Motor Vehicle Steering and Suspension Components Global Market Report 2023
Major players in the motor vehicle steering and suspension components market are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle Steering and Suspension Components Global Market Report 2023" - https://www.reportlinker.com/p06416776/?utm_source=GNW
The global motor vehicle steering and suspension components (except spring) market will grow from $81.61 billion in 2021 to $88.91 billion in 2022 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The motor vehicle steering and suspension components (except spring) market is expected to grow to $119.31 billion in 2026 at a CAGR of 7.6%.
The motor vehicle steering, and suspension components market consist of sales of steering systems, wheels and tires, springs, shock absorbers and struts, linkages, bushings, bearings, and joints.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia Pacific was the largest region in the motor vehicle steering and suspension component market in 2022.Western Europe was the second largest market in motor vehicle steering and suspension component market.
The regions covered in the motor vehicle steering and suspension components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of motor vehicle steering and suspension components are steering components and suspension components. Steering components refer to a system of components, linkages, etc. that will allow a vehicle to follow the desired course. The applications included are commercial vehicles and passenger cars. The end-users involved are OEM and aftermarket.
The growth of the motor vehicle steering and suspension components market (except springs) 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 shorten their working life and increases the rate at which they need to be replaced.
According to the World Highways data, India’s road network is the second largest after the United States of America.But one of the striking underlying facts is the condition of the roads.
Around 30 percent of the country’s population lacked access to all-wealth. The lack of standards for maintenance of roads, resulting in rough roads with potholes, increases the demand for motor vehicle steering and suspension components.
The growth of the motor vehicle steering and suspension components (except springs) market is restricted by the growing popularity of electric vehicles all over the world. The increased popularity of electric vehicles will require the motor vehicle steering and suspension system manufacturers to produce power steering and suspension systems specifically designed for the new electric vehicles. thereby reducing the demand for motor power steering systems and suspension parts. The manufacturers will have to adapt and compete to create the parts used in driverless vehicle models. According to the International Energy Agency (IEA), in 2021, more than 10 million electric cars will be on the world’s roads in 2020, with battery-electric models driving the expansion. The popularity of the electric car market is backed up by several government initiatives, such as in Norway, where the drivers of zero-emissions cars are not only exempted from road tax but also exempted from 25% VAT on sales, reduced road and ferry tolls, and parking costs, and access to bus lanes. The overall cost of adapting to the changing demand due to the growing popularity of electric vehicles restricts the growth of the motor vehicle steering and suspension components (except springs) market.
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.
In June 2020, Bendix Corporation, an American manufacturing and engineering company, acquired RH Sheppard for $149.5 million. The acquisition of RH Sheppard was transacted by Bendix Commercial Vehicle Systems LLC, Elyria, OH, which is a subsidiary of Knorr-Bremse that is part of its Commercial Vehicle Systems division. Through this acquisition, Knorr-Bremse became a leading global supplier of commercial vehicle steering systems. RH Sheppard is a USA-based company that designs and manufactures automotive products.
The countries covered in the motor vehicle steering and suspension components market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The motor vehicle steering and suspension components market research report is one of a series of new reports that provides motor vehicle steering and suspension components market statistics, including motor vehicle steering and suspension components industry global market size, regional shares, competitors with a motor vehicle steering and suspension components market share, detailed motor vehicle steering and suspension components market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle steering and suspension components industry. This motor vehicle steering and suspension components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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