Steering And Suspension Parts Market Size, Share, Growth, and Industry Analysis, By Type (Non-Independent Suspension, Composite Rear Suspension & Independent Suspension), By Application (Passenger Car & Commercial Vehicle), and Regional Insights and Forecast to 2032

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STEERING AND SUSPENSION PARTS MARKET OVERVIEW

The Steering And Suspension Parts Market size was valued at approximately USD 66.6 billion in 2023 and is expected to reach USD 165.35 billion by 2032, growing at a compound annual growth rate (CAGR) of about 6.4% from 2023 to 2032.

The parts market for steering and suspension is growing steadily, with the ongoing rise in demand for safety and comfort in driving as well as the performance of vehicles on the road. Steering and suspension systems make up the critical functionality of vehicle dynamics as an aspect of system stability, relief from road shocks, and better control of a vehicle during driving. Expansion in automobile manufacturing, enlargement of the aftermarket, and the rising trend of vehicle maintenance are some factors fueling the market. The demand for more advanced steering and suspension components is further being driven by improvements in electric and autonomous vehicles. Lightweighting and increasing durability in parts are also imparting a fundamental shift toward the development of the market as manufacturers push for better fuel efficiency and performance.

COVID-19 IMPACT

"Steering And Suspension Parts Market Had a Negative Effect Due to lockdowns and restrictions during COVID-19 Pandemic"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Lockdowns and restrictions enforced because of the COVID-19 pandemic shut down the production of vehicles almost everywhere. The demand for all automotive parts, including steering and suspension components, significantly reduced. Reduced consumer spending and decline in vehicle sales during the pandemic further compelled retardation in the rate of growth of the market. However, the market bounced back as the automotive industry gradually recovered through increase demand for the services of vehicle maintenance and repair engrossing growth in the aftermarket segment.

LATEST TREND

"Advanced suspension technologies to Drive Market Growth"

Advanced suspension technologies are the most important trend dominating the steering and suspension parts market as suppliers stay focused on new electric and autonomous vehicle models. Manufacturers strive to develop lightweight and tough suspension systems that enhance the range and performance of their electric vehicles. Active and adaptive suspension systems are also being favored by a lot of customers because of their additional features like safety and comfort, as they self-adjust in real time according to road conditions. Such systems are now becoming very common, particularly in luxury and high-performance cars, often also integrated with advanced electronic controls, promoting innovation and growth in the market.

STEERING AND SUSPENSION PARTS MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Non-Independent Suspension, Composite Rear Suspension & Independent Suspension

• Non-Independent Suspension: In non-independent suspension, both the wheels are attached to the same axle so that movement of one wheel influences another. It is most implemented in heavy-duty applications like trucks and buses. Its main advantage is durability and strength and resists shock well that keeps it stable but at a compromise in comfort factors in comparison to an independent one.

• Composite Rear Suspension: This type of rear suspension uses lightweight material, like that made from fiberglass, to reduce fuel mileage and weight without sacrificing performance. Lightweight rear suspension is used in numerous sports cars and high-performance vehicles. It prolongs ride comfort and handling due to increased flexibility along with shock absorption.

• Independent Suspension: This system allows each wheel on the same axle to move independently of the other. In this way, these suspension systems thus help to ensure a smoother ride alongside better handling. Passenger cars, whether luxury or performance, favor this system because it delivers a boost in traction, comfort, and stability when dealing with the surface. Therefore, it is exploited since it enhances vehicle dynamics and ride quality.

By Application

Based on application, the global market can be categorized into Passenger Car & Commercial Vehicle

• Passenger Car: Passenger car steering and suspension parts are optimized for comfort and handling. This means that passenger cars require suspension and steering parts to travel both comfortably and stably, as passengers travel extensive distances, and most travel short distances day-to-day. This is why advanced suspension technologies, like independent and adaptive suspensions, are increasingly used in passenger cars.

• Commercial Vehicle: The steering and suspension units in commercial vehicles are made for rugged and load-carrying. Trucks, buses, and vans need robust systems to encounter tough road conditions and for stability in carrying heavy loads. This segment emphasizes on factors such as strength, reliability, and economy where non-independent suspension systems have fared well for efficient load management.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.

Driving Factors

"Demand Towards Vehicle Safety and Ride Comfortto Boost the Market"

An upwarddemand trend toward vehicle safety and ride comfort is the key driver for steering and suspension parts market growth. With consumers focusing on improved safety features and smoother driving experiences, car companies are incorporating advanced suspension technologies that promote increased stability and better handling and comfort. Similarly, there must be an upward momentum for higher levels of safety, as is being sent down from the government in the form of tightening safety standards for vehicles. This would force manufacturers to upgrade the steering and suspension systems. The rise in car ownership is accompanied by rising automobile aftermarket expenditure, fueling further growth in the market.

"Increase in electric vehicles and autonomous vehicles to Expand the Market"

Electric vehicles and autonomous vehicles are among the major market growth drivers. With the global push for electric vehicles, they are developing lighter suspension systems, designed for more efficiency and increased range, while other autonomous vehicles require more advanced steering and suspension technologies to deliver high-quality handling and stability with safety. It is these innovations, coupled with the increasingly sunk investments in sustainable and smart transportation, which are broadening the market and creating opportunities for growth in the OEM arena as well as the aftermarket

Restraining Factor

"High cost of modern suspension systems Impede Market Growth"

High cost of modern suspension systems is one of the major growth-restricting factors in the steering and suspension parts market. Advanced technologies, including those for adaptive and independent suspension systems, typically result in greater production costs; this increases the likelihood of the additional expense translating into a higher cost for the whole vehicle. Such products naturally become less accessible, especially in cost-sensitive markets or for economy vehicle segments. The higher complexity of these systems also tends to incur more maintenance and repair costs, which will deter the consumer from choosing vehicles with advanced suspension technologies. This again limits market growth.

Opportunity

"Increasing Demand for Lightweight, Environmentally Friendly Materials To Create Opportunity for the Product in the Market"

One of the great opportunities in the steering and suspension parts market is the increasing demand for lightweight, environmentally friendly materials. The companies want to be more fuel efficient and less pollutant. Suspensions constructed from advanced materials such as carbon fiber composites and aluminum seem to be quite in vogue. This innovation in environmentally friendly vehicle manufacturing provides at least the producers with a chance to differentiate themselves innovatively in a flourishing market with important interests in both the environmental impact and performance of the vehicles.

Challenge

"High Cost of Maintenance and Repair Be a Potential Challenge for Consumers"

The major challenge to customers is thehigh cost of maintenance and repair attributed to advanced steering and suspension technologies. Modern vehicles tend to have more sophisticated components that would raise replacement/repair costs, especially for luxury and performance-specific models. This would thus heighten the cost of owning the vehicle, making long-term maintenance inaccessible to some consumers.

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STEERING AND SUSPENSION PARTS MARKETREGIONAL INSIGHTS

• North America

The market in North America, or the United States steering and suspension parts market specifically, is driven by awell-established automotive industry combined with a steady rise in demand for replacement parts due to the aging of vehicles. The U.S. has a very large vehicle fleet; therefore, it sustains a consistent requirement for premium quality aftermarket steering and suspension parts. Increased research into new car technology will not only ensure smoother rides but also push for government regulation of vehicle safety, which is another reason supporting the market.

• Europe

Massive production hubs in Germany, France, and the UK are the primary drivers for the steering and suspension parts market. Major contributors to market growth are technological innovation within the region and strict regulations regarding vehicle safety and emissions. Change to electric vehicles is part of another key driver, as such vehicles require advanced steering and suspension systems to develop their performance and handling. High adoption of luxury and high-performance vehicles in Europe also drives up demand for premium-quality steering and suspension parts.

• Asia

Asia, mainly China, Japan, and India, is expected to have the market for steering and suspension parts increase at an excellent pace due to growth in the automobile industry with a corresponding rise in vehicle production. The Chinese market is considered the largest automotive market in the world and mostly acts as a driving force for OEM and aftermarket demand. High per-capita income, urbanization, and infrastructural development in the region are raising the vehicle ownership rate. Another emerging aspect is the fact that Asia is also going seriously interested in electric and hybrid vehicles, which further increases opportunities for innovation in their steering and suspension systems.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Innovations and expansions in global presence drive market growth through the leading players in steering and suspension parts. Many companies are focusing on research and development in the commercial production of improved steering and suspension systems for vehicles, offering better performance, safety, and comfort of the vehicle. Subsequently, they are focusing on developing electric and autonomous vehicle components that require high-tech control systems for precise handling.

Other than product innovation, major players are using strategic mergers, acquisitions, and partnerships in expanding their market reach. The entry into the latter new geographic regions is especially in those emerging markets in Asia and Latin America, thereby positioning them for the increasing OEM and aftermarket part demand. Improvement in their manufacturing capabilities and distribution networks really adds strength to their competitive positions in the global steering and suspension parts market.

List of Top Steering And Suspension Parts Companies

• ArvinMeritor (United States)
• Cardone Industries (United States)
• Dana Holding (United States)
• Delphi (United Kingdom)
• Denso (Japan)
• Tenneco (Federal-Mogul) (United States)
• Fenwick Automotive Products (Canada)
• JTEKT (Japan)
• SKD Automotive (Canada)
• SOGEFI (Italy)
• Tenneco (United States)
• TA Delaware (United States)

KEY INDUSTRY DEVELOPMENTS

April 2023: Tenneco has made a great stride in the steering and suspension components market with its new high-tech Monroe Intelligent Suspension that promises to improve the dynamics of the vehicle while it tries to increase ride comfort, particularly for electric and hybrid vehicles. The launch of this system marks the harbinger of innovation within the company and suits the changing needs of the automotive industry, which includes innovations such as electrification and autonomous driving technologies.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.