Automotive Idler Arm Market Forecasts to 2030 - Global Analysis By Vehicle Type, Idler Arm Type, Mounting Type, Material, Application, End User and By Geography

According to Stratistics MRC, the Global Automotive Idler Arm Market is accounted for $3.68 billion in 2023 and is expected to reach $4.85 billion by 2030 growing at a CAGR of 6.1% during the forecast period. An automotive idler arm is a crucial component in a vehicle's steering system, connecting the center link to the vehicle's frame. Its primary function is to maintain proper alignment by supporting and controlling the movement of the steering linkage. The idler arm ensures smooth steering response and stability, minimizing play in the steering system.

According to the data given by OEC, the global revenue generated by an automobile manufacturer is more than US$ 125 billion in 2021 and the market of automotive idler arm covers 8-10% of the automobile industry as their revenue and is expected to have the growth of this market by 10-15% approximately as per the forecasted period.

Market Dynamics:

Driver:

Growing automotive aftermarket

With a growing demand for replacement and upgrade components, the aftermarket segment for idler arms experiences a significant boost. Consumers seeking enhanced performance and customization options contribute to the market's growth, fostering innovation and competition among aftermarket suppliers. This trend reflects a dynamic shift in consumer preferences, promoting a thriving automotive idler arm market driven by the ever-expanding automotive aftermarket.

Restraint:

Fluctuating raw material prices

The automotive idler arm, a crucial component in vehicle steering systems, faces fluctuating raw material prices primarily due to market dynamics, geopolitical events, and supply chain disruptions. These fluctuations lead to increased production costs, impacting profit margins for manufacturers. Consequently, the market experiences pricing uncertainties, making it challenging for both manufacturers and consumers to plan and invest effectively. This uncertainty hinders the market growth.

Opportunity:

Rise in global automotive production

Increased manufacturing of vehicles worldwide directly correlates with a higher demand for steering components, including idler arms. As automotive production expands to meet growing global demand, the need for reliable steering systems, such as those incorporating idler arms, intensifies. This surge in demand contributes to the market's growth, providing opportunities for manufacturers and suppliers to cater to the increasing requirements of the automotive industry and capitalize on the expanding market for steering components.

Threat:

High replacement costs

The automotive idler arm incurs high replacement costs due to its critical role in steering systems and complex manufacturing processes. Precision engineering and durable materials contribute to its reliability, but also elevate production expenses. The high replacement costs may deter consumers from regular maintenance or replacements, impacting overall vehicle performance. Ultimately, the elevated replacement costs may hinder market growth by discouraging timely maintenance practices.

Covid-19 Impact

The covid-19 pandemic has adversely affected the market. Disruptions in global supply chains, factory closures, and reduced consumer spending led to a decline in automotive production. The market faced challenges with material shortages, logistical constraints, and a decrease in demand for new vehicles. Moreover, economic uncertainties hindered investments and delayed development projects. As the industry gradually recovers, it continues to grapple with the aftermath of the pandemic, emphasizing the importance of resilience and adaptability for stakeholders in the automotive idler arm market.

The adjustable idler arm segment is expected to be the largest during the forecast period

The adjustable idler arm segment is estimated to have a lucrative growth. An Adjustable Idler Arm is a pivotal component in vehicle steering systems, allowing for fine-tuning and alignment adjustments. This adaptive feature enables mechanics and vehicle owners to customize the steering geometry, optimizing handling and tire wear. The adjustability accommodates changes in suspension and aligns the steering system precisely. This component plays a crucial role in enhancing overall vehicle performance and safety.

The suspension system segment is expected to have the highest CAGR during the forecast period

The suspension system segment is anticipated to witness the highest CAGR growth during the forecast period. The suspension system in an automotive idler arm is a critical component that contributes to vehicle stability and handling. It connects the steering linkage to the chassis, allowing controlled movement of the front wheels. The idler arm, part of the suspension system, helps maintain proper alignment and absorbs road shocks. This system plays a pivotal role in ensuring smooth and stable driving conditions. Its enhanced durability and performance of the suspension system propels the segment growth.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding automotive industry and rising vehicle production. Countries like China and India, with their thriving automotive sectors, contribute significantly to the market's expansion. Additionally, a burgeoning middle class and urbanization further boost vehicle ownership, amplifying the demand for automotive steering components, thereby creating a favourable market landscape for Automotive Idler Arms in the Asia-Pacific region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, due to a robust automotive industry. The region's high vehicle ownership rates and a strong emphasis on technological advancements drive the demand for efficient steering systems, including idler arms. Stringent safety regulations further boost the market, compelling manufacturers to produce reliable and compliant components. The presence of key automotive players and a well-established aftermarket contribute to the market's growth.

Key players in the market

Some of the key players profiled in the Automotive Idler Arm Market include Sankei Industries Limited, Dorman Products, GMB Corporation, Highlink Auto Parts Limited, DRiV Incorporated, Rare Parts Inc., Datta Industries, Emerson Forge Private Limited, Hitachi Astemo Limited, Karlyn Industries, SKF Group and Federal-Mogul Motorparts.

Key Developments:

In October 2021, Hitachi Astemo, Ltd. launched a prototype for an advanced steer-by-wire steering system. This cutting-edge technology allows for the removal of traditional steering wheels, creating more cabin space. Such innovations are instrumental for future-generation vehicles and self-driving cars.

In March 2021, SKF India's Automotive Aftermarket division announced the launch of three new products created to address the changing demands of customers across sectors in India, the new products including Chain and Sprockets for 2-Wheeler, Timing Belts and Steering and suspension systems for 4-wheelers. This range of new innovative products is of high quality, superior strength and delivers long life.

Vehicle Types Covered:

• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Other Vehicle Types

Idler Arm Types Covered:

• Standard Idler Arm
• Manual Steering Idler Arm
• Adjustable Idler Arm
• Rack & Pinion Idler Arm
• Other Idler Arm Types

Mounting Types Covered:

• Frame-Mounted Idler Arm
• Chassis-Mounted Idler Arm
• Crossmember-Mounted Idler Arm
• Suspension Arm-Mounted Idler Arm
• Multi-Point Mounting Idler Arm
• Other Mounting Types

Materials Covered:

• Steel
• Aluminum
• Plastic
• Composite Materials
• Other Materials

Applications Covered:

• Steering System
• Suspension System

End Users Covered:

• Original Equipment Manufacturers (OEMs)
• Automotive Service Centers & Garages
• Automotive Parts Retailers
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances