Motor Vehicle Steering And Suspension Components Global Market Report 2020
March 2020
200
About the Report
About the Report
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) in 2017, 71% of roads in the San Francisco-Oakland area were in poor condition, costing drivers an average of USD 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 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 global motor vehicle steering and suspension components market was worth USD 153.02 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.54% and reach USD 220.33 billion by 2023.
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 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), in 2018, 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 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 2018, SAF Holland, a German base provider of solutions for global commercial vehicle industry, acquired York Transport Equipment (Asia) for an amount of USD 52.6 million. Through the acquisition SAF Holland aims to increase its presence in the APAC (Asia-Pacific) region. York Transport Equipment is an Asia based manufacturer and distributor of trailer axles, assemble trailer suspension kits. It has a strong service and spare parts network in India and also has significant operations in other fast-growing Southeast Asian markets, such as Thailand, Indonesia and Vietnam besides Australia.
Major players in the market are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.
Products
Products
1) By Type: Steering components; Suspension components; 2) By Application: Commercial Vehicle; Passenger Car
Companies
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
Table of Contents
Table of Contents
1. Executive Summary
2. Motor Vehicle Steering and Suspension Components Market Characteristics
3. Motor Vehicle Steering and Suspension Components Market Size And Growth
3.1. Global Motor Vehicle Steering and Suspension Components Historic Market, 2015-2019, USD Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Motor Vehicle Steering and Suspension Components Forecast Market, 2019-2023F, 2025F, 2030F, USD Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Motor Vehicle Steering and Suspension Components Market Segmentation
4.1. Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Steering components
Suspension components
4.2. Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Commercial Vehicle
Passenger Car
5. Motor Vehicle Steering and Suspension Components Market Regional And Country Analysis
5.1. Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
5.2. Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
6. Asia-Pacific Motor Vehicle Steering and Suspension Components Market
6.1. Asia-Pacific Motor Vehicle Steering and Suspension Components Market Overview
6.2. Asia-Pacific Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
7. China Motor Vehicle Steering and Suspension Components Market
7.1. China Motor Vehicle Steering and Suspension Components Market Overview
7.2. China Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F,USD Billion
8. India Motor Vehicle Steering and Suspension Components Market
8.1. India Motor Vehicle Steering and Suspension Components Market Overview
8.2. India Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
9. Japan Motor Vehicle Steering and Suspension Components Market
9.1. Japan Motor Vehicle Steering and Suspension Components Market Overview
9.2. Japan Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
10. Australia Motor Vehicle Steering and Suspension Components Market
10.1. Australia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
11. Indonesia Motor Vehicle Steering and Suspension Components Market
11.1. Indonesia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
12. South Korea Motor Vehicle Steering and Suspension Components Market
12.1. South Korea Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
13. Western Europe Motor Vehicle Steering and Suspension Components Market
13.1. Western Europe Motor Vehicle Steering and Suspension Components Market Overview
13.2. Western Europe Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
14. UK Motor Vehicle Steering and Suspension Components Market
14.1. UK Motor Vehicle Steering and Suspension Components Market Overview
14.2. UK Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
15. Germany Motor Vehicle Steering and Suspension Components Market
15.1. Germany Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
16. France Motor Vehicle Steering and Suspension Components Market
16.3. France Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
17. Eastern Europe Motor Vehicle Steering and Suspension Components Market
17.1. Eastern Europe Motor Vehicle Steering and Suspension Components Market Overview
17.2. Eastern Europe Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
18. Russia Motor Vehicle Steering and Suspension Components Market
18.1. Russia Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
19. North America Motor Vehicle Steering and Suspension Components Market
19.1. North America Motor Vehicle Steering and Suspension Components Market Overview
19.2. North America Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
20. USA Motor Vehicle Steering and Suspension Components Market
20.1. USA Motor Vehicle Steering and Suspension Components Market Overview
20.2. USA Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
21. South America Motor Vehicle Steering and Suspension Components Market
21.1. South America Motor Vehicle Steering and Suspension Components Market Overview
21.2. South America Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
22. Brazil Motor Vehicle Steering and Suspension Components Market
22.1. Brazil Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
23. Middle East Motor Vehicle Steering and Suspension Components Market
23.1. Middle East Motor Vehicle Steering and Suspension Components Market Overview
23.2. Middle East Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
24. Africa Motor Vehicle Steering and Suspension Components Market
24.1. Africa Motor Vehicle Steering and Suspension Components Market Overview
24.2. Africa Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
25. Motor Vehicle Steering and Suspension Components Market Competitive Landscape And Company Profiles
25.1. Motor Vehicle Steering and Suspension Components Market Competitive Landscape
25.2. Motor Vehicle Steering and Suspension Components Market Company Profiles
25.2.1. Bosch
25.2.1.1. Overview
25.2.1.2. Products and Services
25.2.1.3. Strategy
25.2.1.4. Financial Performance
25.2.2. Hyundai
25.2.2.1. Overview
25.2.2.2. Products and Services
25.2.2.3. Strategy
25.2.2.4. Financial Performance
25.2.3. Tennaco
25.2.3.1. Overview
25.2.3.2. Products and Services
25.2.3.3. Strategy
25.2.3.4. Financial Performance
25.2.4. Denso
25.2.4.1. Overview
25.2.4.2. Products and Services
25.2.4.3. Strategy
25.2.4.4. Financial Performance
25.2.5. Hella
25.2.5.1. Overview
25.2.5.2. Products and Services
25.2.5.3. Strategy
25.2.5.4. Financial Performance
26. Key Mergers And Acquisitions In The Motor Vehicle Steering and Suspension Components Market
27. Motor Vehicle Steering and Suspension Components Market Trends And Strategies
28. Motor Vehicle Steering and Suspension Components Market Future Outlook and Potential Analysis
29. Appendix
29.1. Abbreviations
29.2. Currencies
29.3. Research Inquiries
29.4. The Business Research Company
29.5. Copyright And Disclaimer
List of Figure
Figure 1: Global Historic Market Growth, 2015-2019, USD Billion
Figure 2: Global Forecast Market Growth, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 3: Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 4: Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 5: Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 6: Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 7: Asia-Pacific, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 8: China, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 9: India, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 10: Japan, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 11: Australia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 12: Indonesia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 13: South Korea, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 14: Western Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 15: UK, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 16: Germany, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 17: France, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 18: Eastern Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 19: Russia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 20: North America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 21: USA, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 22: South America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 23: Brazil, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 24: Middle East, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 25: Africa, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Figure 26: Bosch Financial Performance
Figure 27: Hyundai Financial Performance
Figure 28: Tennaco Financial Performance
Figure 29: Denso Financial Performance
Figure 30: Hella Financial Performance
List of Table
Table 1: Global Historic Market Growth, 2015-2019, USD Billion
Table 2: Global Forecast Market Growth, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 3: Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 4: Global Motor Vehicle Steering and Suspension Components Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 5: Global Motor Vehicle Steering and Suspension Components Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 6: Global Motor Vehicle Steering and Suspension Components Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 7: Asia-Pacific, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 8: China, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 9: India, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 10: Japan, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 11: Australia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 12: Indonesia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 13: South Korea, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 14: Western Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 15: UK, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 16: Germany, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 17: France, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 18: Eastern Europe, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 19: Russia, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 20: North America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 21: USA, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 22: South America, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 23: Brazil, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 24: Middle East, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 25: Africa, Motor Vehicle Steering and Suspension Components Market, Segmentation By Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, USD Billion
Table 26: Bosch Financial Performance
Table 27: Hyundai Financial Performance
Table 28: Tennaco Financial Performance
Table 29: Denso Financial Performance
Table 30: Hella Financial Performance
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