Global Steering And Suspension Parts Market will Grow From US$ 87.41 Billion In 2022 To US$ 156.61 Billion In 2030 growing At CAGR Of 8.9%.
The market for steering and suspension parts is a big part of the auto business. It includes a lot of different parts that are important for cars to run smoothly and safely. The steering system is what controls where a car goes, while the suspension system helps keep the car stable, absorbs shocks, and makes sure the ride is comfortable. Together, these systems are very important for the car's handling, safety, and driving experience as a whole.
Several things drive the market for steering and suspension parts, such as the growing number of people who own cars, the growth of cities, and rising wages in developing countries. As more people buy cars, there is also a higher demand for new and aftermarket steering and suspension parts.
One of the most important things happening in this market is the move toward new technologies and products. Manufacturers are always trying to come up with new parts that are better in terms of speed, durability, and weight. For example, electric power steering (EPS) systems are becoming more popular. They are replacing standard hydraulic systems because they use less fuel and put out less pollution.
The market for steering and suspension parts has also been affected by the increased attention on vehicle safety and rules. Governments and regulatory groups are making rules about car safety stricter, which has led to the development of steering and suspension parts that meet these rules. Modern cars have more and more things like electronic stability control (ESC) and adjustable suspension systems.
There are many foreign and local players in the market, all trying to get a piece of it. Big companies that make parts for cars put a lot of money into research and development to come up with new goods and stay ahead of the competition. Partnerships and collaborations with vehicle manufacturers are also popular ways to get long-term contracts and keep a strong presence on the market.
The market for steering and suspension parts has also been affected by the growth of e-commerce and online sites. Customers can now choose from many different options and quickly compare prices and features before making a purchase. This has made prices more clear and made competition among providers stronger.
In terms of geography, the steering and suspension parts market is controlled by places like North America, Europe, and Asia Pacific that have a lot of cars. But the car industries of China and India, two of Asia's emerging economies, are growing quickly, which is driving the need for steering and suspension parts in these places.
Overall, the steering and suspension parts market is expected to keep growing over the next few years. This is due to things like more people buying cars, new technologies, and a focus on vehicle safety. To stay competitive in this changing market, manufacturers will need to respond to these trends and put money into research and development.
Trends: Vehicle sales have increased globally
There has been steady growth in the number of cars sold around the world, which has a direct effect on the market for steering and suspension parts. Steering and chassis parts are needed more and more as the number of cars on the road goes up.
Most of the increase in vehicle sales is due to the sale of passenger cars and commercial vehicles, such as trucks and buses. More people are buying their own cars because they are getting richer, living standards are getting better, and more people are moving to cities in many places. The need for commercial cars has also been driven by the growth of e-commerce and the logistics industry.
The steering and suspension systems are very important to the stability, control, and comfort of a car. These systems make it easy to handle the car smoothly, steer it quickly, and control its moves well. Because of this, the rising demand for cars and trucks has a direct effect on the demand for steering and suspension parts.
Also, the focus on improving safety and performance in the car industry has led to constant improvements in steering and suspension technologies. Manufacturers are making new parts that improve the way a car drives, make it more stable, and make it easier to drive in general. As car companies try to put the latest handling and suspension systems in their models, these improvements help the market grow.
Also, the growing number of electric cars (EVs) has had an effect on the market for steering and suspension parts. EVs often need special parts because of their unique features, like where the heavy battery packs go and how the weight is distributed. This gives makers a chance to make steering and suspension systems that work well with electric vehicles.
Overall, the steady rise in vehicle sales around the world, which is caused by more people buying cars and trucks, is good for the steering and suspension parts market. Electric car makers are always coming up with new ways to meet the industry's changing needs for safety, performance, and specialized parts.
Growing Demand for Electric Vehicles (EVs)
Electric cars (EVs) are becoming more popular, which has big effects on the market for steering and suspension parts. As the number of electric vehicles (EVs) continues to grow, there is a clear shift in demand in the car industry.
EVs are different from standard internal combustion engine (ICE) vehicles in how they are built and what they need. The design and usefulness of an EV's steering and suspension systems are affected by where the heavy battery packs are placed, how the weight is spread out, and the lack of a traditional engine. Because of this, it's necessary to use unique parts to meet these specific needs.
Manufacturers are working hard to make steering and suspension systems for electric cars that work well with them. These systems are made to work with the unique features of EVs, giving them the best possible speed, comfort, and safety. Due to the different needs and limits of the electric drivetrain, the parts used in the steering and suspension systems of electric cars may be different from those used in traditional vehicles.
As people move toward electric cars, there are also chances to improve steering and suspension systems. Electric car makers are looking into new materials, designs, and technologies to make them more efficient, responsive, and fun to drive overall. This includes putting in advanced sensors, actuators, and electrical control systems to make things like adaptive damping, active steering, and regenerative suspension systems possible.
Also, the rise of the EV market is leading to the creation of companies that only make steering and suspension systems for electric vehicles. These businesses are committed to meeting the unique needs of the growing market for electric vehicles (EVs) and giving EV manufacturers custom solutions.
Not just private cars are making the switch to electric vehicles. Demand is also going up for electric commercial cars like electric buses and delivery vans. Steering and suspension parts for these vehicles have to meet their own unique needs. This has led to the development of customized solutions for electric commercial vehicles as well.
Overall, the rising popularity of electric cars is changing the market for steering and chassis parts. Manufacturers are changing their products to meet the needs of EVs, which is opening the door for steering and control systems designed specifically for EVs. Innovations in this industry are always being made to improve the performance, safety, and comfort of electric cars. This helps the market grow even more.
Drivers: Vehicle Safety Regulations
Safety rules for vehicles have a big impact on how much demand there is for advanced steering and suspension systems in the auto business. Governments and regulatory groups all over the world have put in place strict safety standards to make roads safer and protect people in case of an accident.
Stability control is one of the most important things that these rules cover. Vehicle stability control systems help keep you from losing control and make the car easier to drive and more stable, especially in an emergency. These systems depend on high-tech steering and suspension parts to work well and keep the car stable.
Another important part of safety rules for vehicles is how safe they are in a crash. Automakers are required to make cars that can handle and reduce the impact forces of a crash in order to protect the people inside. This includes making the steering and suspension systems strong enough to absorb and release energy, making the collision less severe.
Protection of occupants is a very important part of safety rules. The steering and suspension systems help other safety systems, like seatbelts and seat belts, work as they should. This makes the car safer for everyone inside. For example, the suspension system helps manage the vehicle's kinetic energy during a crash, which reduces the forces that hit the people inside. Also, safety rules often cover things like how to keep the car from rolling over, how well the tires work, and how it handles. All of these things have a lot to do with the steering and suspension systems. To meet the safety standards set by government bodies, manufacturers need to come up with and use new technologies in these areas.
To meet these safety rules, automakers are always trying to improve the way steering and chassis parts are made and how well they work. This makes it important to do research and development to improve the safety features of these systems, like making them respond faster, last longer, and work better overall. Also, consumers who care about safety are wanting more and more cars with the highest levels of safety. Because of this customer demand and government rules, automakers are forced to put money into developing and integrating new steering and suspension technologies that make cars safer.
Overall, strict safety rules have a big effect on the demand for steering and suspension systems that are more advanced. Because of these rules, there is a need for constant innovation, technological advances, and better safety performance. This makes the steering and suspension parts market an important part of the safety ecosystem in the car industry.
Technology has transformed steering and suspension
Steering and suspension systems have changed a lot because of new technology. This has led to better speed, comfort, and handling of vehicles. These changes have a big effect on the market for steering and suspension parts, which drives the demand for parts that go with them.
Electronic power steering (EPS) is a big step forward in driving technology. Traditional hydraulic power steering methods are replaced by electric motors in EPS. This gives you precise and quick steering control. EPS has perks like better gas mileage, less maintenance, and the ability to work with advanced driver-assistance systems (ADAS). Automakers' use of EPS has raised the demand for parts like steering columns, electric motors, sensors, and control modules that work with EPS.
Adaptive suspension systems are another technological improvement that improves how well and how comfortably a vehicle works. These systems constantly check the road and the way the car moves, making changes to the suspension settings to improve the ride, stability, and handling. Adaptive suspension systems use a variety of sensors, actuators, and control units to change how the suspension works based on how the car is being driven. With adaptive suspension systems, there is more need for parts like shock absorbers, struts, air springs, and computer control units (ECUs).
Active suspension control systems take suspension technology one step further by constantly changing the parameters of the suspension in real time. These systems can stop body roll, pitch, and dive when a car turns, brakes, or speeds up. This makes the vehicle more stable and easy to control. Active suspension systems use sensors, actuators, and complex control algorithms to examine how the car is being driven and adjust the suspension accordingly. Active suspension systems are becoming more common in high-end and performance cars. This increases the need for more advanced suspension parts and control modules.
The market for steering and chassis parts has also been affected by changes in materials and how they are made. Lightweight materials like aluminum, high-strength steel, and composites are used to lower weight while keeping the strength of the structure. This means that the car can use less fuel and handle better. Using methods like computer-aided design (CAD), simulation, and additive manufacturing, it is possible to make steering and suspension parts that are both complex and well-designed.
Automakers keep spending money on research and development to find new ways to improve steering and handling in their cars. These technologies not only make driving more comfortable and fun, but they also make it easier to add other advanced systems like ADAS, electric powertrains, and self-driving features. Because of this, the demand for matching steering and suspension parts keeps going up, which gives manufacturers and suppliers in the market possibilities.
Overall, steering and suspension system improvements have a huge effect on the auto business and the market for steering and suspension parts. These improvements lead to new ideas, improve the speed and safety of vehicles, and shape the demand for advanced parts that make these technologies work well.
Restraints: Demand for steering and suspension components is primarily driven by economic factors
In the car industry, the demand for steering and suspension parts is largely based on economic factors. When the economy is bad, there is a recession, or there is a lot of financial instability, people tend to be more careful with their spending and may put off or cut back on car upkeep and repairs.
When there isn't a lot of confidence about money, people and businesses often put the most important costs first. As a result, people may choose to put off fixes or replacements that don't need to be done right away. This could mean less demand for steering and suspension parts. This can have a direct effect on how well these parts sell on the second-hand market. Also, economic downturns can have an effect on the whole automotive business, causing less cars to be made and sold. This, in turn, affects the demand for steering and suspension parts because original equipment makers (OEMs) may order less from suppliers. When OEM demand goes down, it can have a trickle-down effect on the aftermarket, changing the supply and prices of steering and suspension parts that are used for repairs and replacements.
Consumer confidence and spending power can also be affected by economic forces. Uncertainty about job security, income levels, and personal finances can keep people from investing in car upkeep, such as steering and suspension repairs. Because of this, the market for these parts may drop for a while.
The price of steering and suspension parts can also be affected by the economy. When the economy is bad, suppliers and producers may feel more pressure to lower their prices to stay in business. This can cut into profit margins and make it harder to spend in research and development, which could make steering and suspension parts less innovative and less varied.
But it's important to remember that the effects of economic factors on the steering and suspension parts market may be different in different places and for different types of vehicles. The economy, how people act, and how the market works can be very different depending on where you live, how much money you make, and how many cars you own.
More and more, governments around the world are working on putting in place stricter rules and standards for vehicles to make them safer and cut down on pollution. Many parts of the design and function of cars are affected by these rules, such as the steering and suspension systems. Manufacturers in the market for steering and suspension parts may find it hard to meet these regulatory standards.
To meet safety and emissions standards, makers may need to develop new technologies and make big changes to the way their steering and suspension parts are made. These changes can require a lot of study and development, testing, and certification, all of which can take a long time and cost a lot of money.
For new steering and suspension technologies to be made, it may be necessary to spend in new materials, manufacturing methods, and engineering know-how. Manufacturers have to make sure that their parts meet safety standards and can stand up to the stresses of modern cars.
Costs can be high when it comes to following regulations. To meet the new standards, manufacturers may need to spend money on study, testing, and upgrades to their equipment. These costs can be passed on to customers, which means steering and chassis parts will cost more.
Also, laws tend to change over time, with new standards and stricter rules being put in place from time to time. To keep up with these constantly changing rules, manufacturers must keep making changes to their goods and how they make them. Compliance is an ongoing process that can add to costs and make it harder to find steering and suspension parts on the market. Also, putting in place new rules can cause problems in the supply line. Manufacturers may have trouble finding materials and parts that meet the standards, which can slow down production and affect the supply of steering and suspension parts.
Even though regulations can be hard to deal with, they also offer chances for creativity and market growth. Manufacturers that can make steering and suspension parts that meet or go above and beyond these rules have a competitive edge and can take advantage of the growing demand for parts that meet these rules.
Overall, regulations are needed to make cars safer and cut down on pollution, but they can make it hard for makers in the steering and suspension parts market. To meet market demands, the industry needs to spend in research and development, change the way it makes things, and make sure it's in line with the changing standards.
Opportunities: The aftermarket for steering and suspension components is crucial
In the auto business, the aftermarket for steering and suspension parts is very important. As cars get older, their steering and suspension parts can wear out or get broken, so they need to be maintained and replaced every so often. This is a big chance for suppliers, dealers, and service providers in the aftermarket to meet the demand for these parts.
One of the main things that drives the aftermarket for steering and suspension parts is the need to make sure that cars work well and are safe. Steering and suspension systems are important for the stability, handling, and control of a car. Worn out or broken parts can make driving less safe. So, car owners and repair shops depend on aftermarket suppliers to provide high-quality replacement parts that meet or exceed OEM (Original Equipment Manufacturer) standards.
The aftermarket industry serves a wide range of vehicles, such as passenger cars, light trucks, commercial vehicles, and off-road vehicles. This gives aftermarket sellers a wide range of opportunities to sell steering and suspension parts, such as tie rods, ball joints, control arms, bushings, shocks, struts, and springs. By making a wide range of parts that work with different makes and models of vehicles, aftermarket sellers can meet the needs of a large number of customers.
Along with replacement parts, the aftermarket is a place where dealers and service providers can make money. When it comes to getting aftermarket steering and suspension parts to customers and repair shops, retailers are very important. To reach customers well, they may have real stores, e-commerce platforms, or a mix of the two. Customers can also get advice and expert help from retailers, which can help them choose the right parts for their cars.
Service companies like independent repair shops and maintenance centers get steering and suspension parts from the aftermarket so they can work on their customers' cars. Not only do these service providers install things, but they also check, diagnose, and fix things. Service providers can make sure they have a steady supply of high-quality parts by forming relationships with aftermarket suppliers. This helps their image and keeps customers happy.
Parts for steering and suspension are sold on the aftermarket outside of the U.S. It also creates chances for global trade, since companies can sell their goods in different parts of the world. This gives aftermarket sellers new ways to grow and expand, letting them reach new markets and get more customers.
Overall, the aftermarket for steering and suspension parts is an important part of the car business. Since these parts always need to be fixed or replaced, aftermarket suppliers, retailers, and service providers have the chance to meet customer needs, make sure vehicles are safe, and improve the total performance and lifespan of vehicles on the road.
Customization and Performance Enhancement
Customizing and improving a car's performance are becoming more and more popular among car fans and owners of sports cars. These people want to make their cars more unique and give them a better driving experience by changing parts like steering and suspension.
People want to customize their cars because they want to be special and show who they are. Car fans often make changes to their cars to show their own style, tastes, and performance goals. This trend has made a niche market for companies that make parts for steering and suspension that are unique and high-performance.
Upgrading a car's steering and suspension can make a big difference in how it handles, how quickly it responds, and how it drives overall. Enthusiasts look for parts that make the car more stable, better able to turn, and more responsive to steering cues. By changing stock parts with ones from the aftermarket, drivers can get better control and a more interesting drive.
Manufacturers who make parts for this niche market focus on making steering and chassis parts that work well. These parts are made to be able to handle more stress, give the driver more information, and improve the car's performance. They might use new materials like lightweight alloys or high-strength steel to make their products last longer without sacrificing efficiency.
Customization choices let car fans do more than just make their cars run better. They also let them make their cars fit their driving needs or preferences. For example, changeable suspension parts like coilovers or adjustable sway bars let drivers fine-tune their vehicle's handling to suit different road conditions or driving styles. With this level of customizing, car fans can make their cars better for the track, spirited driving, or just getting around town every day.
The market for steering and suspension parts that are customized and improve performance is not limited to a certain type of car. It works with a wide range of vehicles, from sports cars and speed sedans to some off-road vehicles. Because there are so many different types and models of vehicles, this gives makers the chance to make parts that are specific to each one.
To serve this market, companies often work with car fans, professional drivers, or racing teams to get feedback on their goods and make them better. This makes sure that the aftermarket parts are what drivers who care about speed want and need. Manufacturers may also put money into R&D to keep coming up with new ideas and putting out new goods that push the limits of performance and customization.
Also, customization and speed improvements aren't just for people who own their own cars. When it comes to serving this market group, aftermarket stores and specialty shops are very important. They give car fans a place to find a wide range of aftermarket steering and suspension parts, give expert help on which parts to choose, and install the parts for them. These stores and shops act as middlemen between makers and customers. This helps the customization and performance improvement market grow and develop.
In short, car fans and owners of sports cars want to customize and improve their cars' handling and performance with steering and suspension parts. This is what drives the customizing and performance improvement market for steering and suspension parts. The companies that make parts for this niche market focus on making high-performance parts that improve handling, responsiveness, and driving mechanics as a whole. This market offers chances to work together, come up with new ideas, and grow, which is good for both manufacturers and customers who want to improve their cars.
Major Market Segments Covered:
By Type :
Vehicles that are older or less well made often have suspension that is not independent. In this type of suspension system, the wheels on the same axle are linked and move as a single unit. It gets its support and steadiness from parts like leaf springs, solid axles, and coil springs. Non-independent suspension systems are known for being able to hold a lot of weight and lasting a long time. This makes them good for vehicles that need to carry big loads or go over rough terrain. But if one wheel moves, it can affect the other wheel on the same axle. This can make the ride less comfortable and harder to control.
Composite Rear Suspension
Composite rear suspension is a type of suspension system that uses a number of different parts and technologies to improve speed and comfort. It is a type of hybrid suspension system that usually has both independent and non-independent parts. A multi-link suspension, trailing arms, control arms, or torsion beams could be part of the system. The goal of a composite rear suspension is to find a good mix between ride quality, handling, and cost. By using a mix of different suspension technologies, it can offer better control, stability, and comfort than a basic suspension system that doesn't have separate parts.
Independent suspension systems are made so that each wheel can move on its own. This gives you more control, better driving, and a more comfortable ride. This type of suspension gives the car better grip and control on the road, especially when turning corners or driving over bumps. The forms of independent suspension include double-wishbone suspension, MacPherson strut suspension, multi-link suspension, and torsion bar suspension. These kinds use different combinations of control arms, struts, shocks, or springs to make the vehicle flexible and absorb shocks from the road. Independent suspension systems are popular in modern cars and high-performance vehicles because they make the ride smoother and make the vehicle easier to control.
Passenger cars are cars that are made to take people from one place to another. This group includes sedans, hatchbacks, SUVs, and sports cars, among other types of cars. Steering and suspension parts are very important for making passenger cars more comfortable, stable, and easy to drive. Parts like control arms, ball joints, tie rods, stabilizer bars, shock absorbers, struts, and steering racks are often used in passenger cars for steering and stabilization.
Commercial vehicles are made for business uses, like transporting things or people for business-related tasks. There are many different kinds of vehicles in this section, like trucks, buses, vans, and delivery vehicles. Parts of a commercial vehicle's steering and suspension are made to handle heavy loads and last for a long time under tough working conditions. Heavy-duty control arms, tie rod ends, drag links, kingpins, air springs, and heavy-duty shock absorbers are some of these parts.give more details about each point without using the word "pointwise."
By Price Range:
The economy/value segment works on making parts that are cheaper but still do their basic job. These parts are made to be less expensive, which makes them good for customers who want to save money. Even though they might not have a lot of extra features or be very fast, they are good enough for everyday drive. Economy/value segment parts are usually made with standard materials and production methods, which can make them last less than higher-priced choices. People who want to save money or whose cars are mostly used for commuting or less difficult driving situations often choose these parts.
The goal of the mid-range segment is to find a good mix between quality and price. Compared to the economy/value section, parts in this segment work better and last longer. They are made to meet the needs of average users who want dependable parts at a fair price. Mid-range manufacturers often use better materials, more advanced engineering techniques, and better features to make products that work better. Compared to their cheaper versions, these parts can make the car easier to drive, more comfortable, and last longer. People who want reliable and well-rounded performance without going over their budget like the mid-range section.
Luxury and Premium Segment
The premium/luxury section is made up of the best, most expensive parts that are known for their higher quality, better performance, and more advanced features. These parts are made for customers who want high-quality performance, long-lasting parts, and the latest technologies. In the premium/luxury segment, manufacturers use high-quality materials, precise engineering, and cutting-edge technologies to make cars that work well and handle well. Most of the time, the parts in this segment are a big step up from cheaper choices, giving you better performance, more safety, and more comfort. The premium/luxury segment is usually linked with high-end cars, and enthusiasts who want the best performance and driving experience tend to like these cars.
Global Steering And Suspension Parts Market is divided into seven regions: North America, Latin America, Asia Pacific Excluding Japan (APEJ), Eastern Europe, Western Europe, Japan, and the Middle East and Africa (MEA).
In terms of revenue share, Asia Pacific led the world market in 2019 and is projected to do so for the rest of the forecast period. From 2022 to 2030, the area is also expected to have a high CAGR. This growth is mostly due to the fact that China, India, Korea, Japan, and Taiwan are all buying more cars and trucks.
The Asia-Pacific market is growing quickly because countries like China and India are becoming more industrialized and more people are moving to cities because of population growth.
Scope Of Report:
|Value (USD Billion)
|CAGR of 8.9% from 2023 to 2030
- Non-Independent Suspension
- Composite Rear Suspension
- Independent Suspension
- Passenger Car
- Commercial Vehicle
|By Price Range
- Economy/Value Segment
- Mid-Range Segment
- Luxury and Premium Segment
- Cardone Industries
- Dana Holding
- Fenwick Automotive Products
- SKD Automotive
- TA Delaware
| Regional Scope
- North America
- The Middle East & Africa
- Latin America
|Reasons to Purchase this Report and Customization Scope
- 6-month post-sale analyst assistance.
- 10% Free Customization and 15 Company Profiles in addition to the ones specified
Market Key Players:
- Cardone Industries
- Dana Holding
- Fenwick Automotive Products
- SKD Automotive
- TA Delaware
1. Cardone Industries
CARDONE is a well-known global seller of remanufactured and new auto parts for passenger cars and light/medium duty trucks. The company says it has been in the business for over 50 years. They say that their many years of experience have given them useful insights into why parts break. They have used this information to make remanufactured parts that not only work as well as the originals, but often work better.
CARDONE also says that if a customer needs new parts, they have a variety of 100% new car parts available. These parts are carefully designed and made to meet the high quality and efficiency standards of the company.
2. Dana Holding
Dana Holdings, a well-known fully integrated real estate, finance, and development company, says that it focuses on residential, industrial, commercial, educational, and mixed-use projects, as well as PPP investments in emerging markets. They talk about how they were one of the first foreign groups to see the promise of these markets and set up shop there during a time when CIS and CEE countries were very unstable. Because they started so early, they have a lot of experience finding and developing large-scale real estate deals.
Dana Holdings says that they have finished more than 1,000 projects that cover more than 10 million square meters. At the moment, they are working on projects that cover more than 4.5 million square meters, and they have plans for more than 6.5 million square meters worth $25 billion. They also stress that more than 30,000 people are working for them.
The company says that its success is due to its hard work, energy, creativity, spirit of entrepreneurship, and respect for local culture. They appreciate their skilled and diverse staff, who have helped them gain experience, knowledge, skills, contacts, and partnerships in the areas where they work. This has given them an edge in the real estate business, which is growing all the time.
Dana Holdings wants to be one of the top groups of companies in the real estate, investment, development, and building industries in the markets where it already does business. They want to improve their situation by doing more business in both current and new markets.
JTEKT India Limited used to be called Sona Koyo Steering Systems. It is a part of the JTEKT Group India and is owned by JTEKT Corporation Japan. Their main business is making, selling, and supplying steering systems. This includes steering gears, columns, RPS assemblies, axle assemblies, and other car parts. Almost all of the big Indian companies that make cars and other vehicles use these parts.
JTEKT India has seven plants in Gurgaon, Bawal, Dharuhera, Sanand, and Sriperumbudur, all of which are in good spots. With these plants, the company can serve India's most important customers and big auto clusters. Some of their most well-known users are well-known car companies in India, like Maruti Suzuki, Toyota, Honda, Tata Motors, Mahindra & Mahindra, and others. JTEKT India sells high-quality, precise goods not only in India, but also in the United States, Europe, and Japan. They do this with the help of their network of foreign partners in joint ventures.
4. SKD Automotive
They make and sell metal stampings, components, and welded pieces to the North American automotive business. Their product technologies cover a wide range of auto parts, such as accelerators, brake and clutch pedal apply systems, control arm and cross member assemblies, frame rails, front/rear impact systems, fuel tank skid plates, I/P beam systems, mastic and pillar assemblies, plenum assemblies, quarter panel inners, wheel house assemblies, and chassis components.
The company makes and sells these products, but it also gives services like program management, engineering, prototyping, testing/validation, and planning for product quality. They have many sites, including Brampton and Milton in Canada, Jonesville and North Adams in Michigan, Mexico, and Jiangsu in China.
The headquarters of SKD Automotive Group, which has been around since 1937, is in Troy, Michigan.
According to Sogefi, the company has a history spanning over 40 years, during which it has become a global leader in the design and manufacture of engine filtration and vehicle suspension components. They attribute their success to their unwavering commitment to innovation and research in pursuit of excellence.
Sogefi maintains a constant focus on achieving the highest quality standards while continuously improving the performance of their products. They are mindful of environmental constraints and strive to develop solutions that meet both performance requirements and sustainability goals.
The company has bolstered its strategic position by pursuing acquisitions and experiencing organic growth in both established and emerging markets. Through this approach, Sogefi has demonstrated its ability to successfully integrate diverse cultures, technologies, and markets.
Sogefi S.p.A. is publicly listed on the Milan Stock Exchange in the STAR segment. They proudly claim partnerships with leading manufacturers of cars, commercial vehicles, and earth-moving equipment worldwide. With a commercial presence in 23 countries across four continents, Sogefi operates through 42 manufacturing sites.
Key Market Updates:
- In June 2020, Bendix Corporation, an American company that makes things and designs things, paid $149.5 million to buy RH Sheppard. Bendix Commercial Vehicle Systems LLC in Elyria, Ohio, which is a subsidiary of Knorr-Bremse and a part of its Commercial Vehicle Systems business, was in charge of buying RH Sheppard.
Major Market Segments Covered in Steering And Suspension Parts Market Industry Research:
- Non-Independent Suspension
- Composite Rear Suspension
- Independent Suspension
- Passenger Car
- Commercial Vehicle
By Price Range:
- Economy/Value Segment
- Mid-Range Segment
- Luxury and Premium Segment
The Steering And Suspension Parts Market Regional Insights:
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
The steering and suspension parts market is an important part of the automotive business because it helps make cars safer, better, and more fun to drive overall.
Over the years, the market has grown steadily because of things like more vehicles being made, more people wanting comfort and safety features, and improvements in handling and suspension technology.
Key market players have been putting a lot of effort into research and development to come up with new goods that are more durable, easier to use, and make less noise and vibrations. Also, they have been using strategies like mergers, partnerships, and acquisitions to grow their market share and serve a bigger range of customers.
In the coming years, the market is expected to keep growing, thanks to things like more people buying electric and hybrid cars, stricter safety rules, and a growing understanding of how important vehicle upkeep and repairs are. Emerging markets, especially in the Asia-Pacific region, are expected to offer a lot of chances to market players because of things like rapid urbanization, rising incomes, and more automotive manufacturing. But the market also has problems, like raw material prices that go up and down, fierce competition, and the need to keep up with technologies that change quickly.
In conclusion, the steering and suspension parts market is expected to grow steadily over the next few years. This is due to factors like more people buying cars, more people wanting safety and comfort features, and improvements in technology. To take advantage of the possibilities in this fast-paced and competitive market, market players need to focus on new ideas, strategic partnerships, and expanding into new areas.