Press release
Poor Road Conditions Drive Demand For Motor Vehicle Steering And Suspension Components: A Significant Driver Propelling The Motor Vehicle Steering and Suspension Components (except Spring) Market In 2025
Motor Vehicle Steering and Suspension Components (except Spring)
What Is the Motor Vehicle Steering and Suspension Components (except Spring) Market Size and Projected Growth Rate?
The motor vehicle steering and suspension components (except spring) market size has grown significantly in recent years. It will grow from $108.3 billion in 2024 to $118.54 billion in 2025 at a CAGR of 9.5%. This growth is attributed to mass automobile production, advancements in road infrastructure, innovations in steering and suspension systems, and 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 $164.97 billion by 2029, with a compound annual growth rate (CAGR) of 8.6%. The growth is attributed to the rise of electric and autonomous vehicles, lightweight materials, advanced driver assistance systems (ADAS), improved ride comfort, and global urbanization. Major trends include electric power steering (EPS), adaptive suspension systems, air suspension systems, enhanced durability, and eco-friendly materials.
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What Are the Major 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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What Are The Driving Motor Vehicle Steering and Suspension Components (except Spring) Market Evolution?
The poor condition of roads is contributing to the expansion of the motor vehicle steering and suspension components (except spring) market. These components are essential for maintaining stability on uneven and damaged roads. TRIP reported that 71% of roads in San Francisco-Oakland were in poor shape, costing drivers an average of $1,049 annually, thus increasing the replacement demand for these components and supporting market growth.
Which Firms Dominate The Motor Vehicle Steering and Suspension Components (except Spring) Market Segments?
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 Trends Are Driving Growth in The Motor Vehicle Steering and Suspension Components (except Spring) Market?
Companies in the motor vehicle steering and suspension components market are launching advanced solutions such as the Modular Pinion-Assist Electric Power Steering (EPS) System. In August 2024, Nexteer Automotive, a US-based motion control firm, introduced this adaptable system, which enhances steering responsiveness and supports cost-effective integration across different vehicle platforms.
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Which Is The Largest Region In 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Motor Vehicle Steering and Suspension Components (except Spring) Market?
2. What is the CAGR expected in the Motor Vehicle Steering and Suspension Components (except Spring) Market?
3. What Are the Key Innovations Transforming the Motor Vehicle Steering and Suspension Components (except Spring) Industry?
4. Which Region Is Leading the Motor Vehicle Steering and Suspension Components (except Spring) Market?
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