The Global Steering And Suspension Parts Market Is Projected To Grow At A CAGR Of 8.6% From 2022 To 2030.

Steering And Suspension Parts Market Overview:

The growth of the steering and suspension parts market (excluding springs) is positively influenced by the poor quality of the roads. Steering and suspension components are used to keep the vehicle stable on rough roads. Rough roads with potholes and poor road surfaces increase the risk of an accident by causing wear and tear on steering and suspension components in the long run. This constant wear shortens operating life and increases the rate at which they must be replaced. According to World Highways data 2019, India's road network is the second largest after the United States. But one fundamental fact that stands out is the condition of the roads. About 30 percent of the country's population did not have access to all wealth. Lack of standards for road maintenance results in rough roads with potholes, increasing the demand for automotive steering and suspension components.

The growth of the steering and suspension parts (excluding springs) market is constrained by the growing popularity of electric vehicles across the globe. The growing popularity of electric vehicles is forcing steering and suspension system manufacturers to produce power steering and suspension systems specifically designed for new electric vehicles. This reduces the demand for motor power steering systems and suspension components. Manufacturers will have to adapt and compete to make parts used in driverless vehicle models. According to the International Energy Agency (IEA), more than 10 million electric vehicles will hit the world's roads by 2020, with battery electric models driving the expansion. The popularity of the electric vehicle market is supported by several government initiatives, such as in Norway. For example, drivers of zero-emission vehicles are exempt from road tax, as well as a 25% VAT exemption on their sales, road tolls and ferry tolls. , parking fees, use of bus lanes. The overall cost of adapting to changing demand due to the growing popularity of electric vehicles restrains the growth of the steering and suspension components (excluding springs) market.

Steering And Suspension Parts Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Steering And Suspension Parts Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In June 2020, Bendix Corporation, an American manufacturing and engineering company, acquired RH Sheppard for $149.5 million. The acquisition of RH Sheppard was handled by Bendix Commercial Vehicle Systems LLC, Elyria, OH, a subsidiary of Knorr-Bremse, part of its Commercial Vehicle Systems division.

Major Market Segments Covered in Steering And Suspension Parts Market Industry Research:

Market Key Players:
Arvinmeritor, Cardone Industries, Dana Holding, Delphi, Denso, Federal-Mogul, Fenwick Automotive Products, JTEKT, SKD Automotive, SOGEFI, Tenneco, TA Delaware

By Type:

• Non-Independent Suspension
• Composite Rear Suspension
• Independent Suspension

By Application:

• Passenger Car
• Commercial Vehicle

By Region:

Asia Pacific dominated the global market in terms of revenue share in 2019 and is expected to continue to dominate throughout the forecast period. The region is also expected to register a significant CAGR from 2022 to 2030. This growth is mainly driven by growing demand for passenger vehicles and commercial vehicles in China, India, Korea, Japan and Taiwan.

Asia Pacific market is witnessing rapid development due to increasing industrialization in countries such as China and India along with urbanization due to population growth.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Growth Factors:

• Growing Demand for Luxury and Performance Cars
• Growing automotive industry in developing countries
• Growing Disposable Income of Consumers in Emerging Markets
• Technological Advances in Steering and Suspension Systems
• Strict government regulations for vehicle safety

Steering And Suspension Parts Market report scope:

Key Takeaways from this Steering And Suspension Parts Market Report

• Estimate Steering And Suspension Parts Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Steering And Suspension Parts Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Steering And Suspension Parts Market?

The Steering And Suspension Parts Market is growing at a CAGR of 8.6% During Forecast Period.

 What are the key types of Steering And Suspension Parts Market?

Non-Independent Suspension, Composite Rear Suspension, Independent Suspension

What are the key applications of Steering And Suspension Parts Market?

Passenger Car, Commercial Vehicle                                         

Who are the key players in Steering And Suspension Parts Market?

Arvinmeritor, Cardone Industries, Dana Holding, Delphi, Denso, Federal-Mogul, Fenwick Automotive Products, JTEKT, SKD Automotive, SOGEFI, Tenneco, TA Delaware