U.S. Automobile Steering & Suspension Market Size, and Growth Report, 2032

The U.S. automobile steering and suspension market size in 2024 was USD 14.5 billion, and it will reach USD 19.7 billion by 2032 at a CAGR of 4.0% during 2025–2032.

The biggest growth drivers for the market are the increasing population, which is continuously moving to cities and is witnessing a rise in its disposable income and changes in its definition of what is ‘essential’. Moreover, with the rapid industrialization and urbanization, the volume of trade is increasing. All these factors, combined, drive the sale of both passenger and commercial vehicles in the country and, in turn, for steering and suspension components.

The rising consumer demand for improved driving quality and enhanced fuel efficiency leads manufacturers and suppliers to use lightweight materials, intelligent suspensions, and steer-by-wire systems. Electric and autonomous vehicle technologies also influence the industry because their systems need accurate electronic control for steering and suspension mechanisms. With such technological progress, OEMs are moving away from hydraulic systems toward electric power steering (EPS) and adaptive suspension systems.