The Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2024, The motor vehicle steering and suspension components (except spring) market size has grown strongly in recent years. It will grow from $98.44 billion in 2023 to $106.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. 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 $147.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. 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 positively affected by the poor quality of roads. The steering and suspension components are used to maintain the stability of the motor vehicle on rough roads. Rough roads with potholes and poor surfaces cause wear and tear of steering and suspension components in the long run, thus increasing the risk of accidents. This constant wear and tear shortens their working life and increases the rate at which they need to be replaced. 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. The lack of standards for the maintenance of roads, resulting in rough roads with potholes, increases the demand for growth of the motor vehicle steering and suspension components (except spring) market.
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The motor vehicle steering and suspension components (except spring) market covered in this report is segmented –
1) By Type: Steering Components; Suspension Components
2) By Application: Commercial Vehicle; Passenger Car
3) By End use: OEM; Aftermarket
The motor vehicle steering and suspension components (except spring) market report table of contents includes:
1. Executive Summary
2. Motor Vehicle Steering and Suspension Components Market Characteristics
3. Motor Vehicle Steering and Suspension Components Market – Macro Economic Scenario
4. Motor Vehicle Steering and Suspension Components Market Size And Growth
5. Motor Vehicle Steering and Suspension Components Market Segmentation
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26. Motor Vehicle Steering and Suspension Components Market Competitive Landscape And Company Profiles
27. Key Mergers And Acquisitions In The Motor Vehicle Steering and Suspension Components Market
28. Motor Vehicle Steering and Suspension Components Market Trends And Strategies
29. Motor Vehicle Steering and Suspension Components Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Bosch
- Hyundai
- TennaCo.
- Denso
- Hella
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