Automobile Steering & Suspension Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: March 2024
NAICS 33633Revenue
$15.7bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
33,274
Businesses
233
Wages
$X.Xbn
Automobile Steering & Suspension Manufacturing in the US industry analysis
Automobile steering and suspension manufacturers primarily produce and rebuild motor vehicle steering and suspension systems and components, including steering wheels, shock absorbers and struts. The industry struggled through the current period, enduring severe travel restrictions, unfavorable trade conditions and weak economic growth. In particular, the pandemic and climbing interest rates bracketed a brief period of torrid new car sales. Similarly, global supply chain disruptions led to notable profit declines as companies struggled to source materials and pass unexpected costs onto buyers. Overall, revenue plummeted at an expected CAGR of 2.9% to $15.7 through the current period, stagnating in 2024, where profit rebounded to 2.7%.
Trends and Insights
- Automobile steering and suspension manufacturers struggled during the pandemic. Poor consumer confidence, low business sentiment and lockdown restrictions discouraged consumers from purchasing new vehicles and traveling.
- SUVs and light truck manufacturers make up the largest market. SUVs, CUVs and pickup trucks are extremely popular in the United States, driving this market's expansion.
- Companies often have operations near major buyers, namely vehicle manufacturers. The practice enables companies to forge stronger relationships with buyers and reduce transportation costs.
- Domestic automobile steering and suspension manufacturers face intense competition from foreign manufacturers. Companies have struggled to compete with low-cost inputs, contributing to climbing import penetration.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 2.9 % over the past five years, to reach an estimated $15.7bn in 2024.
Trends and Insights
The pandemic limited growth opportunities
- The pandemic weakened consumer markets, cutting spending on big-ticket items like automobiles and repairs; similarly, poor economic conditions and weak corporate profit constrained demand from businesses purchasing new trucks, company cars and other vehicles, like farming or construction vehicles.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Manufacturers will rely on the economy's recovery
- The economy will recover from the pandemic and high interest rates through the outlook period, encouraging consumers and businesses to purchase new vehicles, stimulating demand for related suspension and steering equipment.
Biggest companies in the Automobile Steering & Suspension Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Hyundai Mobis Co. Ltd. | 916.4 | 61.2 | 6.7 | |
Robert Bosch GmbH | 899.1 | 33.5 | 3.7 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Steering wheels, columns and gearboxes, Steering idler arms, drag links and control arms and Shock absorbers and struts. Steering wheels, columns and gearboxes is the largest segment of the Automobile Steering & Suspension Manufacturing in the US.
Trends and Insights
Steering systems generate the most revenue
- Steering systems consist of wheels, columns and gearboxes. Columns connect the when to the mechanism while a gearbox connects the pinion to the rack and helps control steering sensitivity.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Auto Parts Manufacturing in the US
Complementors
- Hose & Belt Manufacturing in the US
- Automobile Engine & Parts Manufacturing in the US
- Automobile Electronics Manufacturing in the US
- Automobile Brakes Manufacturing in the US
- Automobile Transmission Manufacturing in the US
- Automobile Interior Manufacturing in the US
- Automobile Metal Stamping in the US
International industries
- Global Auto Parts & Accessories Manufacturing
- Auto Parts Manufacturing in Canada
- Motor Vehicle Parts and Accessories Manufacturing in Australia
- Motor Vehicle and Parts Manufacturing in New Zealand
- Motor Vehicle Parts & Accessories Manufacturing in the UK
Table of Contents
About this industry
Industry definition
Automobile steering and suspension manufacturers mainly manufacture and rebuild motor vehicle steering and suspension systems and components, consisting of steering wheels, shock absorbers and struts. Spring manufacturing is not included in this industry.
What's included in this industry?
Steering wheels, columns and gearboxesSteering idler arms, drag links and control armsShock absorbers and strutsTie rod endsOther componentsCompanies
Hyundai Mobis Co. Ltd.Robert Bosch GmbHPurchase this report to view all 2 major companies in this industry.
Related Terms
TIER-ONE SUPPLIERTIER-TWO SUPPLIERAFTERMARKETJUST-IN-TIMEDRIVE-BY-LINEELECTRONIC POWER STEERINGIndustry Code
NAICS 33633 - Automobile Steering & Suspension Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Automobile steering and suspension manufacturers struggled during the pandemic. Poor consumer confidence, low business sentiment and lockdown restrictions discouraged consume...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
SUVs and light truck manufacturers make up the largest market. SUVs, CUVs and pickup trucks are extremely popular in the United States, driving this market's expansion.
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Companies often have operations near major buyers, namely vehicle manufacturers. The practice enables companies to forge stronger relationships with buyers and reduce transpo...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Domestic automobile steering and suspension manufacturers face intense competition from foreign manufacturers. Companies have struggled to compete with low-cost inputs, contr...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Innovation is paramount. Manufacturers that can set themselves apart through safer and more advanced systems will gain a competitive advantage.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Hyundai Mobis Co. Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Robert Bosch GmbH's performance by revenue, market share and profit margin from 2018 through 2024
Detailed analysis
- Description and key data for Hyundai Mobis Co. Ltd., and factors influencing its performance in the industry
- Description and key data for Robert Bosch GmbH, and factors influencing its performance in the industry
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Companies benefit from a variety of direct and indirect support. Government spending has increased demand for public transportation and EVs while most companies are members o...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Manufacturers have endured volatile supply chains. Skyrocketing input costs have posed a major threat to manufacturers, leading to sharp profit declines through the current p...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Automobile Steering & Suspension Manufacturing in the US industry in United States in 2024?
The market size of the Automobile Steering & Suspension Manufacturing in the US industry in United States is $15.7bn in 2024.
How many businesses are there in the Automobile Steering & Suspension Manufacturing in the US industry in 2024?
There are 233 businesses in the Automobile Steering & Suspension Manufacturing in the US industry in United States, which has grown at a CAGR of 1.2 % between 2019 and 2024.
Has the Automobile Steering & Suspension Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Automobile Steering & Suspension Manufacturing in the US industry in United States has been declining at a CAGR of 2.9 % between 2019 and 2024.
What is the forecast growth of the Automobile Steering & Suspension Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Automobile Steering & Suspension Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Automobile Steering & Suspension Manufacturing in the US market in United States?
The biggest companies operating in the Automobile Steering & Suspension Manufacturing market in United States are Hyundai Mobis Co. Ltd. and Robert Bosch GmbH
What does the Automobile Steering & Suspension Manufacturing in the US in United States include?
Steering wheels, columns and gearboxes and Steering idler arms, drag links and control arms are part of the Automobile Steering & Suspension Manufacturing in the US industry.
Which companies have the highest market share in the Automobile Steering & Suspension Manufacturing in the US in United States?
The company holding the most market share in United States is Hyundai Mobis Co. Ltd..
How competitive is the Automobile Steering & Suspension Manufacturing in the US industry in United States?
The level of competition is moderate and increasing in the Automobile Steering & Suspension Manufacturing in the US industry in United States.
