Motor Vehicle Steering and Suspension Components (except Spring

Executive Summary

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.

The global motor vehicle steering and suspension components (except spring) market is expected to grow from $81.61 billion in 2021 to $90.71 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The market is expected to grow to $134.27 billion in 2026 at a compound annual growth rate (CAGR) of 10.3%.

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.

The main types in motor vehicle steering and suspension components are steering components, suspension components. The steering components help the driver and protect them and add a support system to the driver while driving. The various applications include commercial vehicles, passenger cars. The motor vehicle steering and suspension are used in OEM and aftermarket.

Asia Pacific was the largest region in the motor vehicle steering and suspension components market in 2021. Western Europe was the second largest market in motor vehicle steering and suspension components market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The growth of the motor vehicle steering and suspension components market (except spring) is positively affected by the poor quality of roads. The steering and suspension components are used to maintain the stability of the motor vehicle through the rough roads. Rough roads with potholes and poor surface causes 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 increase 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 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 spring) 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. Thus, 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), there were 5 million electric passenger cars in Norway. The popularity of the electric car market is backed up by several government initiatives such as in Norway, 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 for 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 spring) 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 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. Following the trend started by General Motors, BeijingWest Industries (BWI) Group opened a new plant in Greenfield, Indiana, in 2019, from which the company launched the fourth generation of the MagneRide suspension technology. The China-based, BeijingWest Industries (BWI) Group is a supplier of brake and suspension systems.

In June 2020, Bendix Corporation, 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 include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.

Companies Mentioned

• Bosch
• Hyundai
• Tennaco
• Denso
• Hella
• JTEKT
• Knorr-Bremse
• Nexteer Automotive
• Thyssenkrupp
• ZF Friedrichshafen
• Magna International Inc.
• Aisin Group
• Continental Automotive Systems Corporation
• Asama Coldwater Manufacturing
• Global Steering Systems
• Maval Industries
• American Showa
• Atsco Remanufacturing
• KYB Americas Corporation
• Raytech Powertrain
• NSK Americas
• San-Ei Seiko America
• Hutchinson Aerospace & Industry
• Yamada North America
• Fox Factory
• NSK Steering Systems America
• Key Electronics of Nevada
• Key Safety Restraint Systems
• Reman Gotec Plus Sun

Methodology