PUBLISHER: The Business Research Company | PRODUCT CODE: 1713392
PUBLISHER: The Business Research Company | PRODUCT CODE: 1713392
The motor vehicle steering system comprises various components and linkages that enable a driver to control the direction of a vehicle. Conversely, a motor vehicle's suspension system aids the driver in maintaining complete control of the vehicle while isolating passengers from the vibrations caused by the vehicle's interaction with the contours of the road.
The primary product categories within the motor vehicle steering and suspension sector encompass steering components and suspension components. Steering components serve to support and protect the driver during their operation of the vehicle. These systems find applications in a variety of vehicles, including commercial vehicles and passenger cars. Both OEM (Original Equipment Manufacturer) and aftermarket steering and suspension systems are utilized in the automotive industry to ensure the safe and efficient operation of vehicles.
The motor vehicle steering and suspension components (except spring) market research report is one of a series of new reports from The Business Research Company that provides motor vehicle steering and suspension components (except spring) market statistics, including motor vehicle steering and suspension components (except spring) industry global market size, regional shares, competitors with a motor vehicle steering and suspension components (except spring) market share, detailed motor vehicle steering and suspension components (except spring) market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle steering and suspension components (except spring) industry. This motor vehicle steering and suspension components (except spring) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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.
The growth of the motor vehicle steering and suspension components (except spring) market is notably influenced by the poor quality of roads. These components play a pivotal role in maintaining the stability of motor vehicles, particularly on rough and uneven road surfaces. The wear and tear induced by potholes and inadequate road conditions contribute to the deterioration of steering and suspension components, subsequently elevating the risk of accidents. As per data from the U.S. National Transportation Research Group (TRIP), approximately 71% of roads in the San Francisco-Oakland area were in poor condition, resulting in an average annual cost of $1,049 for drivers in vehicle operating expenses. The absence of standardized road maintenance leading to rough roads with potholes fuels the demand for the motor vehicle steering and suspension components (except spring) market.
Anticipated growth in new vehicle sales stands as a significant driver propelling the motor vehicle steering and suspension components (except spring) market. These components are integral in ensuring precise control over vehicle direction and maintaining tire-road contact for optimal ride comfort and stability. Recent statistics from MarkLines Co, a Japan-based advertising agency company, highlight the surge in US new vehicle sales, reaching 1,340,921 units in September 2023, reflecting a substantial 19.3% increase compared to the figures from September 2022. This rise in new vehicle sales significantly fuels the growth of the motor vehicle steering and suspension components market.
The latest industry trend revolves around the implementation of cutting-edge suspension systems featuring the newly developed Magnetic Ride Control (MRC or MagneRide) technology pioneered by General Motors (GM). This innovative magnetic damper technology significantly enhances the suspension system's performance, providing a smoother and more refined driving experience. The MRC employs a specialized fluid infused with magnetized particles, functioning as electronically controlled shock absorbers that adapt to real-time changes in driving conditions and speed. These shock absorbers dynamically respond to varying terrain, synchronizing with automobile sensors every five milliseconds. Cadillac, in line with this technological wave initiated by General Motors, integrated the latest magnetorheological fluid technology into its new models, the 2022 CT4-V Blackwing and CT5-V Blackwing. This incorporation aims to offer the fastest reactive suspension technology, delivering a seamless driving experience in vehicles.
Major players within the motor vehicle steering and suspension components (except spring) market are rolling out advanced suspension systems like the BYD DiSus Intelligent Body Control System to introduce top-tier products that compete with luxury car brands. The BYD DiSus Intelligent Body Control System represents a chassis suspension system engineered to mirror the features and performance found in high-end suspension systems typically present in premium vehicles. In April 2023, BYD Co. Ltd., a China-based company specializing in rechargeable batteries and photovoltaic products, unveiled the BYD DiSus Intelligent Body Control System, akin to renowned chassis suspension systems such as Porsche's Dynamic Chassis Control and Mercedes Benz's Magic Body Control.
In January 2023, RENK Group, a Germany-based manufacturer specializing in propulsion and drivetrain technology, made a strategic acquisition of General Kinetics for an undisclosed sum. This acquisition aims to bolster RENK Group's global presence within the defense mobility sector by leveraging combined expertise and cutting-edge technologies for enhanced military vehicle solutions. General Kinetics, a Canada-based company, specializes in designing and manufacturing suspension equipment primarily tailored for heavy ground vehicles. RENK Group's move signifies a strategic step toward advancing technological capabilities and expanding its market share in defense mobility through synergistic collaboration and innovative solutions.
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
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
The countries covered in the motor vehicle steering and suspension components (except spring) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The motor vehicle steering and suspension components (except spring) market consists of sales of steering systems, wheels and tires, springs, shock absorbers and struts, linkages, bushings, bearings, and joints. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on motor vehicle steering and suspension components (except spring) market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for motor vehicle steering and suspension components (except spring) ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The motor vehicle steering and suspension components (except spring) market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.