Automotive Idler Arm Global Market Report 2024

The automotive idler arm market size has grown steadily in recent years. It will grow from $4.59 billion in 2023 to $4.8 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth observed during the historic period can be attributed to various factors, including increased automotive production, the implementation of stringent safety standards, growth in commercial vehicle fleets, and consumer preferences for enhanced comfort in vehicles.

The automotive idler arm market size is expected to see steady growth in the next few years. It will grow to $5.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be attributed to several factors, including a heightened focus on lightweight materials, increased adoption of electric and hybrid vehicles, global regulatory initiatives promoting automotive advancements, ongoing developments in autonomous vehicles, and the trends associated with urbanization and last-mile delivery services. Major trends expected in the forecast period include the adoption of smart technologies, customization tailored for autonomous vehicles, integration with advanced suspension systems, strategic partnerships in automotive manufacturing, and continuous technological innovations in automotive design.

The anticipated surge in demand for both lightweight and heavy vehicles is set to be a significant driver propelling the growth of the automotive idler arm market in the foreseeable future. These vehicular categories encompass a wide spectrum of motorized transportation modes, categorizing vehicles based on their intended applications, size, and load-bearing capacities. Automotive idler arms, integral components in both lightweight and heavy vehicles, play a pivotal role in maintaining steering alignment and stability. They are critical in ensuring optimum handling, ride comfort, and robust steering components to endure the complexities of vehicle operations. Notably, data from the Federal Reserve Bank of St. Louis in July 2023 showcased a substantial increase in lightweight vehicle sales, escalating from 12.57 million units in May 2022 to 15.73 million units in July 2023. Additionally, according to Statistics Canada in March 2022, heavy truck sales surged by 7.7% from 1,266,625 units in 2020 to 1,364,320 units in 2021. Thus, the escalating demand for both lightweight and heavy vehicles emerges as a driving force behind the automotive idler arm market.

The amplified focus on ride safety stands as another pivotal factor propelling the growth trajectory of the automotive idler arm market moving forward. This emphasis underscores the increasing significance placed on ensuring a safe and smooth driving experience for vehicle occupants, driving innovation in automotive technologies and components, including those within the automotive idler arm market. Idler arms play a crucial role in preserving alignment, stability, and vehicle control, directly contributing to a safer and more comfortable driving environment. For instance, findings from a survey conducted by PAVE and AEye Inc. in November 2022 highlighted that over 40% of adult respondents identified improving road safety as the most critical transportation issue, while nearly 58% prioritized enhancing pedestrian safety. Moreover, 78% of respondents acknowledged the pivotal role of technology in addressing driving safety concerns. Thus, the mounting focus on ride safety emerges as a driving force behind the growth of the automotive idler arm market.

The scarcity or unavailability of raw materials presents a notable challenge that might impede the growth of the automotive idler arm market during the forecast period. This scarcity pertains to the inadequate supply or absence of essential materials necessary for the production or manufacturing of automotive idler arms, consequently impacting the manufacturing process. Materials such as steel, aluminum alloys, and forgings are commonly used in the fabrication of automotive idler arms. For instance, data from the American Iron and Steel Institute (AISI) in June 2023 revealed a 6.2% decrease in U.S. raw steel production, amounting to 94.7 million net tons in 2022 compared to the previous year. This scarcity in raw materials significantly hampers the growth potential of the automotive idler arm market.

The surging demand for classic cars is anticipated to be a significant driver fueling the growth trajectory of the automotive idler arm market moving forward. Classic cars, renowned for their historical, cultural significance, rarity, or desirability, often require maintenance due to aging and corrosion issues. The idler arm in classic cars tends to tightly fit onto the shaft, leading to potential steering issues, necessitating idler arm replacements. Notably, findings from Classic.com Inc. in October 2022 highlighted a considerable increase in classic car auction listings in the US, rising by 39.9% from 18,507 in 2021 to 25,892 in 2022. Furthermore, the dollar volume generated from these auctions surged by 31.4% from $960.9 million in 2021 to $1.3 billion in 2022. Thus, the escalating demand for classic cars emerges as a driving force propelling the automotive idler arm market.

In November 2022, Apollo Global Management Inc., a prominent US-based private equity firm, successfully completed the acquisition of Tenneco Inc., although the specific financial details of the transaction remain undisclosed. This strategic move by Apollo is anticipated to foster accelerated growth opportunities, aiming to introduce innovative customer-centric solutions while enhancing Tenneco's operational efficiency and overall growth trajectory. Tenneco Inc., a US-based company specializing in manufacturing automotive components and aftermarket ride control solutions, notably includes products such as idler arms and emissions solutions within its portfolio. This acquisition aligns with Apollo's strategic objectives of driving innovation and bolstering Tenneco's position within the automotive industry.

Major companies operating in the automotive idler arm market report are Denso Corporation, Continental AG, Lear Corporation, Tenneco Inc., BorgWarner Inc., Federal-Mogul Motorparts LLC, Dorman Products Inc., GMB Corporation Japan, Auto Parts International Inc., Skyward Automotive, Mevotech LP, Sankei Industries Co. Ltd., ZF LEMFORDER Corp., Detroit Axle, Emerson Forge Pvt. Ltd., Ferdinand Bilstein GmbH + Co.KG, Changzhou JLD Auto Parts Co. Ltd., Rare Parts Inc., ACDelco, Ningbo Motor Industrial Co. Ltd., Guangzhou Lingyue Auto Parts Co. Ltd., TRQ Auto Parts, High Link Auto Parts Co. Ltd., Datta Industries Pvt. Ltd., Chase Steering Parts Co., Taizhou Dongna Mechanical & Electrical Co Ltd.

North America was the largest region in the automotive idler arm market in 2023. The regions covered in the automotive idler arm market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the automotive idler arm market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The automotive idler arm market consists of sales of floating idler arms, arm type and bracket type. 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 main types of automotive idler arms include those made of alloy steel, iron, carbon steel, stainless steel, and aluminum. Alloy steel is a type of steel that incorporates alloying elements beyond carbon to enhance its overall quality. Idler arms come in various product types, including standard, adjustable, and performance-oriented variants, suitable for conventional, electric, and hybrid vehicles. These idler arms are distributed through sales channels such as original equipment manufacturers (OEM) and the aftermarket, catering to passenger vehicles, light commercial vehicles, and heavy commercial vehicles.

The automotive idler arm market research report is one of a series of new reports that provides automotive idler arm market statistics, including automotive idler arm industry global market size, regional shares, competitors with an automotive idler arm market share, detailed automotive idler arm market segments, market trends and opportunities, and any further data you may need to thrive in the automotive idler arm industry. This automotive idler arm 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 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.


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