The global Steering Stabilizers market is expected to witness a market value of US$ 1.3 Billion in 2023 and is expected to accumulate a market value of US$ 1.8 Billion by registering a CAGR of 3.2% in the forecast period 2023 to 2033. The Steering Stabilizers market registered a CAGR of 2.6% in the historical period 2018 to 2022. Factors such as advancements in suspension technologies, as well as increasing awareness regarding vehicle stability & safety, are expected to boost the market growth over the analysis period.
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Steering Stabilizers has flourished. Steering stabilizers are devices that help stabilize the steering system of a vehicle, reducing vibration and shock in the steering wheel. These devices are primarily used in off-road vehicles, which are subjected to rough terrain and uneven surfaces. The increasing demand for off-road vehicles is expected to boost the growth of the steering stabilizers market in the near future.
Moreover, one of the major factors accelerating the growth of the steering stabilizers market is the rising concerns about vehicle safety. With the increasing number of accidents and fatalities on the road, governments across the globe are mandating the installation of safety features in vehicles. Steering stabilizers play a crucial role in improving the safety of a vehicle by reducing the risk of loss of control while driving on rough terrain.
Additionally, advancements in technology are also expected to drive the growth of the steering stabilizers market. With the advent of new technologies such as active suspension systems, the demand for advanced steering stabilizers is expected to increase. These devices offer better stability and control over the vehicle, improving the driving experience and reducing the risk of accidents.
Furthermore, the increasing demand for electric vehicles is another factor that is likely to propel the growth of the steering stabilizers market over the analysis period. Electric vehicles are gaining popularity due to their low carbon emissions, high fuel efficiency, and low maintenance costs. These vehicles require specialized steering stabilizers due to their unique design, which is anticipated to augment the demand for these products.
On the regional end, the Steering Stabilizers market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing demand for off-road vehicles, rising concerns about vehicle safety, and advancements in technology.
On the other hand, the Steering Stabilizers Market in Europe is expected to witness significant growth in the coming years, driven by several factors such as the increasing demand for off-road vehicles, rising concerns about vehicle safety, and the growing popularity of adventure tourism.
Europe is a major market for the automotive industry, with countries such as Germany, France, and the United Kingdom being major players in the region. The region has a large number of off-road enthusiasts who are looking for ways to improve the performance of their vehicles. This has led to an increase in demand for steering stabilizers in the region.
Recent developments in technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Steering Stabilizers are expected to create lucrative opportunities for market growth over the analysis period.
For instance, KYB Corporation, in October 2021, launched its new steering stabilizer, the Gas-a-Just SSS. The product is designed to improve the handling and stability of trucks and SUVs and is available for a wide range of makes and models.
Subsequently, in September 2021, FOX Factory Inc. announced the acquisition of Marzocchi, an Italian company that specializes in mountain bike suspension systems. The acquisition is expected to strengthen FOX Factory's position in the mountain bike market and provide opportunities for cross-selling between the two companies.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 1.3 Billion |
| Projected Market Value in 2033 | US$ 1.8 Billion |
| Growth Rate (2023 to 2033) | 3.2% CAGR |
The rise in vehicular sports activities and the increased demand for driving comfort and stability by vehicle owners are expected to drive steering stabilizer sales.
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A steering stabilizer, also known as a steering damper, is a kind of shock absorber that is added to dampen the unwanted vibration of the vehicle's steering mechanism, also known as a wobble. Small hits, irregularities, bumps, and other events that may disturb the steering system are dampened by the steering stabilizers. The steering stabilizer absorbs the shakes and jolts and disseminates the consumed energy, lessening vibrations.
Steering stabilizers are stock fitted on some top-of-the-line sport bikes and fitted to most contemporary racing bikes to counter vibrations. Steering stabilizers are likewise mounted on off-road bikes, for example, motocross bikes. It aids to keep the motorbike straight over troublesome territories like trenches, rocks, and sand, and furthermore smooths out shocks through the handlebars during jumps or bounces.
They likewise diminish arm fatigue by lessening the work required to control the handlebars.
One of the primary factors driving the market is the expanding automotive sector. Steering stabilizers are an important part of any vehicle's stability. As the number of vehicles on the road grows, so will the demand for steering stabilizers around the world. Furthermore, the global market is expected to see significant expansion due to increased vehicle production and demand.
Steering stabilizers for sports and luxury vehicles are in high demand, which presents several prospects for manufacturers and suppliers. The market is also expected to grow as demand for luxury vehicles rises. Increasing urbanization and smart cities, as well as increasing daily commuting distances, are some of the major reasons driving demand for new automobiles and, as a result, indirectly influencing steering stabilizer's sales growth.
The study has projected the USA to stay one of the most profitable markets throughout the forecast time period. One of the key components is increasing vehicle numbers and aftermarket for steering stabilizers because of the increase in vehicle miles travelled in the country.
As the USA is one of the biggest vehicle markets, it has a high number of OEMs and immense aftermarket manufacturers. With the increase in technical developments in steering stabilizers, the USA stays probably the biggest market for steering stabilizers on the planet, which reliably makes it a rewarding region for producers.
Principal Consultant
Europe has many key OEMs just as many aftermarkets selling part suppliers. To take into account developing interest in vehicles, steering stabilizer makers are expanding their production volumes step by step.
An increase in vehicle age and rising familiarity with vehicle safety features have brought about expansion in early adoption and replacement of steering stabilizers in the region, offering lift to the aftermarket. Likewise, major mechanical progressions, for example, the development of the IFB steering stabilizer are speeding up market development in Europe.
Some of the leading manufacturers and suppliers include
As numerous vehicles don't accompany incorporated steering stabilizers, the market has a lot of chances for what's to come. Different auto producers are contributing intensely to R&D exercises for better-stabilizing capacity. The market for steering stabilizers is fragmented in nature and comprises of a lot of aftermarket producers.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Steering Stabilizers Market
