The Business Research Company’s Motor Vehicle Steering and Suspension Components (Except Spring) Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, October 5, 2021 /EINPresswire.com/ — The latest trend in the industry is the development of suspension system using the new magnetic ride control (MRC or MagneRide) technology developed by General Motors (GM). The magnetic damper technology improves the performance of the suspension system and provides a smooth driving experience. The technology uses a fluid infused with magnetized particles acting as electronically-controlled shock absorbers, which responds to changing driving conditions and speed in real-time making the shock absorbers adapt to the changing terrain. Such absorbers along with the automobile sensors responds to the terrain every five milliseconds.
The growth of the global motor vehicle steering and suspension components (except spring) market share is positively affected by the poor quality of roads. Steering and suspension components are used to maintain the stability of the motor vehicle through the rough roads. Rough roads with potholes and poor surface causes wear and tear of steering and suspension components in the long run thus increasing the risk of accidents. This constant wear and tear shorten their working life, and increases the rate at which they need to be replaced. According to the U.S National transportation research group (TRIP), 71% of roads in the San Francisco-Oakland area were in poor condition, costing drivers an average of $1,049 in vehicle operating costs each year. The lack of standards for maintenance of roads resulting in rough roads with pot holes, increases the demand for motor vehicle steering and suspension components.
The global motor vehicle steering and suspension components (except spring) market size is expected to grow from $144.08 billion in 2020 to $150.57 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $213.06 billion in 2025 at a CAGR of 9%.
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Major players covered in the motor vehicle steering global market 2021 are Bosch, Hyundai, Tennaco, Denso, Hella, JTEKT, Knorr-Bremse, Nexteer Automotive, Thyssenkrupp, ZF Friedrichshafen, Magna International Inc., Aisin Group, Continental Automotive Systems Corporation, Asama Coldwater Manufacturing, Global Steering Systems, Maval Industries, American Showa, Atsco Remanufacturing, KYB Americas Corporation, Raytech Powertrain, NSK Americas, San-Ei Seiko America, Hutchinson Aerospace & Industry, Yamada North America, Fox Factory, NSK Steering Systems America, Key Electronics of Nevada, Key Safety Restraint Systems, Reman Gotec Plus Sun,.
TBRC’s global motor vehicle steering and suspension components (except spring) market report is segmented by type into steering components, suspension components, by application into commercial vehicle, passenger car, by end use into OEM, aftermarket.
Motor Vehicle Steering And Suspension Components (Except Spring) Global Market Report 2021 – By Type (Steering Components, Suspension Components), By Application (Commercial Vehicle, Passenger Car), By End Use (OEM, Aftermarket), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides motor vehicle steering and suspension components (except spring) market overview, forecast motor vehicle steering and suspension components (except spring) market size and growth for the whole market, motor vehicle steering and suspension components (except spring) market segments, and geographies, motor vehicle steering and suspension components (except spring) market trends, motor vehicle steering and suspension components (except spring) market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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