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North American Steering System Hard Parts Aftermarket Experiences Modest Increase in Unit Shipments - The North American steering system hard parts aftermarket continues to demonstrate modest growth due to the introduction of new vehicles with variable chassis features
North American Steering System Hard Parts Aftermarket Experiences Modest Increase in Unit Shipments

 

NewswireToday - /newswire/ - Palo Alto, CA, United States, 2008/02/25 - The North American steering system hard parts aftermarket continues to demonstrate modest growth due to the introduction of new vehicles with variable chassis features.

   
 
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Since steering parts perform multiple functions throughout a vehicle, the rise in the total number of steering parts exceeds the increase in the number of vehicle models. This factor contributes significantly to the aftermarket's growth, as distributors must now stock more parts to meet demand.

New analysis from Frost & Sullivan (automotive.frost.com), North American Steering System Hard Parts Aftermarket, finds that the market earned revenues of $387.5 million in 2006 and estimates this to reach $416.1 million in 2013.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the North American Steering System Hard Parts Aftermarket, then send an email to Sara Villarruel, Corporate Communications, at sara.villarruel[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

"Light trucks using recirculating-ball steering gears drive the sales of conventional steering parts," notes Frost & Sullivan Industry Manager Avijit Ghosh. "Tie rods installed in new vehicle models are expected to ensure the growth of the aftermarket in the medium to long term."

With regard to the product segments, ball joints and tie rods represent the two largest segments of the steering system hard parts aftermarket. Despite nearly equal unit shipment sizes, ball joints hold a higher share of total revenues due to their higher cost. The unit shipment and revenue shares for both segments will likely gradually increase over the forecast period as a result of declines in the idler/pitman arm and center/drag link market segments.

However, premium lines will gradually lose market share to economy line products. This loss stems from the low labor costs in Asian countries that enable manufacturers to inexpensively produce the most popular and fastest moving part numbers for resale in the North American aftermarket. Given the minimal difference in quality between North American premium parts and imported economy-line parts, the aftermarket is less willing to pay the higher price for steering components manufactured in North America.

"Furthermore, original equipment (OE) steering parts have consistently improved in durability and reliability over the past few years," says Ghosh. "This has lowered replacement rates, thereby resulting in lower aftermarket unit shipment demand."

North American manufacturers need to start actively supplying economy line products to mitigate the competition from Asian products. Manufacturers that offer a full line of chassis parts will have a better opportunity to sell products to large customers that have grown from consolidation. Success in this market requires comprehensive market coverage and supplying through key traditional and retail customers.

North American Steering System Hard Parts Aftermarket, is part of the Automotive & Transportation Growth Partnership Service program, which also includes research in the following markets: North American Remanufactured Engine and Transmission Aftermarket, North American Starters and Alternators Aftermarket, and United States Rack and Pinion Steering Gear Aftermarket. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.

Frost & Sullivan, the Global Growth Consulting Company, partners with clients to accelerate their growth. The company's Growth Partnership Services, Growth Consulting, and Career Best Practices empower clients to create a growth focused culture that generates, evaluates, and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 30 offices on six continents.

North American Steering System Hard Parts Aftermarket
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North American Steering System Hard Parts Aftermarket Experiences Modest Increase in Unit Shipments

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Frost & Sullivan |
Publisher Contact: Sara Villarruel 
210.477.8448 sara.villarruel[.]frost.com
 
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