Learn about the global motor vehicle steering and suspension components market through The Business Research Company, which provides information on motor vehicle steering and suspension components market size, motor vehicle steering and suspension components market drivers and restraints, motor vehicle steering and suspension components market players, the COVID-19 impact on the motor vehicle steering and suspension components market, and more.

The global motor vehicle steering and suspension components market size is expected to grow from $138.22 billion in 2021 to $154.98 billion in 2022 at a compound annual growth rate (CAGR) of 12.1%. The global motor vehicle steering and suspension component (except spring) market size is expected to grow to $196.04 billion in 2026 at a CAGR of 6.1%.

The lack of standards for maintenance of roads resulting in rough roads with potholes increases the demand for motor vehicle steering and suspension components.

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The motor vehicle steering and suspension components market consists of sales of motor vehicle steering and suspension components (except spring) and related services which are used for keeping the wheels of the motor vehicle firmly intact with the ground. Motor vehicle steering components consist of a group of parts including the steering wheel, steering column, and shaft, tie rods, steering arms used to transmit the movement of the steering wheel to the wheels enabling the right and left movement of the wheel. The suspension components comprise tires, the air in the tires, shock absorbers, struts, arms, bars, linkages, bushings, and joints used to connect the vehicle to its wheels to allow relative motion between the two. The suspension components of a motor vehicle provide supports to the vehicle, absorb bumps and other shocks and allow the vehicle to turn in response to steering input from the drive.

Global Motor Vehicle Steering And Suspension Components Market Segments Include:

By Type: Steering Components, Suspension Components

By Application: Commercial Vehicle, Passenger Car

By End-Use: OEM, Aftermarket

By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the motor vehicle steering and suspension component market in 2021.

The latest trend in the industry is the development of suspension systems using the new magnetic ride control (MRC or MagneRide) technology developed by General Motors (GM). The magnetic damper technology improves the performance of the suspension system and provides a smooth driving experience. The technology uses a fluid infused with magnetized particles acting as electronically-controlled shock absorbers, which respond to changing driving conditions and speed in real-time making the shock absorbers adapt to the changing terrain. Such absorbers along with the automobile sensors respond to the terrain every five milliseconds.

TBRC’s motor vehicle steering and suspension components market report covers:

Major Market Players: Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.

Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.

Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Time Series: Five years historic (2016-21) and ten years forecast (2022-2026-2031)

The Motor Vehicle Steering and Suspension Components Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides motor vehicle steering and suspension components market overviews, analyzes and forecasts market size, share, motor vehicle steering and suspension components market players, motor vehicle steering and suspension components market segments and geographies, leading competitor revenues, profiles and market shares.

TBRC’s motor vehicle steering and suspension components market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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