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, June 08, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06072074/?utm_source=GNW
The global motor vehicle steering and suspension components (except spring) market is expected to grow from $144.08 billion in 2020 to $150.57 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $213.06 billion in 2025 at a CAGR of 9%.
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 consists of group of parts including 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 of 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 growth of 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 increases 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 pot holes, increases the demand for motor vehicle steering and suspension components.
The growth for the motor vehicle steering and suspension components (except spring) market is restricted by the growing popularity of the 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 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 motor vehicle steering and suspension components (except spring) manufacturing covered in this report can be segmented by type into steering components and suspension components by application into commercial vehicle and passenger car.
The latest trend in the industry is the development of suspension system 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 responds 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 responds 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 will launch 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, 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, a USA based company that designs and manufactures automotive products.
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