Summary – A new market study, “Motor Vehicle Steering And Suspension Components Global Market Report 2020 Markets Covered: 1) By Type: Steering components; Suspension components; 2) By Application: Commercial Vehicle; Passenger Car Companies Mentioned: Bosch; Hyundai; Tennaco; Denso; Hella”has been featured on WiseGuyReports.
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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 $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 $153.02 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 9.54% and reach $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.
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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 $52.6 million. Through the acquisition SAF Holland aims to increase its presence in the APAC (Asia-Pacific) region. York Transport Equipment is an Asia based manufacturer and distributor of trailer axles, assemble trailer suspension kits. It has a strong service and spare parts network in India and also has significant operations in other fast-growing Southeast Asian markets, such as Thailand, Indonesia and Vietnam besides Australia.
Major players in the market are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, and ZF Friedrichshafen.Motor Vehicle Steering and Suspension Components (except Spring) Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global motor vehicle steering and suspension components (except spring) market market.
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Description:
Where is the largest and fastest growing market for the motor vehicle steering and suspension components (except spring) market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Motor Vehicle Steering and Suspension Components (except Spring) Market market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider motor vehicle steering and suspension components (except spring) market market, and compares it with other markets.
• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market and forecasting the future. Drivers and restraints looks at the external factors supporting and controlling the growth of the market.
• Market segmentations break down market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers all the regions, key developed countries and major emerging markets. It draws comparisons with country populations and economies to understand the importance of the market by country and how this is changing.
• Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section highlights the likely future developments in the market and suggests approaches companies can take to exploit this.
• The motor vehicle steering and suspension components (except spring) market market section of the report gives context. It compares the motor vehicle steering and suspension components (except spring) market market with other segments of the motor vehicle steering and suspension components (except spring) market market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, motor vehicle steering and suspension components (except spring) market indicators comparison.
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Scope
Markets Covered: 1) By Type: Steering components; Suspension components; 2) By Application: Commercial Vehicle; Passenger Car
Companies Mentioned: Bosch; Hyundai; Tennaco; Denso; Hella
Countries: Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, per capita expenditure.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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