The rising OEMs and aftermarket tie-ups with the advancement in technology and substantial investment by automotive manufacturers’ will boost the global Automotive Control Arms Market in the forecast period. Automotive control arms help in improving comfort level for passengers and are crucial parts of the steering system and suspension system in vehicles. Aftermarket vendors take considerable efforts for maintaining the material quality as well as the structure of the automotive control arms.
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These efforts are likely to pave remunerative opportunities for automotive control arms sales in the aftermarket. The advancement manufacturing industries have enabled them to use newly invented materials such as alloys of steel and aluminum that makes the automotive control arms stronger and durable under extreme conditions. There is a significant rise in the per capita income coupled with up surging living standards of people in developing countries, which has been an essential factor that increases the demand for passenger vehicles and driving the global automotive control arms market across the globe. Additionally, the stringent government regulations for consumer safety regarding LCV, HCV and passenger vehicles is also leading to an increase in the demand for automotive control arms market.
Automotive Control Arms Market Dynamics
The factors that are driving the global automotive control arms market includes anti-corrosive, quick and easy-to-fit highly reliable features. The strict regulations for the fuel economy propels the automakers to upgrade the automotive control arms features, which aids in the increase of suspension arm sales. The rise in the sales of passenger and commercial vehicles will increase the demand for automotive control arms in the forecast period. The low cost of ownership of these control arms make them budget-friendly components, which drives their penetration rate in suspension systems that are used in the majority of vehicles. With the increasing urbanization and rising disposable income of middle-class people are escalating the demand for passenger cars and anticipate the growth of automotive control arms market. The growth of technology and automation in the manufacturing and supply of recreational off-highway vehicles has further increased automotive controls arms attractiveness among the customers and industries.
The high initial investments and lack of flexibility are stifling the growth of automotive control arms market. The cost of maintenance and replacing the damaged part of the automotive control arms is expensive and is impeding the expansion of the automotive control arms market.
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The rising sales and production of passenger cars and commercial vehicles in East Asia and South Asia region is expected to dominate the automotive control arms market during the forecast period. Automotive manufacturers are investing heavily on the development of innovative products to compete in the automotive control arms market. North America is expected to be the second largest automotive control arms market due to an increase in the demand for new passenger and commercial vehicles. North America is a mature economy as far as investment in the automotive industry is concerned. Europe is supposed to be the third largest automotive control arms market due to high competition in the automotive industry.
Automotive control arms Market Key Players
Manufacturers are engaged in enhancing the value chain to maintain supremacy in the global automotive control arms market. The leading manufacturers in the automotive control arms market are mentioned below America Axle & Manufacturing, ZF Friedrichshafen, Hyundai Mobis, ThyssenKrupp. Magneti Marelli, Magna International, TRW, Bharat Forge, Yorozu, CTE, Tower Inc. Benteler
The research report presents a comprehensive assessment of the Automotive control arms market and contains thoughtful insights, facts, and historical data and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Automotive control arms market segments such as geographies, application and industry.
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Automotive Control Arms Market Trends, Opportunities & Revenue Share Analyzed during 2018-2028
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