Fort Collins, Colorado, April 28, 2024 (GLOBE NEWSWIRE) --
The growing demand for light and heavy automotive drives the industry's growth.
The idler arm market experiences its main impetus from the global expansion of the automotive sector. With the rise in vehicle manufacturing, there's a parallel increase in the requirement for idler arms, crucial components within the belt drive system. According to data from the International Organization of Motor Vehicle Manufacturers (OICA), worldwide vehicle production achieved a milestone of 80.1 million units in 2021, even amidst the challenges brought about by the COVID-19 pandemic. The growing demand for passenger, light, and heavy commercial vehicles is anticipated to catalyze the idler arm market growth in the forthcoming years.
The automotive aftermarket segment presents substantial opportunities for the idler arm market. As vehicles mature, idler arms undergo wear and tear, requiring replacement. With the average age of cars on the road steadily increasing and a growing inclination towards vehicle maintenance and repair, there's a projected surge in aftermarket demand for idler arms. The ever-increasing demand for replacement parts, including idler arms, offers market players a promising avenue to broaden their footprint within the aftermarket segment.
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Segmentation Overview:
The idler arm market has been segmented into material, vehicle type, sales channel, and region.
Alloy is a fast-growing segment expected to retain a leading position in the coming years.
- The alloy steel segment is expected to hold the largest market share in 2023. Alloy steel, particularly high-strength low-alloy (HSLA) steel, is widely used in the manufacturing of idler arms due to its superior strength, durability, and resistance to wear and tear.
The passenger car segment leads the vehicle type category with a leading position in the forecast period.
- The passenger car segment is expected to hold the largest market in 2023. Passenger cars account for the majority of vehicle production and sales worldwide, and consequently, they generate the highest demand for idler arms.
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Idler Arm Market Report Highlights:
- The idler arm market growth is anticipated at a CAGR of 4.9% by 2032.
- Expansion in the automotive industry and rise in aftermarket accessories drive the industry growth.
- Europe is the leading region for the idler arm owing to lucrative investments in automotive research and development and a focus on improving vehicle efficiency.
- Some prominent players in the idler arm market report include SKF, Gates Corporation, ACDelco, Dayco, Dorman Products, Tenneco, Mevotech, MAS Industries, Sankei 555, GMB Corporation, Melling, and Rare Parts.
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