Automobile Steering and Suspension Market

Industry Overview

The Global Automobile Steering and Suspension Market size was valued at USD 65 billion in 2023. It is likely to grow up to USD 139 billion by 2030 at a CAGR of 9.5% during the forecast period ranging between 2025 and 2030.

The major growth trend of the market is the expansion of electric and autonomous vehicles on the road. Precise steering and suspension are essential for electric and autonomous vehicles. The growing number of these vehicles has increased the demand for new technologies and components in the market. Automobile suspension and steering system controls the direction of the vehicle, while the suspension system reduces shocks and supports the weight. However, both systems together make the vehicle balanced and safe. These systems include modern technologies like power steering and electronic control and adaptive suspension technology that adjusts itself according to road conditions. The technology helps in improving stability and control in cornering and makes the ride comfortable and shock-free. It also reduces tire wear and improves mileage. This system is essential in cars, trucks, buses and off-road vehicles and plays a very important role in the design and performance of modern vehicles.

Global Automobile Steering and Suspension Market Report Coverage

Global Automobile Steering and Suspension Industry Dynamics     

Global Automobile Steering and Suspension Market Trends/Growth Drivers:

Increasing Demand for Advanced Safety and Comfort Features

The desire for better control and precise steering in the vehicle is constantly increasing. Technologies such as adaptive suspension and electronic power steering are becoming popular. Also, the safety regulations are becoming stricter to reduce accidents on the roads. in addition, the growing use of luxury and electric vehicles has increased the need for advanced systems and customers want a smooth and comfortable driving experience.

Furthermore, investments have increased to improve vehicle stability and handling. Other trends and growth drivers include development of active suspension and AI-based predictive maintenance technologies, use of lightweight and strong materials that allow for improved performance, increased demand for vehicle stability due to urbanization and infrastructure development, rising awareness towards fuel efficiency and less pollution, rapid growth of demand for vehicles and spare parts in emerging markets, and the expansion of aftermarket replacement parts.

Global Automobile Steering and Suspension Market Challenges

Rising Raw Material Prices and Supply Chain Disruptions

The prices of raw materials such as steel, aluminum and other metals used in the manufacturing of automobile steering and suspension systems are constantly increasing. Along with this, uncertainties and logistical problems in the global supply chain are the main reason for increasing production costs. Irregular availability of raw materials leads to delays in production and impacts on-time delivery. This problem is more severe for small and medium manufacturers, reducing their competitiveness. In addition, strict adherence to environmental regulations also complicates the production process.

Global Automobile Steering and Suspension Market Opportunities

Rapid Growth of Electric and Smart Vehicles

The growing demand for electric vehicles (EVs) and smart cars is creating huge opportunities for automobile steering and suspension systems. The use of lightweight and advanced materials is making these systems more efficient and durable. Integration with advanced driver assistance systems (ADAS) is driving demand for new products. Environmental regulations are providing an opportunity to develop systems with better energy efficiency. Growing industrial activity and urbanization in new markets are also stimulating demand. Technological innovations and R&D investments are leading to better performing products.

Recent developments by the Key Players

Nexteer Automotive has launched a new electro-mechanical brake-by-wire system for OEMs that replaces the hydraulic components of traditional vehicle braking systems

DENSO has partnered with T-Hub (India) to bring DENSO’s expertise into Telangana’s vibrant startup ecosystem, aligning with DENSO’s vision to lead in innovative, advanced automotive solutions.

Global Automobile Steering and Suspension Market Segmentation

VynZ Research provides an analysis of the key trends in each segment of the Global Automobile Steering and Suspension Market report, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on type, vehicle type, technology and end user.

Insight by Type

Growing importance of power steering due to improved Electric Power Steering (EPS) technology

The global automobile steering and suspension market is primarily segmented into Power Steering and Manual Steering by type. In power steering, Electric Power Steering (EPS) technology is growing rapidly. EPS makes driving easier, less strenuous and fuel-efficient. Manual Steering is still useful in some low-cost vehicle segments. Advanced options such as MacPherson Strut, Multi-link are popular in Suspension. Demand for better control and safety is driving this segment.

Insight by Vehicle Type

Passenger car dominates due to growing demand

By vehicle type, the global automobile steering and suspension market is segmented into Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV). In the passenger car segment, there is a growing demand for advanced steering and suspension systems. This segment is the mainstay of the market's stability and growth. In commercial vehicles, there is a growing need for robust and durable systems. Demand for high performance and safety is increasing in both LCV and HCV. The focus is on comfort and safety in passenger and commercial vehicles.

Insight by Technology

Rapid Growth of Electric Power Steering (EPS) due to low energy consumption, better control and fuel savings

The global automobile steering and suspension market is divided into Hydraulic, Electric Power Steering (EPS), and Mechanical Steering according to technology. EPS is growing rapidly due to low energy consumption, better control and fuel savings. Hydraulic steering is still useful in conventional vehicles but is slowly declining. Mechanical steering is mainly found in older and cheaper vehicles. New technologies will further increase the popularity of EPS.Technological improvements are making the market more competitive.

Insight by End User

OEM rules due to quality requirements and innovation

The end user segment of the global automobile steering and suspension market includes OEM (new vehicles) and Aftermarket (repairs and upgrades). OEM requires quality and innovation of steering and suspension parts for new cars. There is a growing demand for vehicle maintenance, modifications and customization in the aftermarket. The aftermarket sector is also growing rapidly due to the increasing vehicle numbers. There is a demand for quality and affordable solutions in both sectors. This segment contributes significantly to the sustainable growth of the market.

Global Automobile Steering and Suspension Market: Geographic Overview

North America is the largest contributor to the global automobile steering and suspension marketas it has advanced automotive technology and high vehicle production. The growing demand for electric and smart cars is driving it forward.

Asia-Pacific is the fastest growing region, especially due to the growing automobile industry of countries like India and China. Cheap production and increasing purchasing power are the main reasons.

In Europe, the demand for eco-friendly steering and suspension systems is increasing. Stringent regulations and the growing popularity of electric vehicles are driving it forward.

The market in Latin America is growing slowly as the demand for new cars is increasing. Economic growth and infrastructure improvements are the main drivers.

Global Automobile Steering and Suspension Market: Major Players

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                  1.2.1.    By Type 
                  1.2.2.    By Vehicle Type 
                  1.2.3.    By Technology 
                  1.2.4.    By End User 
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                  1.5.1.  Data Sources
                             1.5.1.1. Primary Research
                             1.5.1.2. Secondary Research
                  1.5.2.  Methodology
                             1.5.2.1. Data Exploration
                             1.5.2.2. Forecast Parameters
                             1.5.2.3. Data Validation
                             1.5.2.4. Assumptions
                  1.5.3.  Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

       3.1.    Industry Dynamics
                 3.1.1.    Market Growth Drivers
                 3.1.2.    Market Restraints
                 3.1.3.    Key Market Trends
                 3.1.4.    Major Opportunities
       3.2.    Industry Ecosystem
                 3.2.1.    Porter’s Five Forces Analysis
                 3.2.2.    Recent Development Analysis
                 3.2.3.    Value Chain Analysis
       3.3.    Competitive Insight
                 3.3.1.    Competitive Position of Industry Players
                 3.3.2.    Market Attractive Analysis
                 3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

       4.1.    Global Market Overview
       4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

       5.1.    By Type 
                 5.1.1. Power Steering
                           5.1.1.1. Market Definition
                           5.1.1.2. Market Estimation and Forecast to 2030
                 5.1.2. Manual Steering
                           5.1.2.1. Market Definition
                           5.1.2.2. Market Estimation and Forecast to 2030

       5.2.    By Vehicle Type 
                 5.2.1. Passenger Car
                           5.2.1.1. Market Definition
                           5.2.1.2. Market Estimation and Forecast to 2030
                 5.2.2. Light Commercial Vehicle
                           5.2.2.1. Market Definition
                           5.2.2.2. Market Estimation and Forecast to 2030
                 5.2.3. Heavy Commercial Vehicle
                           5.2.3.1. Market Definition
                           5.2.3.2. Market Estimation and Forecast to 2030

       5.3.    By Technology 
                 5.3.1. Hydraulic
                           5.3.1.1. Market Definition
                           5.3.1.2. Market Estimation and Forecast to 2030
                 5.3.2. Electric Power Steering
                           5.3.2.1. Market Definition
                           5.3.2.2. Market Estimation and Forecast to 2030
                 5.3.3. Mechanical Steering
                           5.3.3.1. Market Definition
                           5.3.3.2. Market Estimation and Forecast to 2030

       5.4.    By End User 
                 5.4.1. OEM
                           5.4.1.1. Market Definition
                           5.4.1.2. Market Estimation and Forecast to 2030
                 5.4.2. Aftermarket
                           5.4.2.1. Market Definition
                           5.4.2.2. Market Estimation and Forecast to 2030

6.   North America Market Estimate and Forecast

      6.1.    By Type   
      6.2.    By Vehicle Type   
      6.3.    By Technology   
      6.4.    By End User   
                6.4.1.    U.S. Market Estimate and Forecast
                6.4.2.    Canada Market Estimate and Forecast
                6.4.3.    Mexico Market Estimate and Forecast

7.   Europe Market Estimate and Forecast

      7.1.    By Type   
      7.2.    By Vehicle Type   
      7.3.    By Technology   
      7.4.    By End User   
                7.4.1.    Germany Market Estimate and Forecast
                7.4.2.    U.K. Market Estimate and Forecast
                7.4.3.    France Market Estimate and Forecast
                7.4.4.    Italy Market Estimate and Forecast
                7.4.5.    Spain Market Estimate and Forecast
                7.4.6.    Russia Market Estimate and Forecast
                7.4.7.    Rest of Europe Market Estimate and Forecast

8.   Asia-Pacific (APAC) Market Estimate and Forecast

      8.1.    By Type   
      8.2.    By Vehicle Type   
      8.3.    By Technology   
      8.4.    By End User   
                8.4.1.    China Market Estimate and Forecast
                8.4.2.    Japan Market Estimate and Forecast
                8.4.3.    India Market Estimate and Forecast
                8.4.4.    South Korea Market Estimate and Forecast
                8.4.5.    Vietnam Market Estimate and Forecast
                8.4.6.    Thailand Market Estimate and Forecast
                8.4.7.    Malaysia Market Estimate and Forecast
                8.4.8.    Rest of Asia-Pacific Market Estimate and Forecast

9.   Rest of the World (RoW) Market Estimate and Forecast

      9.1.    By Type   
      9.2.    By Vehicle Type   
      9.3.    By Technology   
      9.4.    By End User   
                9.4.1.    Brazil Market Estimate and Forecast
                9.4.2.    Saudi Arabia Market Estimate and Forecast
                9.4.3.    South Africa Market Estimate and Forecast
                9.4.4.    U.A.E. Market Estimate and Forecast
                9.4.5.    Other Countries Market Estimate and Forecast

10.  Company Profiles

       10.1.   ZF Friedrichshafen AG
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Robert Bosch GmbH
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   JTEKT Corporation
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   NSK Ltd.
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   KYB Corporation
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Mando Corporation
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Showa Corporation
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Denso Corporation
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Thyssenkrupp AG
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments
       10.1.   Hyundai Mobis
                  10.1.1.    Snapshot
                  10.1.2.    Overview
                  10.1.3.    Offerings
                  10.1.4.    Financial Insight
                  10.1.5.    Recent Developments

11.    Appendix

         11.1.    Exchange Rates
         11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.