October 10, 2023 09:06 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global automotive idler arm market size was valued at USD 3.56 billion in 2022. The market is set to rise from USD 3.68 billion in 2023 to USD 4.85 billion by 2030, registering a CAGR of 4.0% during the forecast period. Aftermarket Hydraulic Cylinder
The idler arm assembly is manufactured to provide support to the steering linkage system. It plays a crucial role in ensuring proper steering alignment and control. The growing production and sales of vehicles are fueling the demand for automotive components, including idler arms. Furthermore, the increasing popularity of electric and autonomous vehicles is driving the demand for various steering and suspension components. Fortune Business Insights™ shares this information in its report titled “Automotive Idler Arm Market, 2023-2030.”
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Surging Preference for Passenger and Light Commercial Vehicles to Boost Market Development
Increasing adoption of passenger and light commercial vehicles is expected to drive market development. These vehicles find widespread use in various industries, from logistics and transportation to delivery and construction services. As commercial vehicles play a pivotal role in numerous economic activities, the sales of automotive idler arms are on the rise.
However, the shift in preference towards rack and pinion steering linkage systems over idler arms may pose a challenge to automotive idler arm market growth.
Pandemic Decreased Investments in New Vehicles Restrained Market Expansion
The COVID-19 pandemic significantly impacted the automotive industry, subsequently restraining the growth of the automotive idler arm market. Economic instability and shifts in consumer behaviour contributed to this downturn. Reduced investments by consumers in new vehicles, including components such as idler and pitman arms, led to decreased demand for automotive idler arms.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/automotive-idler-arm-market-108471
Passenger Vehicle Segment Led the Global Market due to Large Fleet Size
On the basis of vehicle type, the market is categorized into passenger vehicles and commercial vehicles. In 2022, the passenger vehicle segment led the global market primarily due to its large fleet size. The growing need for idler arms in passenger vehicles is expected to drive demand in the aftermarket.
OEMs Drive the Demand for Automotive Idler Arms with a Focus on Quality and Safety
By sales channel, the market is divided into OEM and aftermarket. The dominance of the OEM segment can be attributed to its significant presence in the automotive sector. OEMs stimulate the demand for automotive idler arms by prioritizing product quality control while ensuring the safety and efficiency of their vehicles.
The report provides an in-depth analysis of the key market segments and the latest trends. It comprehensively discusses the factors driving and restraining market growth and assesses the impact of COVID-19 on the industry. Additionally, the report examines regional developments and the strategies adopted by key players in the market.
North America Dominates Due to Surging Demand for Idler Arms
North America held a substantial automotive idler arm market share. The regional market is anticipated to register strong growth due to a surge in demand for idler arms. A rise in fleet numbers is set to fuel market expansion.
Asia Pacific is expected to increase at a significant CAGR during the projected period. Increasing automotive sales drives market progress in the region.
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Dorman Products Focus on Innovations in Automotive Parts to Increase Market Share
Dorman Products is a prominent player in the automotive parts industry. The company focuses on product innovation and reliability to introduce a wide range of replacement parts, catering to the needs of vehicle owners and mechanics. This strategic approach is expected to enhance market expansion throughout the forecast period.
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.
List of Key Players Covered in the Automotive Idler Arm Market Report:-
• DRiV Incorporated (Moog) (U.S.)
• CJ MANUFACTURING COMPANY LIMITED (Thailand)
• Sankei Industries Co, Ltd. (Japan)
• Highlink Auto Parts Co., Ltd. (Taiwan)
• Rare Parts Inc. (U.S.)
• Emerson Forge Pvt. Ltd (India)
Automotive Idler Arm Market Segmentation:-
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