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The idler arm market is going through significant changes, owing to the combination of factors that altogether govern the market dynamics. One of the key factors which will affect the automotive market is the increasing worldwide automobile industry. Owing to increasing number of vehicles on the road, the need for idler arms which are crucial for the steering system has increased. Idler arms contribute greatly to proper steering alignment of a vehicle as well as supporting the front-end components. Therefore, they are crucial in ensuring the safety and performance of a car.
Technological development and innovations in the automotive sector catalyze the ever-changing dynamics of the idler arm market. Newer idler arms replace the conventional materials with the latest advanced materials, design alterations, and production approaches resulting in increased durability and functionality. Manufacturers meet the need for high performing fuel efficient parts that are robust by the use of the integration of technologies such as advanced polymers and lightweight alloys for the steering system. These technological improvements also add up to the higher reliability and longer lifespans of idler arms, resulting in fewer replacements and more cost-effectiveness to vehicle owners.
The vehicle operations are also affected by the regulatory standards and safety requirements set down by governments and automotive bodies all over the world. With the increasing strictness of safety standards, manufacturers have to build idler arms which meet or exceed the level of compliance. Vehicle safety, which majorly involves the steering and suspension components, impacts the idler arm market where companies are driven to develop products that promote stability and control.
The whole market dynamics of idler arm is impacted by the after market segment. The idler arms on older vehicles may wear out and replacement may be necessary to maintain the proper steering functionality. The aftermarket is one of the most important sales channels for idler arm companies as people search for durable and affordable substitutes. In this market manufacturers should be well-prepared to the diverse requirements of aftermarket, offering high-quality idler arms which fit most of car brands and models.
The economic factors, such as vehicle sales, maintenance practices, and consumer expenditure habits, also impact the market's dynamics for idler arms. During the economic recessions, consumers prefer cheaper aftermarket idler arms or defer the maintenance which causes negative market demand. On the downside, during times of economic prosperity, increased auto sales and vehicle maintenance costs can lead to growth in the idler arm market.
Idler arm Market Highlights:
Idler arm Market Overview:
The Idler arm Market is projected to grow from 3.4 USD Bn in 2021 to 5.4 USD Bn by 2032, exhibiting a compound annual growth rate (CAGR) 4.1% during the forecast period (2023 - 2032).
To enhance the alignment of the vehicles, an ideal component is required which is commonly called a steering idler arm, another name of idler arm. The two parts in which the steering system is bifurcated are pitman arms and idler arms which are generally used for connecting the suspension centers in the vehicle’s wheels which have been installed between the chassis of the vehicle and center link from the pitman’s arms from the opposite side. This is installed for providing support to the steering wheel in commercial and passenger vehicles. To hold the ends of the passenger’s side, a steering idler arm is installed in the center link of the vehicle for providing extra comfort. Improper wheel alignment and shaking of the steering wheel are the most common symptoms of the main idler arm. The other components of the idler arm are the idler arm pulley, idler arm bracket, idler arm bushing, and idler arm puller. The idler arm marker in the global market is expected to grow at a high CAGR of 4.5% to account for a market value of approximately USD 22 billion during the forecasted period from 2017 to 2025.
COVID 19 Analysis
The situation of the global pandemic has affected the normal working of the organizations. With the growing outbreak of COVID 19, now one has to face financial crises along with health issues. The lockdown situation and post lockdown period have badly affected the working of businesses. Most of the production units in the idler arm market were shut down which results in a steep downfall in the revenues in the global market. It has also cut down the profit margin.
It is expected that the idler arm market in the global market will recover from this pandemic situation at the end of the first quarter of the coming year during the forecasted period. Although the industry is expected to regain its losses owing to the situation of a pandemic being under certain control by the governments around the world keeping rules and regulations in check.
Competitive Landscape
The most prominent key players are following:
- ACDelco (U.S.)
- Sankei Industry Co., Ltd (Japan)
- High Link Autoparts Co., Ltd (Taiwan)
- GMB Corporation Japan (Japan)
- Datta Industries (India)
- Rare Parts, Inc. (U.S.)
- Emerson Forge Pvt. Ltd. (India)
- Mevotech (Canada)
- Ningbo Motor Industrial Co., Ltd (China)
- Chase Steering Parts Co. (Taiwan)
These market players use various strategies and policies market to increase their potential customer base and for tapping the untapped potential market in the global market by doing mergers and acquisitions, partnership, developing a new product, developing new production process, and expansion of the production unit.
Market Dynamics
Drivers
Owing to the increase in the fleet of the automotive industry, the idler arm market is growing tremendously in the global market. An increase in demand for lightweight and heavy vehicles is another contributing factor in the growth of the idler arm market in the global market. Also, the increase in the advancement of technology and innovations in the automobile sectors boosts the growth of the market.
Opportunities
Owing to the innovation in automotive for ensuring grip and perfect handling provides various growth opportunities in the global market. Also, the increasing demand for vehicles in the global market directly provides growth opportunities for the idler arm market during the forecasted period. Another factor that gives growth opportunities is the growing demand for electric vehicles and hence creates a new market for the idler arm market.
Restraints
The idler arm market is growing at an alarming rate in the global market but some factors restrain the growth of the market like the massive fluctuations in the pricing of raw material restricts the growth of the idler arm market. Also, uncertainties in the policies of the government regarding automotive sectors restrict the growth of the idler arm market. Another factor that hampers the growth of the idler arm market in the global market is the lack of awareness.
Value Chain Analysis
The idler arm market is growing tremendously in the global market owing to various driving factors and tons of benefits associated with the idler arm market such as easy gripping in the lightweight and heavyweight commercial vehicles which ensures reduced tiredness and hence promotes driver’s safety. The greaseable design helps in the reduction of friction and hence produces less heat and galling which prevents the vehicles from premature wear and tear component service life.
Market Segmentation
The market for idler arm has been divided based on the material, sales channel, and vehicle types.
Based on Material
The idler arm industry in the global market has been divided based on the material into carbon steel material, iron material, alloy steel material, and many others. The alloy steel material dividend has the largest market share in terms of volume and value.
Based on Sales Channel
The global market has been divided based on the sales channel into OEM sales channel and aftermarket sales channel. OEM sales channel has the largest market share in terms of volume and value.
Based on Vehicle Type
The global market has been divided based on the vehicle type into light commercial vehicle, heavy commercial vehicle, and passenger car. The largest market share is held by the passenger car dividend.
Regional Analysis
The global market has been divided based on the region into North America region, Europe region, Asia-Pacific region, and the rest of the world. The largest share in the idler arm market is held by the Asia-Pacific region owing to the presence of South Korea, India, China, Indonesia, Japan, and Malaysia. Out of all these countries, China dominates the global market in the Asia-Pacific region as this is the key manufacturing unit in this region. Also, it has been observed that the Asia-Pacific region has the largest consumption and production of vehicles.
The second-largest market share in the idler arm market is held by the North American region owing to the presence of powerful countries like the U.S. and Canada. Out of these two countries, U.S. dominates the global market owing to its rising demand in volume and value along with the high growth of the e-commerce industry. Mexico region is also growing at a fast pace. The third position is held by the Europe region, and the German region dominates the market owing to stringent government standards regarding vehicles.
Recent Developments
- Increasing demand for heavy commercial vehicles and light commercial vehicles during the forecasted period provides various development opportunities for the idler arm market in the global market.
- Emerging countries of different regions like Mexico, Canada, India, China, South Korea, Japan, Indonesia, Malaysia, Philippines are using innovative techniques and trying to development of electric vehicles which directly leads to the growth of the idler arm market in the global market.
- With the changing market trend in the global market in the automotive sector, now competitors have to adopt various strategies to sustain in the global market like the study of product width and breadth, company strengths and weakness, and investment in research and development.
- With the innovation in the idler arm market, it provides comfortable movement of vehicles in hilly and rough regions and avoids shaking of the steering wheel and improper alignment of wheels.
- The cost-effective features of the idler arm market also provide various development opportunities in the global market during the forecasted period.
Report Overview
This global market research report consists of the following elements:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Developments
This global research report contains various factors that drive the growth of the idler arm market in the global market along with some restraining factors. The opportunities during the forecasted period are also mentioned along with the impact of the global pandemic of COVID 19 on the idler arm market. The future growth rate of the idler arm market is estimated and mentioned for the forecasted period.
User
Idler arm manufacturers, automotive components manufacturers, automotive chassis assembly manufacturers, automotive components distributors, and dealers and retailers, traders and exports, and many others.
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