Poor Road Conditions Drive Demand For Motor Vehicle Steering And Suspension Components: Powering Innovation and Expansion in the Motor Vehicle Steering and Suspension Components (except Spring) Market by 2025

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What Is the Expected CAGR for the Motor Vehicle Steering and Suspension Components (except Spring) Market Through 2025?_x000D_
The market size of the motor vehicle steering and suspension components sector, excluding springs, has witnessed significant growth in recent times. It is forecasted to rise from $108.3 billion in 2024 to $118.54 billion in 2025, with an impressive compound annual growth rate (CAGR) of 9.5%. Factors such as the mass production of automobiles, advancement in road infrastructure, cutting-edge innovations in steering and suspension systems, and automotive safety norms have contributed to the growth during the historic period._x000D_
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What's the Projected Size of the Global Motor Vehicle Steering and Suspension Components (except Spring) Market by 2029?_x000D_
Expectations are high for a robust growth in the market for motor vehicle steering and suspension components (excluding springs) in coming years. The market value is projected to reach $164.97 billion by 2029, growing at a compound annual growth rate (CAGR) of 8.6%. Factors such as the rise of electric and self-driving vehicles, the use of lightweight materials, the development of improved driver support systems (adas), improved ride comfort and vehicle control, and global urbanization are driving this expected growth. The forecast period is also expected to see major trends such as the increased use of electric power steering (eps), adaptive suspension systems, air suspension systems, improved durability and lifespan, and use of environment-friendly materials._x000D_
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Top Growth Drivers in the Motor Vehicle Steering and Suspension Components (except Spring) Industry: What's Accelerating the Market? _x000D_
The expansion of the market for steering and suspension parts for motor vehicles (excluding springs) is positively influenced by the subpar condition of roads. These components play a vital role in ensuring the stability of automobiles on uneven terrains. The attrition of steering and suspension components is accelerated by rough roads with potholes and bad surfaces, which heightens the likelihood of mishaps. This continuous wear reduces their operational lifespan and escalates the frequency of their replacement. As per the U.S. National Transportation Research Group (TRIP), a whopping 71% of thoroughfares in the San Francisco-Oakland region were inadequately maintained, making drivers incur an average of $1,049 in yearly vehicular running costs. The absence of road upkeep standards, resulting in roads with potholes, bolsters the demand for the expansion of the market for motor vehicle steering and suspension parts (excluding springs)._x000D_
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What Trends Will Shape the Motor Vehicle Steering and Suspension Components (except Spring) Market Through 2029 and Beyond?_x000D_
Prominent enterprises in the realm of motor vehicle steering and suspension components are pioneering the advancement of products such as the Modular Pinion-Assist Electric Power Steering (EPS) System. This advanced steering solution has been crafted to uplift vehicle performance and streamline the manufacturing process. To illustrate, Nexteer Automotive, a US-based purveyor of motion control technologies, introduced the Modular Pinion-Assist Electric Power Steering (EPS) System in August 2024. This versatile system can be adapted for a broad range of vehicle platforms, providing manufacturers with heightened flexibility in design and implementation. The system bolsters steering responsiveness, thereby enhancing the driving experience. Its modular format curbs manufacturing expenses and eases integration into an array of vehicle models._x000D_
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What Are the Main Segments in the Motor Vehicle Steering and Suspension Components (except Spring) Market?_x000D_
The motor vehicle steering and suspension components (except spring) market covered in this report is segmented - _x000D_
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1) By Type: Steering Components, Suspension Components _x000D_
2) By Application: Commercial Vehicle, Passenger Car _x000D_
3) By End use: OEM, After market_x000D_
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Subsegments:_x000D_
1) By Steering Components: Steering Columns, Steering Racks, Steering Pumps, Steering Tie Rods, Steering Linkages _x000D_
2) By Suspension Components: Shock Absorbers, Struts, Control Arms, Ball Joints, Bushings, Sway Bars_x000D_
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Which Top Companies are Driving Growth in the Motor Vehicle Steering and Suspension Components (except Spring) Market?_x000D_
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_x000D_
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Which Regions Will Dominate the Motor Vehicle Steering and Suspension Components (except Spring) Market Through 2029?_x000D_
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_x000D_
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