Steering And Suspension Parts Market was valued at USD 45 Billion in 2022 and is projected to reach USD 65 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The global steering and suspension parts market was valued at approximately $50 billion in 2022, with an expected compound annual growth rate (CAGR) of around 4.5% from 2023 to 2030. This growth is driven by increasing vehicle production, rising demand for enhanced vehicle safety and comfort, and the growing trend of vehicle electrification. The market is anticipated to reach about $75 billion by 2030, reflecting robust growth across various segments including automotive, commercial vehicles, and aftermarket services.
Opportunity analysis reveals significant potential in emerging markets, particularly in Asia-Pacific and Latin America, where rapid urbanization and expanding automotive industries contribute to increased demand for steering and suspension components. Furthermore, advancements in technology and materials, such as lightweight alloys and smart suspension systems, present additional growth opportunities. The shift towards electric and autonomous vehicles is also expected to drive innovation and expansion in this sector, offering lucrative prospects for market players.
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Arvinmeritor
Cardone Industries
Dana Holding
Delphi
Denso
Federal-Mogul
Fenwick Automotive Products
JTEKT
SKD Automotive
SOGEFI
Tenneco
TA Delaware
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Steering And Suspension Parts Market
Passenger Car
Commercial Vehicle
Based on Types the Market is categorized into Below types that held the largest Steering And Suspension Parts market share In 2023.
Non-Independent Suspension
Composite Rear Suspension
Independent Suspension
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Steering And Suspension Parts Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Steering And Suspension Parts Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Steering And Suspension Parts Market, By Type
6. Global Steering And Suspension Parts Market, By Application
7. Global Steering And Suspension Parts Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Steering And Suspension Parts Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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