Motor Vehicle Steering and Suspension Components Market is Anticipated to Expand upto $143.53 Billion in 2029

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What Is the Forecasted Market Growth Rate of the Motor Vehicle Steering and Suspension Components Industry?
There has been impressive growth in the market size of motor vehicle steering and suspension components in recent years. It is projected to expand from $99.96 billion USD in 2024 to $106.82 billion USD in 2025, garnering a compound annual growth rate (CAGR) of 6.9%. The substantial growth during the previous period can be credited to improvements in manufacturing processes, increased vehicle customization, a trend towards SUVs and trucks in the market, innovative changes in steering mechanisms, and advancements in shock absorbers.

How Will the Motor Vehicle Steering and Suspension Components Market Size Evolve From 2025 to 2029?
The market for motor vehicle steering and suspension components is projected to witness significant growth in the coming years, escalating to $143.53 billion USD by 2029, at a compound annual growth rate (CAGR) of 7.7%. Factors contributing to the expected growth during the forecast period include the expansion of the aftermarket, increased global market penetration, stringent environmental regulations, and a surge in demand for vehicle comfort along with adaptive and active suspension systems. Noteworthy trends during the forecast period include advances in the manufacturing process, the rise of electric and autonomous vehicles, the incorporation of advanced materials, and improvements in safety standards and adaptive suspension systems.

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What Are the Main Growth Drivers in the Motor Vehicle Steering and Suspension Components Market Today?
The proliferation of the motor vehicle steering and suspension components market is bolstered by the substandard condition of roads. These elements are critical for ensuring the stability of vehicles on uneven surfaces. Roads that are characterized by potholes and poor conditions lead to accelerated wear and tear of steering and suspension components, heightening the possibility of accidents. This continuous deterioration shortens their operational longevity and escalates the frequency at which they require replacement. Based on data from World Highways, India is only second to the United States in terms of road network size. However, what stands out is the state of these roads. Roughly 30 percent of the country's populace lack access to all-wealth. The absence of adequate upkeep standards, leading to poor roads, drives the demand for the motor vehicle steering and suspension components market.

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Which Motor Vehicle Steering and Suspension Components Market Segment Is Expected to Lead Through 2029?
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

Which Market Trends Are Expected to Dominate Motor Vehicle Steering and Suspension Components Industry Growth?
The most recent industry trend is the creation of suspension systems that use the innovative magnetic ride control (MRC or MagneRide) technology, a product of General Motors (GM). This technology enhances the efficiency of the suspension system, resulting in a smoother driving experience. It relies on a fluid containing magnetized particles which function as electronically-regulated shock absorbers that adapt instantly to variations in driving conditions and speed, making the shock absorbers flexible to terrain changes. These absorbers, in conjunction with car sensors, react to the terrain every five milliseconds.

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Which Companies Hold the Largest Market Share in the Motor Vehicle Steering and Suspension Components Sector?
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

Where Is the Motor Vehicle Steering and Suspension Components Market Experiencing the Highest Growth?
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.

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