Automotive Strut Market Size, Share, Growth, Trends, and Forecast by 2031

The automotive strut market is expected to register a CAGR of 3.5% during 2023–2031. The rise in focus towards improving the efficiency of automotive strut strength for enhanced performance is likely to remain a key trend in the market.

Automotive Strut Market Analysis

• The demand for automotive suspension is driven by the increase in demand for vehicle comfort, growing vehicle production and stringent regulations regarding vehicle safety standards are the key driving factor for the Automotive Suspension market.
• Lightweight materials, growing demand for electric & hybrid vehicles, technology advancement and Integration of Smart Suspension Systems are the Opportunity in the automotive struct market.

Automotive Strut Market Overview

• Struts have two main jobs first, they support the vehicle's weight and provide structural support, and second, they dampen the spring's movements as they react to the road surface. Struts provide structural support by connecting the upper strut bearing to the lower ball joint.
• The production and sales of vehicles and increasing demand for luxury vehicles driving factor for the north America. Rapid industrialization, urbanization, and rising disposable incomes propel the Asia pacific and emerged as pivot for automotive strut market. Technological advancements and focus on vehicle performance and safety fuel the Europe growth.

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Automotive Strut Market: Strategic Insights

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Automotive Strut Market Drivers and Opportunities

The Growth of the Automotive Industry Across the Globe to Favor the Market

• The automotive industry is experiencing steady growth worldwide with increasing vehicle production and sales. As the number of vehicles on the road continues to increase, there is a greater need for emissions testing and compliance. Automotive strut are essential tools for automobile manufacturers, service centres and regulators to ensure vehicles meet required manufacturing standards, driving demand for these components.
• As countries around the world pushed towards the rise in adoption of hybrid EVs for reducing carbon emissions and promote sustainability, production and sales of hybrid electric vehicles experienced significant growth. This expansion of the hybrid electric vehicle market created a need for advanced automotive strut.

Technological Advancement and the Utilization of Advanced Material in the Production of Automotive Strut

• The market offers opportunities for the development of lighter and higher performance materials for use in strut. The market growth is expected to be driven by the continued use of advanced materials in the production of strut, which include CFRP, steel, and graphene produced for automobile strut.
• The increasing demand for environmentally friendly and technologically advanced products provides the automotive strut industry with an opportunity to produce environmentally friendly strut that appeal to the consumer looking for environmentally friendly products.

Automotive Strut Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive strut market analysis are material and vehicle type.

• Based on material, the automotive strut market is divided into aluminum, steel, and FRP.
• On the basis of vehicle type, the market is divided into passenger cars and commercial vehicles.

Automotive Strut Market Share Analysis by Geography

• Automotive Strut Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Automotive Strut Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Automotive Strut Market in these regions.

Automotive Strut Market Regional Insights

The regional trends and factors influencing the Automotive Strut Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Strut Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Strut Market Report Scope

Automotive Strut Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Strut Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Strut Market are:

1. Air Bearing Ltd
2. Bladon Jets
3. Capstone Turbine Corporation
4. TIMKEN Corporation
5. Hovair Systems, Inc.
6. OAV Air Bearings

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Strut Market News and Recent Developments

The Automotive Strut Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Strut Market are listed below:

• Cummins Inc. (NYSE: CMI) and Meritor, Inc. (NYSE: MTOR) entered into a definitive agreement under which Cummins will acquire Meritor, a global leader of drivetrain, mobility, braking, aftermarket and electric powertrain solutions for commercial vehicle and industrial markets. Under the terms of the agreement, Cummins will pay $36.50 in cash per Meritor share, for a total transaction value of approximately $3.7 billion, including assumed debt and net of acquired cash. (Source: Cummins Inc., Company Website, February 2022)
• ZF continued its growth and expansion in India with the start of its new shock absorber production line at its regional headquarters based in Chakan, Pune. With a current annual installed manufacturing capacity of 0.7 million units, the supplier plans to increase it to three million units in three to four years. (Source: ZF, Company Website, February 2022)

Automotive Strut Market Report Coverage and Deliverables

The “Automotive Strut Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive Strut Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive Strut Market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Automotive Strut Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Automotive Strut Market
• Detailed company profiles