Automotive Idler Arm Market
Growth Factors of Automotive Idler Arm Market
The Automotive Idler Arm Market size was valued at USD 3.56 billion in 2022. The market is projected to grow from USD 3.68 billion in 2023 to USD 4.85 billion by 2030, exhibiting a 4.0% during the forecast period of 2024-2032.
The COVID-19 pandemic had a sizeable impact at the automobile idler arm market. Lockdowns, travel regulations, and deliver chain disruptions led to reduced production and income of vehicles. The marketplace witnessed a slowdown as demand for automobile elements plummeted, mainly in 2020. However, as restrictions eased and the economy began recuperating, there was a resurgence in demand, particularly with the developing trend in the direction of private car ownership to keep away from public transport. The pandemic has underscored the significance of resilient supply chains, riding agencies to invest in automation and virtual deliver chain management.
A extraordinary trend inside the automotive idler arm market is the growing adoption of electric vehicles (EVs). EVs are progressively reshaping the market for automobile elements, such as idler palms. With the upward push of EV production, there's growing emphasis on light-weight and sturdy additives to beautify automobile performance. This shift towards EVs is pushing manufacturers to innovate and bring parts that align with the precise requirements of electric powertrains, contributing to market growth.
One key driving issue for the automobile loafer arm market is the rising worldwide demand for commercial and passenger vehicles. As urbanization will increase and disposable earnings rises, particularly in rising economies, the automotive industry is experiencing a consistent surge in automobile manufacturing. This growth without delay boosts the call for for idler hands and other important car additives. Additionally, advancements in suspension structures and the want for improved automobile dealing with are similarly propelling the marketplace ahead.
Comprehensive Analysis of Automotive Idler Arm Market
The Automotive Idler Arm Market growth is rising at an exponential rate due to its marketplace segmentation. This market expansion correctly affords a detailed local assessments thinking about the dominant supply and call for forces that effect the enterprise. These segmentations are methodically segregated by . By Vehicle Type include Passenger Vehicle, Commercial Vehicle. By Sales Channel include OEM, Aftermarket.
The North America region lead the Automotive Idler Arm Market share by benefitting a market size of USD 1.17 billion The region is set to experience a strong increase in the demand for idler arms, displaying a promising growth path.
The top players in the market play a crucial role in the industry assuring market growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Magic Leap, Inc., ReWalk Robotics, SAMSUNG, B-Temia, Panasonic Holdings Corporation, NVIDIA Corporation, Microsoft, Ekso Bionics, Vuzix,these market players provide a level-playing competitive landscape.
In July 2023, ZF's Commercial Vehicle Solutions (CVS) division and Volta Trucks, a distinguished company of all-electric powered business automobiles and services, entered into a lasting agreement. This agreement pertains to many essential structures and components inside the all-electric powered Volta Zero. ZF is chosen as a number one company for numerous important Volta Zero electric truck structures, encompassing braking, suspension, and steerage functionalities.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2030
Base Year 2022
Estimated Year 2023
Forecast Period 2023-2030
Historical Period 2019-2021
Growth Rate CAGR of 4.0% from 2023 to 2030
Unit Value (USD Billion) and Volume (Units)
Segmentation By Vehicle Type
Passenger Vehicle
Commercial Vehicle
By Sales Channel
OEM
Aftermarket
By Geography
North America (By Vehicle Type and Sales Channel)
U.S. (By Vehicle Type)
Canada (By Vehicle Type)
Mexico (By Vehicle Type)
Europe (By Vehicle Type and Sales Channel)
U.K. (By Vehicle Type)
Germany (By Vehicle Type)
France (By Vehicle Type)
Rest of Europe (By Vehicle Type)
Asia Pacific (By Vehicle Type and Sales Channel)
China (By Vehicle Type)
Japan (By Vehicle Type)
India (By Vehicle Type)
South Korea (By Vehicle Type)
Rest of Asia Pacific (By Vehicle Type)
Rest of World (By Vehicle Type and Sales Channel)
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