Automotive Idler Arm Market
Automotive Idler Arm Market Forecasts to 2030 - Global Analysis By Vehicle Type (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs) and Other Vehicle Types), Idler Arm Type, Mounting Type, Material, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $3.68 BN |
|
Projected Year Value (2030) |
US $4.85 BN |
|
CAGR (2023 - 2030) |
6.1% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Automotive Idler Arm Market is accounted for $3.68 billion in 2023 and is expected to reach $4.85 billion by 2030 growing at a CAGR of 6.1% during the forecast period. An automotive idler arm is a crucial component in a vehicle's steering system, connecting the center link to the vehicle's frame. Its primary function is to maintain proper alignment by supporting and controlling the movement of the steering linkage. The idler arm ensures smooth steering response and stability, minimizing play in the steering system.
According to the data given by OEC, the global revenue generated by an automobile manufacturer is more than US$ 125 billion in 2021 and the market of automotive idler arm covers 8-10% of the automobile industry as their revenue and is expected to have the growth of this market by 10-15% approximately as per the forecasted period.
Market Dynamics:
Driver:
Growing automotive aftermarket
With a growing demand for replacement and upgrade components, the aftermarket segment for idler arms experiences a significant boost. Consumers seeking enhanced performance and customization options contribute to the market's growth, fostering innovation and competition among aftermarket suppliers. This trend reflects a dynamic shift in consumer preferences, promoting a thriving automotive idler arm market driven by the ever-expanding automotive aftermarket.
Restraint:
Fluctuating raw material prices
The automotive idler arm, a crucial component in vehicle steering systems, faces fluctuating raw material prices primarily due to market dynamics, geopolitical events, and supply chain disruptions. These fluctuations lead to increased production costs, impacting profit margins for manufacturers. Consequently, the market experiences pricing uncertainties, making it challenging for both manufacturers and consumers to plan and invest effectively. This uncertainty hinders the market growth.
Opportunity:
Rise in global automotive production
Increased manufacturing of vehicles worldwide directly correlates with a higher demand for steering components, including idler arms. As automotive production expands to meet growing global demand, the need for reliable steering systems, such as those incorporating idler arms, intensifies. This surge in demand contributes to the market's growth, providing opportunities for manufacturers and suppliers to cater to the increasing requirements of the automotive industry and capitalize on the expanding market for steering components.
Threat:
High replacement costs
The automotive idler arm incurs high replacement costs due to its critical role in steering systems and complex manufacturing processes. Precision engineering and durable materials contribute to its reliability, but also elevate production expenses. The high replacement costs may deter consumers from regular maintenance or replacements, impacting overall vehicle performance. Ultimately, the elevated replacement costs may hinder market growth by discouraging timely maintenance practices.
Covid-19 Impact
The covid-19 pandemic has adversely affected the market. Disruptions in global supply chains, factory closures, and reduced consumer spending led to a decline in automotive production. The market faced challenges with material shortages, logistical constraints, and a decrease in demand for new vehicles. Moreover, economic uncertainties hindered investments and delayed development projects. As the industry gradually recovers, it continues to grapple with the aftermath of the pandemic, emphasizing the importance of resilience and adaptability for stakeholders in the automotive idler arm market.
The adjustable idler arm segment is expected to be the largest during the forecast period
The adjustable idler arm segment is estimated to have a lucrative growth. An Adjustable Idler Arm is a pivotal component in vehicle steering systems, allowing for fine-tuning and alignment adjustments. This adaptive feature enables mechanics and vehicle owners to customize the steering geometry, optimizing handling and tire wear. The adjustability accommodates changes in suspension and aligns the steering system precisely. This component plays a crucial role in enhancing overall vehicle performance and safety.
The suspension system segment is expected to have the highest CAGR during the forecast period
The suspension system segment is anticipated to witness the highest CAGR growth during the forecast period. The suspension system in an automotive idler arm is a critical component that contributes to vehicle stability and handling. It connects the steering linkage to the chassis, allowing controlled movement of the front wheels. The idler arm, part of the suspension system, helps maintain proper alignment and absorbs road shocks. This system plays a pivotal role in ensuring smooth and stable driving conditions. Its enhanced durability and performance of the suspension system propels the segment growth.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding automotive industry and rising vehicle production. Countries like China and India, with their thriving automotive sectors, contribute significantly to the market's expansion. Additionally, a burgeoning middle class and urbanization further boost vehicle ownership, amplifying the demand for automotive steering components, thereby creating a favourable market landscape for Automotive Idler Arms in the Asia-Pacific region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, due to a robust automotive industry. The region's high vehicle ownership rates and a strong emphasis on technological advancements drive the demand for efficient steering systems, including idler arms. Stringent safety regulations further boost the market, compelling manufacturers to produce reliable and compliant components. The presence of key automotive players and a well-established aftermarket contribute to the market's growth.
Key players in the market
Some of the key players profiled in the Automotive Idler Arm Market include Sankei Industries Limited, Dorman Products, GMB Corporation, Highlink Auto Parts Limited, DRiV Incorporated, Rare Parts Inc., Datta Industries, Emerson Forge Private Limited, Hitachi Astemo Limited, Karlyn Industries, SKF Group and Federal-Mogul Motorparts.
Key Developments:
In October 2021, Hitachi Astemo, Ltd. launched a prototype for an advanced steer-by-wire steering system. This cutting-edge technology allows for the removal of traditional steering wheels, creating more cabin space. Such innovations are instrumental for future-generation vehicles and self-driving cars.
In March 2021, SKF India’s Automotive Aftermarket division announced the launch of three new products created to address the changing demands of customers across sectors in India, the new products including Chain and Sprockets for 2-Wheeler, Timing Belts and Steering and suspension systems for 4-wheelers. This range of new innovative products is of high quality, superior strength and delivers long life.
Vehicle Types Covered:
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
• Other Vehicle Types
Idler Arm Types Covered:
• Standard Idler Arm
• Manual Steering Idler Arm
• Adjustable Idler Arm
• Rack & Pinion Idler Arm
• Other Idler Arm Types
Mounting Types Covered:
• Frame-Mounted Idler Arm
• Chassis-Mounted Idler Arm
• Crossmember-Mounted Idler Arm
• Suspension Arm-Mounted Idler Arm
• Multi-Point Mounting Idler Arm
• Other Mounting Types
Materials Covered:
• Steel
• Aluminum
• Plastic
• Composite Materials
• Other Materials
Applications Covered:
• Steering System
• Suspension System
End Users Covered:
• Original Equipment Manufacturers (OEMs)
• Automotive Service Centers & Garages
• Automotive Parts Retailers
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Idler Arm Market, By Vehicle Type
5.1 Introduction
5.2 Passenger Cars
5.3 Light Commercial Vehicles (LCVs)
5.4 Heavy Commercial Vehicles (HCVs)
5.5 Other Vehicle Types
6 Global Automotive Idler Arm Market, By Idler Arm Type
6.1 Introduction
6.2 Standard Idler Arm
6.3 Manual Steering Idler Arm
6.4 Adjustable Idler Arm
6.5 Rack & Pinion Idler Arm
6.6 Other Idler Arm Types
7 Global Automotive Idler Arm Market, By Mounting Type
7.1 Introduction
7.2 Frame-Mounted Idler Arm
7.3 Chassis-Mounted Idler Arm
7.4 Crossmember-Mounted Idler Arm
7.5 Suspension Arm-Mounted Idler Arm
7.6 Multi-Point Mounting Idler Arm
7.7 Other Mounting Types
8 Global Automotive Idler Arm Market, By Material
8.1 Introduction
8.2 Steel
8.3 Aluminum
8.4 Plastic
8.5 Composite Materials
8.6 Other Materials
9 Global Automotive Idler Arm Market, By Application
9.1 Introduction
9.2 Steering System
9.3 Suspension System
10 Global Automotive Idler Arm Market, By End User
10.1 Introduction
10.2 Original Equipment Manufacturers (OEMs)
10.3 Automotive Service Centers & Garages
10.4 Automotive Parts Retailers
10.5 Other End Users
11 Global Automotive Idler Arm Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Sankei Industries Limited
13.2 Dorman Products
13.3 GMB Corporation
13.4 Highlink Auto Parts Limited
13.5 DRiV Incorporated
13.6 Rare Parts Inc.
13.7 Datta Industries
13.8 Emerson Forge Private Limited
13.9 Hitachi Astemo Limited
13.10 Karlyn Industries
13.11 SKF Group
13.12 Federal-Mogul Motorparts
List of Tables
1 Global Automotive Idler Arm Market Outlook, By Region (2021-2030) ($MN)
2 Global Automotive Idler Arm Market Outlook, By Vehicle Type (2021-2030) ($MN)
3 Global Automotive Idler Arm Market Outlook, By Passenger Cars (2021-2030) ($MN)
4 Global Automotive Idler Arm Market Outlook, By Light Commercial Vehicles (LCVs) (2021-2030) ($MN)
5 Global Automotive Idler Arm Market Outlook, By Heavy Commercial Vehicles (HCVs) (2021-2030) ($MN)
6 Global Automotive Idler Arm Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
7 Global Automotive Idler Arm Market Outlook, By Idler Arm Type (2021-2030) ($MN)
8 Global Automotive Idler Arm Market Outlook, By Standard Idler Arm (2021-2030) ($MN)
9 Global Automotive Idler Arm Market Outlook, By Manual Steering Idler Arm (2021-2030) ($MN)
10 Global Automotive Idler Arm Market Outlook, By Adjustable Idler Arm (2021-2030) ($MN)
11 Global Automotive Idler Arm Market Outlook, By Rack & Pinion Idler Arm (2021-2030) ($MN)
12 Global Automotive Idler Arm Market Outlook, By Other Idler Arm Types (2021-2030) ($MN)
13 Global Automotive Idler Arm Market Outlook, By Mounting Type (2021-2030) ($MN)
14 Global Automotive Idler Arm Market Outlook, By Frame-Mounted Idler Arm (2021-2030) ($MN)
15 Global Automotive Idler Arm Market Outlook, By Chassis-Mounted Idler Arm (2021-2030) ($MN)
16 Global Automotive Idler Arm Market Outlook, By Crossmember-Mounted Idler Arm (2021-2030) ($MN)
17 Global Automotive Idler Arm Market Outlook, By Suspension Arm-Mounted Idler Arm (2021-2030) ($MN)
18 Global Automotive Idler Arm Market Outlook, By Multi-Point Mounting Idler Arm (2021-2030) ($MN)
19 Global Automotive Idler Arm Market Outlook, By Other Mounting Types (2021-2030) ($MN)
20 Global Automotive Idler Arm Market Outlook, By Material (2021-2030) ($MN)
21 Global Automotive Idler Arm Market Outlook, By Steel (2021-2030) ($MN)
22 Global Automotive Idler Arm Market Outlook, By Aluminum (2021-2030) ($MN)
23 Global Automotive Idler Arm Market Outlook, By Plastic (2021-2030) ($MN)
24 Global Automotive Idler Arm Market Outlook, By Composite Materials (2021-2030) ($MN)
25 Global Automotive Idler Arm Market Outlook, By Other Materials (2021-2030) ($MN)
26 Global Automotive Idler Arm Market Outlook, By Application (2021-2030) ($MN)
27 Global Automotive Idler Arm Market Outlook, By Steering System (2021-2030) ($MN)
28 Global Automotive Idler Arm Market Outlook, By Suspension System (2021-2030) ($MN)
29 Global Automotive Idler Arm Market Outlook, By End User (2021-2030) ($MN)
30 Global Automotive Idler Arm Market Outlook, By Original Equipment Manufacturers (OEMs) (2021-2030) ($MN)
31 Global Automotive Idler Arm Market Outlook, By Automotive Service Centers & Garages (2021-2030) ($MN)
32 Global Automotive Idler Arm Market Outlook, By Automotive Parts Retailers (2021-2030) ($MN)
33 Global Automotive Idler Arm Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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