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Motor Vehicle Steering and Suspension Components Market Growth Potential: How Will Market Size Shift Through 2030?
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.
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Motor Vehicle Steering and Suspension Components Market Growth Backed By Core Demand Fundamentals
The growth of the automotive industry is expected to propel the growth of the motor vehicle steering system and suspension components market going forward. The automotive industry, also known as the automobile industry, refers to the sector of the economy that is involved in the design, development, manufacturing, marketing, and sales of motor vehicles. Motor vehicle steering and suspension components are essential elements in an automobile’s overall functionality and safety. These components play critical roles in ensuring vehicle stability, control, and comfort. For instance, in July 2023, according to an article published by Economic Times, an India-based e-magazine, significant technological progress in electric vehicles, autonomous driving, connectivity, the adoption of digital sales channels, the expansion of the pre-owned car market, and a strong emphasis on safety measures are reshaping the industry’s growth trajectory, thereby revolutionizing transportation in urban and rural areas alike. It is also estimated that, with the current progress, India in the electric vehicle market will provide a $ 206 billion potential by 2030. Therefore, the growth of the automotive industry is driving the growth of the soap and cleaning products market.
Motor Vehicle Steering and Suspension Components Market Segment Analysis And Revenue Potential
The motor vehicle steering and suspension components market covered in this report is segmented –
1) By Type: Steering Components, Suspension Components
2) By Application: Commercial Vehicle, Passenger Car
3) By End Use: OEM, Aftermarket
Subsegments:
1) By Steering Components: Steering Gearboxes, Steering Columns, Power Steering Pumps, Tie Rods, Steering Knuckles
2) By Suspension Components: Control Arms, Shock Absorbers, Ball Joints, Stabilizer Bars, Bushings
Motor Vehicle Steering and Suspension Components Market Growth Trends Reshaping The Competitive Landscape
Major companies operating in the motor vehicle steering and suspension components market are introducing innovative vehicle steering and suspension components Adaptive Air Suspension System and Active Rear Steering system to gain a competitive edge in the market. The Air Suspension System offers a softer, more isolated ride for greater ride quality, whereas The Active Rear Steering system offers up to 3.5 degrees of out-of-phase rear steering. For instance, in October 2023, General Motors, a US-based automobile manufacturing company launched Adaptive Air Suspension system and Active Rear Steering system for its Cadillac CELESTIQ model of its cars. The Adaptive Air Suspension System uses an air suspension system, rather than the coiled springs used in a traditional suspension system. The Active Rear Steering system in its CELESTIQ model provides a maximum of 3.5 degrees of rear steering that operates out-of-phase, meaning the rear wheels will turn in the opposite direction of the front wheels, enhancing maneuverability at low speeds. When traveling at higher speeds, the rear wheels will turn in-phase with the front wheels.
Motor Vehicle Steering and Suspension Components Market Key Players Shaping Industry Direction
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.
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Motor Vehicle Steering and Suspension Components Market Regional Split: Which Areas Are Fueling Growth?
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.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
