Motor Vehicle Steering and Suspension Components (except Spring) Market to Record 7.7% CAGR Growth Through 2029 | Global Analysis Report

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Motor Vehicle Steering and Suspension Components (except Spring) Market Outlook: How is the Market Expected to Grow by 2025?
In recent times, the market size of motor vehicle steering and suspension components (excluding springs) has experienced substantial growth. The market projected to increase from $99.96 billion in 2024 to $106.82 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. The historical growth of this market is linked to factors such as mass automobile production, the development of road infrastructure, enhancements in steering and suspension systems, and the enforcement of automotive safety regulations.

Motor Vehicle Steering and Suspension Components (except Spring) Market Forecast: What Size Will It Reach By 2029?
The market size for motor vehicle steering and suspension components, with the exception of springs, is projected to witness robust growth in the upcoming years. It's predicted to achieve a value of $143.53 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. This anticipated growth during the forecast period is attributed to factors such as the evolution of electric and autonomous vehicles, the use of lighter materials, advanced driver assistance systems (ADAS), improvements in ride comfort and handling, and worldwide urbanization. Looking ahead, significant trends during the forecast period encompass the advent of electric power steering (EPS), the development of adaptive suspension systems, the introduction of air suspension systems, and the enhancement in durability and longevity, as well as the use of more environmentally friendly materials.

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Which Key Market Drivers Will Shape Motor Vehicle Steering and Suspension Components (except Spring) Industry Trends in 2025-2029?
Substandard road conditions positively influence the progression of the motor vehicle steering and suspension components (except spring) market. These parts are vital to preserve vehicle stability on uneven roads. Deteriorating roads, marked by potholes and degraded surfaces, lead to the degradation of the steering and suspension components over time, heightening the possibility of accidents. This continual degradation reduces their lifespan, necessitating frequent replacements. Data from the U.S. National Transportation Research Group (TRIP) indicates that 71% of roads in the San Francisco-Oakland area are in bad shape, which translates to an average operating cost of $1,049 per year for drivers. Inadequate standards concerning road maintenance, which give rise to pothole-ridden, uneven roads, augment the demand in the motor vehicle steering and suspension components (except spring) market.

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What Are the High-Growth 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

Which Global Trends Are Driving Motor Vehicle Steering and Suspension Components (except Spring) Market Expansion?
Prominent enterprises in the sector of motor vehicle steering and suspension components are developing intricate products like the Modular Pinion-Assist Electric Power Steering (EPS) System. This ingenious system offers an advanced steering solution meant to augment the performance of automobiles and improve manufacturing efficiency. For instance, in August 2024, Nexteer Automotive, a US-based firm specializing in motion control technology, unveiled its Modular Pinion-Assist Electric Power Steering (EPS) System. The progressive system is constructed to be versatile across multiple vehicle platforms, rendering greater design and implementation flexibility to manufacturers. It enhances steering reactivity, leading to an improved driving experience. The system's modular nature minimizes manufacturing expenses and streamlines incorporation into diverse automobile models.

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Who Are the Fastest-Growing Companies in the Motor Vehicle Steering and Suspension Components (except Spring) Industry?
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 Is the Regional Outlook for the Motor Vehicle Steering and Suspension Components (except Spring) Market by 2029?
Asia-Pacific was the largest region in the motor vehicle steering and suspension components (except spring) market in 2024. 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

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