PUBLISHER: The Business Research Company | PRODUCT CODE: 2000048
PUBLISHER: The Business Research Company | PRODUCT CODE: 2000048
The motor vehicle steering system, comprising various parts and linkages, facilitates the driver in directing the vehicle. Meanwhile, the suspension system aids in maintaining control while minimizing passenger discomfort due to road-induced vibrations.
Primary types in motor vehicle steering and suspension components encompass steering and suspension components. Steering components involve a system of linkages enabling the vehicle to follow its intended course. These components find applications in both commercial vehicles and passenger cars, catering to Original Equipment Manufacturers (OEMs) and the aftermarket.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs have affected the motor vehicle steering and suspension components market by increasing costs of imported metal parts, sensors, and electronic modules. Passenger car and commercial vehicle segments are both impacted due to high component usage. Asia Pacific and Europe face cost pressure from global sourcing. However, tariffs are promoting regional production and localized component manufacturing.
The motor vehicle steering and suspension components market research report is one of a series of new reports from The Business Research Company that provides motor vehicle steering and suspension components market statistics, including motor vehicle steering and suspension components industry global market size, regional shares, competitors with a motor vehicle steering and suspension components market share, detailed motor vehicle steering and suspension components market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle steering and suspension components industry. This motor vehicle steering and suspension components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The motor vehicle steering and suspension components market size has grown strongly in recent years. It will grow from $106.82 billion in 2025 to $114.27 billion in 2026 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to vehicle safety requirements, growth of passenger vehicles, suspension durability needs, handling performance demand, aftermarket repair cycles.
The motor vehicle steering and suspension components market size is expected to see strong growth in the next few years. It will grow to $155.41 billion in 2030 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to electric vehicle architecture changes, autonomous driving requirements, comfort optimization demand, advanced materials adoption, commercial vehicle growth. Major trends in the forecast period include increasing adoption of electric power steering, growing demand for advanced suspension systems, integration of lightweight steering components, rising focus on ride comfort and handling, expansion of aftermarket suspension upgrades.
Anticipated growth in the automotive industry is set to drive the expansion of the motor vehicle steering system and suspension components market. The automotive industry, encompassing the design, development, manufacturing, marketing, and sales of motor vehicles, relies heavily on essential components such as steering and suspension systems for optimal vehicle functionality and safety. Recent technological advancements, such as those in electric vehicles, autonomous driving, and digital sales channels, are reshaping the industry's landscape. A July 2023 article from Economic Times highlights significant progress in these areas, emphasizing safety measures and projecting the electric vehicle market in India to reach a potential worth of $206 billion by 2030. Consequently, the growth of the automotive industry is instrumental in propelling the motor vehicle steering and suspension components market forward.
Major players in the motor vehicle steering and suspension components market are strategically introducing groundbreaking steering and suspension components, such as the Adaptive Air Suspension System and Active Rear Steering system, to establish a competitive advantage. The Adaptive Air Suspension System, featured in the Cadillac CELESTIQ model by General Motors, replaces traditional coiled springs with an air suspension system, delivering a softer and more isolated ride, thereby enhancing overall ride quality. Simultaneously, the Active Rear Steering system in the CELESTIQ model offers a maximum of 3.5 degrees of out-of-phase rear steering. This means that the rear wheels turn in the opposite direction of the front wheels at low speeds, improving maneuverability. At higher speeds, the rear wheels align in-phase with the front wheels, contributing to stability and control. The launch of these advanced systems in October 2023 demonstrates General Motors' commitment to innovation and staying at the forefront of technological advancements in the motor vehicle steering and suspension components market.
In April 2023, Lear Corporation, a prominent US-based global automotive technology leader specializing in Seating and E-Systems, successfully completed the acquisition of I.G. Bauerhin (IGB) for an undisclosed sum. This strategic move is designed to augment Lear Corporation's portfolio of in-vehicle comfort technologies, which encompasses vehicle steering and suspension components, as well as other essential elements across various vehicle types. I.G. Bauerhin (IGB), a Poland-based manufacturer and supplier, contributes expertise in components and materials for vehicle interiors, including steering wheel heaters and sensors, seat heaters, electronic modules, and various other components.
Major companies operating in the motor vehicle steering and suspension components market report include Hyundai Motor Company, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental Automotive Systems Corporation, Thyssen Krupp AG, Magna International Inc., Aisin Group, Tenneco Inc., BENTELER International AG, Knorr-Bremse AG, Nsk Steering Systems America Inc., Hella KGaA Hueck & Co., Nexteer Automotive Group Ltd., Fox Factory Holding Corp., KYB Americas Corporation, YAMADA North America Inc., Asama Coldwater Manufacturing, Global Steering Systems LLC, Maval Industries LLC, San-Ei Seiko America Inc., Showa Corporation, Atsco Remanufacturing Inc.
Asia-Pacific was the largest region in the motor vehicle steering and suspension component market in 2025. Western Europe was the second largest market in global motor vehicle steering and suspension component market share. The regions covered in the motor vehicle steering and suspension components market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the motor vehicle steering and suspension components market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The motor vehicle steering, and suspension components market consist of sales of steering systems, wheels and tires, springs, shock absorbers and struts, linkages, bushings, bearings, and joints. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Motor Vehicle Steering and Suspension Components Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses motor vehicle steering and suspension components market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for motor vehicle steering and suspension components ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The motor vehicle steering and suspension components 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, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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