The motor vehicle steering and suspension components market effectively consists of sales of motor vehicle steering and suspension components (except spring) and connected services which are utilized for keeping the wheels of the motor vehicle firmly unbroken with the ground. Additionally, the Motor vehicle steering components consists of group of parts involving steering wheel, steering column and shaft, tie rods, steering arms optimized to transmit the movement of the steering wheel to the wheels allowing the right and left movement of the wheel. The suspension components include of tires, the air in the tires, shock absorbers, struts, arms, bars, linkages, bushings, and joints optimized to link the vehicle to its wheels to enable relative motion among the two. The suspension components of a motor vehicle deliver the supports to the vehicle, absorb bumps and several other shocks and enable the vehicle to turn in response to steering involvement from the drive.
According to the report analysis, ‘Motor Vehicle Steering And Suspension Components Global Market Report 2020’ states that in the motor vehicle steering and suspension components global market there are several corporate which presently functioning more effectively for leading the highest market growth and registering the handsome value of market share around the globe more effectively while spreading the awareness related to the applications of such, decreasing the weak points of concerned, delivering the better consumer satisfaction, implementing the profitable strategies, analyzing and studying the strategies of competitors and government, employing the young work force, enhancing the specifications of the production technologies and decreasing the linked prices includes Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, ThyssenKrupp, and ZF Friedrichshafen.
The modern trend in the industry is the enhancement of suspension system utilizing the new magnetic ride control (MRC or MagneRide) technology advanced by General Motors (GM). The magnetic damper technology enhances the performance of the suspension system and delivers a smooth driving observation. The technology utilizes a fluid infused with magnetized particles functioning as electronically-controlled shock absorbers, which rejoins to changing driving situations and speed in real-time making the shock absorbers acclimatize to the changing terrain. Such absorbers along with automobile sensors retort to the terrain every five milliseconds. Following the trend begun by General Motors, Beijing West Industries (BWI) Group established a new plant in Greenfield, Indiana, during 2019, from which the corporate will launch the fourth generation of Magne Ride suspension technology. The China based, Beijing West Industries (BWI) Group is a merchant of brake and suspension systems.
Although, the worldwide motor vehicle steering and suspension components market was worth USD 153.02 billion during 2019. It is projected to increase at a compound annual growth rate (CAGR) of 9.54% and reach USD 220.33 billion by 2023.
Whereas, the growth of motor vehicle steering and suspension components market (except spring) is absolutely affected by the poor eminence of roads. The steering and suspension components are effectively utilized to maintain the stability of the motor vehicle through the irregular roads. Rough roads with potholes and unfortunate surface cause wear and tear of steering and suspension components in the long run thus augment the perils of accidents. This continuous wear and tear shortens their functioning life, and augments the rate at which they demand to be substituted. According to the U.S National transportation research group (TRIP) during 2017, 71% of roads in the San Francisco-Oakland location were in poor condition, costing drivers an average of USD 1,049 in vehicle functioning costs each year. The shortage of standards for maintenance of roads resulting in rough roads with the pot holes, increment the requirement for motor vehicle steering and interruption components. Therefore, in the near years, it is predicted that the market of motor vehicle steering and suspension components will increase around the globe more effectively over the coming years.
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Ankur Gupta, Head Marketing & Communications