The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2024 offers crucial insights into the motor vehicle steering and suspension components (except spring) market help businesses analyse and build stronger strategies.

The motor vehicle steering and suspension components (except spring) market has witnessed robust growth in recent years, with the market size expected to surge from $98.44 billion in 2023 to $106.84 billion in 2024, boasting a remarkable compound annual growth rate (CAGR) of 8.5%. This growth is attributed to factors such as automobile mass production, road infrastructure development, innovations in steering and suspension systems, and automotive safety regulations. Looking ahead, the market is poised to maintain its upward trajectory, reaching $147.5 billion in 2028 with a slightly reduced CAGR of 8.4%. The forecasted growth is fueled by trends like electric and autonomous vehicles, lightweight materials, enhanced driver assistance systems (ADAS), ride comfort, handling, and global urbanization.

Rough Roads Fueling Market Demand

The Impact of Poor Road Conditions

• The growth of the motor vehicle steering and suspension components market is closely tied to the poor quality of roads.
• Rough roads with potholes and poor surfaces lead to wear and tear of steering and suspension components, increasing the risk of accidents.
• 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.
• Lack of road maintenance standards results in increased demand for steering and suspension components to withstand the challenges posed by rough roads.

Key Players Shaping the Market

Industry Giants Driving Innovation

• Major companies in the motor vehicle steering and suspension components market include Bosch Limited, Hyundai Motor Company, Tenneco Inc., Denso Corporation, and ZF Friedrichshafen AG, among others.
• These industry leaders play a pivotal role in the development, manufacturing, and distribution of steering and suspension components.

Read The Full Motor Vehicle Steering and Suspension Components (except Spring) Market Report Here:
https://www.thebusinessresearchcompany.com/report/motor-vehicle-steering-and-suspension-components-except-spring-global-market-report

Introduction of Advanced Suspension Systems

Elevating the Driving Experience

• Major companies are introducing advanced suspension systems to compete with luxury car brands.
• The BYD DiSus Intelligent Body Control System, launched by BYD Co. Ltd. in April 2023, is designed to offer features and performance similar to high-end suspension systems found in premium vehicles.
• This innovation reflects a continuous effort to enhance ride comfort and handling, bridging the gap between mainstream and luxury vehicles.

Strategic Acquisitions for Global Expansion

Renk Group Acquires General Kinetics

• In January 2023, RENK Group, a Germany-based manufacturer of propulsion and drivetrain technology, acquired General Kinetics for an undisclosed amount.
• General Kinetics, a Canada-based company specializing in suspension equipment for heavy ground vehicles, aligns with RENK Group’s goal to expand its global footprint in the defense mobility sector.
• This acquisition leverages combined expertise and technologies for enhanced military vehicle solutions.

Market Segmentation

Understanding the Dynamics

The motor vehicle steering and suspension components market is segmented based on:

1. Type:
   • Steering Components
   • Suspension Components
2. Application:
   • Commercial Vehicle
   • Passenger Car
3. End Use:
   • OEM
   • Aftermarket

Regional Dynamics

Asia-Pacific Leading the Charge

• In 2023, Asia-Pacific emerged as the largest region in the motor vehicle steering and suspension components market.
• The region’s dominance is indicative of the global shift in automotive production and innovation, with key players contributing to the market’s growth.

Get A Free Sample On The Global Motor Vehicle Steering and Suspension Components (except Spring) Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=3873&type=smp

The Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2024  provides a comprehensive outlook of the motor vehicle steering and suspension components (except spring) market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The motor vehicle steering and suspension components (except spring) market forecast offers a thorough analysis on motor vehicle steering and suspension components (except spring) market size, motor vehicle steering and suspension components (except spring) market share, prominent players and their strategies.

The Table Of Content For The Motor Vehicle Steering and Suspension Components (except Spring) Market Include:

1. Motor Vehicle Steering and Suspension Components (except Spring) Market Executive Summary
2. Motor Vehicle Steering and Suspension Components (except Spring) Market Segments
3. Motor Vehicle Steering and Suspension Components (except Spring) Market Size And Motor Vehicle Steering and Suspension Components (except Spring) Market Growth Rate
4. Key Motor Vehicle Steering and Suspension Components (except Spring) Market Trends
5. Major Motor Vehicle Steering and Suspension Components (except Spring) Market Drivers
……
25. Key Mergers And Acquisitions In The Motor Vehicle Steering and Suspension Components (except Spring) Market
26. Top Motor Vehicle Steering and Suspension Components (except Spring) Companies
27. Motor Vehicle Steering and Suspension Components (except Spring) Market Opportunities And Strategies
28. Motor Vehicle Steering and Suspension Components (except Spring) Market, Conclusions And Recommendations
29. Appendix

Explore Similar Reports From The Business Research Company:

Motor Vehicle Seating And Interior Trim Global Market Report 2024

Motor Vehicle Electrical And Electronic Equipment Global Market Report 2024

Motor Vehicles Global Market Report 2024

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: