steering and Suspension Components Market?
2. What is the CAGR expected in the Motor Vehicle Steering and Suspension Components Market?
3. What Are the Key Innovations Transforming the Motor Vehicle Steering and Suspension Components Industry?
4. Which Region Is Leading the Motor Vehicle Steering and Suspension Components Market?

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