How big is the motor vehicle steering and suspension components (except spring) market today, and what are its future growth expectations?
The motor vehicle steering and suspension components (except spring) market size has grown strongly in recent years. It will grow from $108.3 billion in 2024 to $118.54 billion in 2025 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to automobile mass production, road infrastructure development, innovations in steering and suspension systems, 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 in 2029 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to electric and autonomous vehicles, lightweight materials, enhanced driver assistance systems (adas), ride comfort and handling, global urbanization. Major trends in the forecast period include electric power steering (eps), adaptive suspension systems, air suspension systems, enhanced durability and longevity, environmentally friendly materials.
Get Your Free Sample of The Global Motor Vehicle Steering and Suspension Components (except Spring) Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=3873&type=smp
What have been the primary factors driving the motor vehicle steering and suspension components (except spring) market’s growth?
The growth of the motor vehicle steering and suspension components (except spring) market is positively affected by the poor quality of roads. The steering and suspension components are used to maintain the stability of the motor vehicle on rough roads. Rough roads with potholes and poor surfaces cause wear and tear of steering and suspension components in the long run, thus increasing the risk of accidents. This constant wear and tear shortens their working life and increases the rate at which they need to be replaced. According to the U.S. National Transportation Research Group (TRIP), 71% of roads in the San Francisco-Oakland area were in poor condition, costing drivers an average of $1,049 in vehicle operating costs each year. The lack of standards for the maintenance of roads, resulting in rough roads with potholes, increases the demand for growth of the motor vehicle steering and suspension components (except spring) market.
What are the key segments within 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
Order your report now for swift delivery
https://www.thebusinessresearchcompany.com/report/motor-vehicle-steering-and-suspension-components-except-spring-global-market-report
Which key players are shaping the motor vehicle steering and suspension components (except spring) market?
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 most influential trends expected to drive the motor vehicle steering and suspension components (except spring) market forward?
Major companies operating in the motor vehicle steering and suspension components are innovating advanced products such as Modular Pinion-Assist Electric Power Steering (EPS) System. The Modular Pinion-Assist Electric Power Steering (EPS) System is a sophisticated steering solution designed to enhance vehicle performance and manufacturing efficiency. For instance, August 2024, Nexteer Automotive, a US-based motion control technology company launched Modular Pinion-Assist Electric Power Steering (EPS) System. This innovative system is designed to be adaptable across various vehicle platforms, providing manufacturers with greater flexibility in design and implementation. The system enhances steering responsiveness, contributing to a better driving experience. The modular design reduces manufacturing costs and simplifies integration into different vehicle models.
What are the major regional insights for the motor vehicle steering and suspension components (except spring) market, and which region holds the top position?
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 Does The Motor Vehicle Steering and Suspension Components (except Spring) Market Report 2025 Offer?
The motor vehicle steering and suspension components (except spring) market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The motor vehicle steering system, which consists of several pieces and linkages, enables a driver to direct a vehicle. A motor vehicle’s suspension system helps the driver maintain total control while isolating the passengers from vibrations caused by the vehicle’s passage over the road’s contours.
Purchase the exclusive report now to unlock valuable market insights:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=3873
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead.
Our flagship product, the Global Market Model, is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
