Automotive Suspension Market Overview
Global Automotive Suspension Market is expected to reach $284 billion by 2022, growing at a CAGR of 4.9% during the forecast period 2016 - 2022. Automotive suspension consists of a system of spring, shock absorbers, struts, control arms, and ball joints that connect the vehicle to the wheel and subsequently enable relative motion between the two. The type of geometry and system used to build suspension depends on the camber of the wheel, castor of the hub, toe of the vehicle, and king pin inclination of the control arms. Suspensions aid in keeping the vehicle tires in contact with the road during the ride to reduce the shocks during driving and protect the vehicle and its cargo from any damage or wear. In addition, it provides isolation to the vehicle from high-frequency vibrations from tire excitation.
The global automotive suspension market analysis reveals considerable growth in the recent years due to technological advancements, rise in production of vehicles, and increase in demand for luxury and comfort. However, rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers is expected to boost the market growth. However, increasing global vehicle standards and high maintenance cost of advanced suspension systems may hamper the market growth.
The market is segmented by system, component, geometry, suspension type, vehicle type, and geography. Furthermore, by type of system, it is bifurcated into passive system and semi-active/active system. Based on the type of component, it is classified into spring, shock dampener, struts, control arm, ball joints, leaf spring, and air compressor. By type of geometry, it is sub-segmented into dependent, semi-independent, and independent suspension. By type of suspension, it is divided into hydraulic, air, and leaf spring suspension. Based on vehicle type, the market is categorized into two wheelers, passenger cars, and commercial vehicles. On the basis of geographical regions, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA regions.
Passenger Cars Lead the Automotive Suspension Market
Passenger cars comprise vehicles such as sedans, hatchback, sports utility vehicles (SUV), multi-utility vehicles (MUV), and electric cars (battery electric vehicle (BEV), and hybrid electric vehicle (HEV)). The global automotive industry exhibited sales of approximately 66 million passenger cars in 2015. Currently, there are around 358,000 BEV and 242,000 PHEV across the globe. Passenger cars segment account for the major share of overall vehicle suspension sales. Moreover, the number of electric passenger cars is expected to reach 450 million units by 2040. Passenger cars need to undergo strict vehicular safety tests and regulations prior to being launched in the market to comply with the safety standards.
Global Passenger Car Suspension Sales, 2015 - 2020
Top Winning Strategy: Global Automotive Suspension Market
At present, product launch is the most widely adopted strategy in the market, accounting for around 57% share of the strategies adopted by key players. Leading automotive suspension manufacturer, such as KYB Corporation, WABCO, ZF TRW, and Tenneco Inc., have expanded their business by developing low-cost and technologically advanced automotive suspension systems.
Technological Advancement to propel the Market Growth
Technological advancement of automotive suspension systems is expected to unfold various growth opportunities in the future. Upgraded features, such as active curve tilting, magnetic dampers, and hydraulic roll control, improve the driving condition of the vehicle. In addition, advancement in air suspension and electro-magnetic suspension is anticipated to propel the market growth.
Asia-Pacific: Most Lucrative Automotive Suspension Market
The Asia-Pacific region includes countries such as China, Japan, India, and South Korea. The market growth in the region is supplemented by increase in vehicle safety norms formulated by different transport authorities. For instance, as per Indian Government, air suspension system has been made mandatory for heavy trucks and buses since the past few years. It is anticipated to be the fastest-growing market during the forecast period.
The leading market players have focused on expanding their business operations in the developing countries. The companies that operate in the market have consistently introduced innovative solutions to enhance their product portfolio. Product development and partnerships are the two prominent growth strategies adopted by them. The major players profiled in this report include KYB Corporation, Hendrickson USA, L.L.C, Gabriel India Limited, FOX Factory, Inc., WABCO, Continental AG, ZF TRW, Magneti Marelli S.p.A, Tenneco Inc., and Sogefi SpA.
Other players in value chain include Tower International, F-TECH INC., F&P America, Multimatic Inc., BWI Group, Tinsley Bridge Group, Unity Automotive, and Kumpulan Belton Berhad.
AUTOMOTIVE SUSPENSION MARKET KEY BENEFITS
- The study provides an in-depth analysis of the current trends and future estimations of this market to elucidate the imminent investment pockets.
- The report offers a quantitative analysis for the period 2014‐2022 to enable stakeholders to capitalize on the prevailing market opportunities.
- It provides historical figures for 2014 and 2015, and year-on-year forecasts from 2016 to 2022, considering 2015 as base.
- Competitive intelligence of the industry highlights the business practices followed by leading players across various regions.
AUTOMOTIVE SUSPENSION MARKET KEY SEGMENTATION
- Air Spring
- Shock Dampener
- Controller/Control Arms
- Ball Joint
- Leaf Spring
- Air Compressor
BY SUSPENSION TYPE
- Hydraulic Suspension
- Air Suspension
- Leaf Spring Suspension
BY VEHICLE TYPE
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
MARKET PLAYERS IN VALUE CHAIN
- KYB Corporation
- Hendrickson USA, L.L.C
- Gabriel India Limited
- FOX Factory, Inc.
- Continental AG
- ZF TRW
- Magneti Marelli S.p.A
- Tenneco Inc.
- Sogefi SpA
- Tower International
- F-TECH INC.
- F&P America
- Multimatic Inc.
- BWI Group
- Tinsley Bridge Group
- Unity Automotive
- Kumpulan Belton Berhad