North America Motor Vehicle Steering and Suspension Parts Market (2025-2031) | Companies, Revenue, Opportunities, Restraints, Strategy, Competitive, Supply, Demand, Size, Growth, Drivers, Pricing Analysis, Segments, Share, Industry, Competition, Consumer Insights, Outlook, Segmentation, Challenges, Analysis, Strategic Insights, Trends, Investment Trends, Value, Forecast

Topics Covered in the North America Motor Vehicle Steering and Suspension Parts Market Report

The North America Motor Vehicle Steering and Suspension Parts Market report thoroughly covers the market by Types, Application and Countries. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

North America Motor Vehicle Steering and Suspension Parts Market Synopsis 

This market encompasses components essential for vehicle functionality, safety, and performance, notably steering and suspension systems. Steering components, such as power steering racks and columns, are vital for directional control, whereas suspension parts, including shock absorbers, struts, and springs, provide stability and comfort by absorbing road shocks. The surge in electric vehicle production, coupled with the rising consumer preference for driving comfort and safety, has fueled the demand for innovative steering and suspension systems. Additionally, increasing investments in research and development (R&D) have paved the way for the adoption of lightweight and durable materials in manufacturing, further propelling market growth.

North America Motor Vehicle Steering and Suspension Parts Market is expected to grow at a significant CAGR of 5.2% during the forecast period 2025-2031. Several factors are driving the growth of this market. The increasing consumer demand for vehicle safety and enhanced driving dynamics is a major catalyst. Advanced driver-assistance systems (ADAS) integration has particularly led manufacturers to focus on overhauling traditional steering and suspension systems. The booming e-commerce sector has also escalated growth in commercial vehicle applications as fleets expand and require regular updates and maintenance of their components. Another driver is the growing adoption of electric vehicles (EVs), necessitating customized suspension and steering systems suited for battery-powered cars.

North America Motor Vehicle Steering and Suspension Parts Market Challenges

Despite its growth, the market faces several challenges. The volatility in raw material prices, particularly steel and aluminum, significantly impacts production costs and profit margins. Additionally, the shortage of skilled labor within the automotive repair and component manufacturing segments has created bottlenecks. Furthermore, the rising adoption of autonomous driving technologies presents compatibility issues with existing components, requiring manufacturers to accelerate the development of advanced systems while managing costs and regulatory compliance.

North America Motor Vehicle Steering and Suspension Parts Market Trends

Several key trends have influenced the growth and development of the steering and suspension parts market. The increasing use of lightweight materials such as composites and high-strength steel means that the overall weight of the vehicle is reduced which in-turn improves fuel consumption ratings. There is a definite trend towards adaptive suspension systems that react to different road conditions which enhance the driving experience. Additionally, electronic power steering or EPS is now a stronger market force than traditional hydraulic systems due to its efficiency and compatibility with the electronic systems in modern vehicles. 

North America Motor Vehicle Steering and Suspension Parts Market - Investment Opportunities.

The North America motor vehicle steering and suspension parts market presents significant investment opportunities owing to the growth in automotive production and advancements in vehicle systems. Increasing demand for electric and autonomous vehicles is driving the need for innovative and efficient steering and suspension technologies. Additionally, heightened consumer focus on vehicle safety and ride comfort is encouraging manufacturers to develop advanced components that meet these expectations.

Leading Players of the North America Motor Vehicle Steering and Suspension Parts Market

Some of the top players dominating this market include ZF Friedrichshafen AG, TRW Automotive, Tenneco Inc., KYB Corporation, MOOG, and Bosch Automotive Steering GmbH. These companies are leading the charge in innovation and maintaining significant market share by delivering high-performing and durable steering and suspension components. Their focus on partnerships and acquisitions has further solidified their stand in the industry.

Government Regulations Introduced in the North America Motor Vehicle Steering and Suspension Parts Market 

Government policies and regulations for vehicle safety and emissions standards have closely impacted the design and manufacture of steering and suspension products. For example, in the U.S., the National Highway Traffic Safety Administration (NHTSA) has specific safety standards that need to be adhered to, which affects the quality of suspension and steering hardware. Canada has also passed regulations under Transport Canada to ensure replacement parts are safe. The Federal Motor Vehicle Safety Standards (FMVSS) encourage developing energy-efficient vehicles in the U.S. and reflect safety standards that pertain to the optimization of steering and suspension systems, as well.

Future Expectations for the North America Motor Vehicle Steering and Suspension Parts Market

The North America motor vehicle steering and suspension parts market is anticipated to experience steady growth over the coming years, driven by advancements in technology and an increasing demand for superior vehicle performance. The adoption of electric and autonomous vehicles is expected to play a significant role in shaping the future of the market, as these vehicles often require specialized steering and suspension systems. Additionally, rising consumer preferences for safer and more comfortable driving experiences will likely spur innovation in adaptive suspension technologies and electronic steering systems.

Market Segmentation Analysis

The report offers a comprehensive study of the subsequent market segments and their leading categories. 

Passenger cars to Dominate Market- By Application

Passenger cars represent the leading category in the North America Motor Vehicle Steering and Suspension Parts Market. This dominance is fueled by the high production volumes of passenger vehicles and increasing consumer interest in comfort and safety features. 

United States (US) to Dominate Market- By Countries

According to Ravi Bhandari, Research Head, 6Wresearch, The United States (US) holds the North America Motor Vehicle Steering and Suspension Parts Market share due to its large-scale automotive production and increasing demand for advanced vehicle technologies. Canada follows closely with growing investments in the automotive sector, while the rest of North America shows steady progress, driven by the expansion of the transportation and logistics industries.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year: 2024
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.