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Positively affected by the poor quality of roads are expected to drive innovation in motor vehicle steering and suspension components manufacturing, thus driving the market during the forecast period.

The global motor vehicle steering and suspension components market is expected to grow from $90.91 billion in 2022 to $100.46 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The motor vehicle steering and suspension components market is expected to grow from $147.03 billion in 2027 at a CAGR of 10.0%.

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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 is the largest region in the global motor vehicle steering and suspension components market in 2021.

Major Market Players in the motor vehicle steering and suspension components market include Bosch, Hyundai, TennaCo., Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.

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 magnetised 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.

The Motor Vehicle Steering and Suspension Components Global Market Report 2023  provides a motor vehicle steering and suspension components market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The motor vehicle steering and suspension components market forecast analyzes motor vehicle steering and suspension components market size, motor vehicle steering and suspension components market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

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