Idler arm Market Analysis:
The global idler arm market is predicted to touch USD 22 billion at a 4.5% CAGR amid 2019- 2025, according to the recent Market Research Future (MRFR) analysis. An idler arm is the right component to improve the alignment of a car. It is also called steering idler arm and is made of different materials such as carbon steel, iron, alloy steel, and others. This offers pivoting support to the steering linkage. This is made of a rod that pivots on the bracket bolted to the car’s frame on one end & supports ball socket at the other end.
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Various factors are propelling the global idler arm market growth. According to the latest MRFR report, such factors include the growing preference for heavy and light commercial vehicles, an increase in innovations and advancements with regards to perfect handling, increasing fleet size of automotive vehicle, the introduction of greasable automotive idler arm, and increasing production & sales of electric cars.
On the contrary, uncertain trade policies, volatility in raw material prices, and the impact of the COVID-19 outbreak are some factors that may limit the global idler arm market growth over the forecast period.
Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global idler arm market based on vehicle type, sales channel, and material.
By material, the global idler arm market is segmented into carbon steel, iron, alloy steel, and others.
By sales channel, the global idler market is segmented into aftermarket and OEM.
By vehicle type, the global idler market is segmented into heavy commercial vehicle, light commercial vehicle, and passenger car.
Regional Analysis
Based on the region, the global idler arm market report covers the recent trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe & the Middle East and Africa (MEA). Of these, the APAC region is predicted to dominate the market over the forecast period. The presence of developing economies such as Indonesia, Malaysia, South Korea, Japan, India, and China, the availability of low-cost idler arm, and the highest consumption and production of vehicles are adding to the global idler arm market growth in the region.
The global idler arm market in North America is predicted to have healthy growth over the forecast period. The US holds the maximum share in the market, followed by Mexico. The booming e-commerce industry in Canada & the US and the demand for light commercial vehicles are adding to the global idler arm market growth in the region.
The global idler arm market in Europe is predicted to have healthy growth over the forecast period. The presence of developed infrastructure and developed nations and introduced strict government standards for the occupant and vehicle safety are adding to the idler arm market growth in the region. Germany, the UK, and France have the maximum share in the market.
The global idler arm market in the MEA is predicted to have sound growth over the forecast period. Underdeveloped road infrastructure and an increase in vehicle production are adding to the global idler arm market growth in the region.
Key Players
Leading players profiled in the global idler arm market report include Chase Steering Parts Co. (Taiwan), Ningbo Motor Industrial Co., Ltd (China), Emerson Forge Pvt. Ltd (India), Rare Parts, Inc. (US), Datta Industries (India), Mevotech (Canada), High Link Autoparts Co., Ltd (Taiwan), Sankei Industry Co., Ltd (Japan), and ACDelco (US). Industry players have incorporated several strategies to create a niche in the market and also cater to the consumers surging demand. These strategies include mergers, acquisitions, new product launches, partnerships, joint ventures, extensive R&D, contracts, to name a few.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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