Automobile Steering & Suspension Manufacturing in the US - Industry Market Research Report

Left turn: Improving trade conditions will limit import penetration and revitalize exports

Automobile steering and suspension manufacturers have endured difficult times in recent years as the whole automotive sector struggled during the height of the pandemic. Stay-at-home orders and the halting of the economy meant that consumers had little to spend and that their priorities had shifted away from transportation. Commodity prices spiked as pandemic-related restrictions were lifted, so even though demand was booming, input costs and the costs of owning a vehicle shot up, pressuring profit. Also, unfavorable trade conditions meant that exports were still rapidly falling while import penetration remained high, helping prevent recovery for steering and suspension manufacturers. Altogether, industry revenue has been falling at a CAGR of 5.6% to an expected $14.2 billion over the past five years, including an anticipated drop of 2.5% in 2023 alone. Industry operators mainly manufacture and rebuild motor vehicle steering and suspension systems and components. These consist of steering wheels, shock absorbers and struts. Spring manufacturing is not included in this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.