Motor Vehicle Steering and Suspension Components Global Market Report 2024

The motor vehicle steering and suspension components market size has grown strongly in recent years. It will grow from $98.44 billion in 2023 to $106.84 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%.

The growth observed in the historic period can be attributed to various factors, including the refinement of manufacturing processes, an increase in vehicle customization options, a market shift towards SUVs and trucks, innovations in steering mechanisms, and advancements in shock absorber technologies.


The motor vehicle steering and suspension components market size is expected to see strong growth in the next few years. It will grow to $147.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. Expected growth factors in the forecast period include aftermarket expansion, global market reach, environmental compliance, heightened demand for vehicle comfort, and the rise of adaptive and active suspension systems. Major trends include manufacturing process innovations, electric/autonomous vehicles, advanced materials integration, improved safety standards, and the prevalence of adaptive suspension systems.

The expansion of the motor vehicle steering and suspension components market (excluding springs) is positively influenced by the substandard quality of road infrastructure. These components play a crucial role in maintaining the stability of motor vehicles, especially on poorly maintained roads with potholes and uneven surfaces. The detrimental impact of rough road conditions leads to increased wear and tear on steering and suspension components, elevating the risk of accidents. In India, where approximately 30 percent of the population lacks access to well-maintained roads, the absence of standardized road maintenance practices contributes to an increased demand for motor vehicle steering and suspension components.

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.

The growth of the motor vehicle steering and suspension components market (excluding springs) faces constraints due to the increasing global popularity of electric vehicles. The surge in demand for electric vehicles necessitates specific adaptations from manufacturers of motor vehicle steering and suspension systems, leading to a reduced demand for traditional power steering systems and suspension parts. Manufacturers must adapt to create components tailored for the unique requirements of electric vehicles, including those used in autonomous models. The International Energy Agency (IEA) reported that over 10 million electric cars were expected to be on the world's roads in 2020, with battery-electric models driving this expansion. Government initiatives, such as those in Norway providing incentives for zero-emission cars, further contribute to the popularity of electric vehicles. However, the overall costs associated with adapting to this shifting demand pose restrictions on the growth of the motor vehicle steering and suspension components market (excluding springs).

The prevailing trend in the automotive industry involves the adoption of suspension systems featuring the innovative magnetic ride control (MRC or MagneRide) technology pioneered by General Motors (GM). This technology, utilizing magnetic dampers, enhances suspension system performance, delivering a seamless driving experience. The system employs a fluid infused with magnetized particles that serve as electronically-controlled shock absorbers. These absorbers respond dynamically to fluctuating driving conditions and speeds in real-time, allowing them to adapt to changing terrains. Paired with automobile sensors, these absorbers react to terrain variations every five milliseconds, providing a sophisticated and responsive suspension system.

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 are 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., DigiKey Corporation, Nexteer Automotive Group Ltd., Fox Factory Holding Corp., KYB Americas Corporation, Gotec Plus Sun LLC, Japan Precision Instruments Inc., YAMADA North America Inc., Asama Coldwater Manufacturing, Global Steering Systems LLC, Hutchinson Aerospace & Industry Inc., Raytech Corporation, Maval Industries LLC, San-Ei Seiko America Inc., Showa Corporation, Atsco Remanufacturing Inc., Breed Corporation.

Asia-Pacific was the largest region in the motor vehicle steering and suspension component market in 2023. 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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the motor vehicle steering and suspension components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, 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.