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2020
Automotive Suspension Market

Automotive Suspension Market

by System (Passive and Semi-active/Active), Component (Spring, Shock Dampener, Struts, Control Arms, Ball Joint, Leaf Spring, and Air Compressor), Geometry (Dependent, Semi-independent, and Independent), Suspension Type (Hydraulic Suspension, Air Suspension, and Leaf Spring), and Vehicle Type (Two-wheeler, Passenger Cars, and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2019-2027
Update Available On-Demand

Report Code: A01382
Pages: 344
Mar 2020 | 21028 Views
Author(s) : Abhay Singh , Sonia Mutreja
Tables: 151
Charts: 79
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Automotive Suspension Market Statistics – 2027

The global automotive suspension market was valued at $55.28 billion in 2019, and is projected to reach $73.36 billion by 2027, registering a CAGR of 3.5%. Asia-Pacific was the highest revenue contributor, accounting for $20.51 billion in 2019, and is estimated to reach $28.33 billion by 2027, with a CAGR of 4.1%. Asia-Pacific and North America collectively accounted for around 67.5% share in 2019, with the former constituting around 37.1% share. Asia-Pacific and Europe are expected to witness considerable CAGRs of 4.1% and 3.4%, respectively, during the forecast period. The cumulative share of these two segments was 61.5% in 2019, and is anticipated to reach 62.7% by 2027.

Automotive Suspension Market

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 wheel, castor of 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 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.

Automotive Suspension Market
By System

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Semi-Active/Active system is projected as the most lucrative segments

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A quality ride provides comfort to passengers, minimizes damage to cargo, and reduces driver fatigue during long journeys. Suspension is responsible for the quality of rides and control on car handling, as cars with firm suspension could result in enhanced control of body movements and quicker reactions. Ambulances have a special need for enhanced vehicle suspension to prevent further injury to already ill passengers. Such factors have boosted the demand for higher driving comfort, which positively impacts the growth of the global air suspension market.

Automotive Suspension Market
By Components

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Air compressor is projected as the most lucrative segments

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Factors such as technological advancements related to vehicular components, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles are the factors are expected to drive the growth of the global automotive suspension market. However, factors such as improvement in global standards for vehicles and high maintenance cost of advanced suspension systems are anticipated to hamper the growth of the market. On the contrary, rise in demand for lightweight suspension systems and development of advanced suspension systems are expected to provide lucrative opportunity for the expansion of the global market.

Automotive Suspension Market
By Geometry

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Independent Geometry is projected as the most lucrative segments

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The global automotive suspension market is segmented into system, component, geometry, suspension type, vehicle type, and region. On the basis of system, the market is categorized into passive system and semi-active/active system. Depending on component, it is classified into spring, shock dampener, struts, control arms, ball joint, air compressor, and leaf spring. By geometry, it is segregated into dependent, semi-independent, and independent suspension. According to suspension type, it is fragmented into hydraulic, air, and electromagnetic suspension. As per vehicle type, it is classified into two-wheelers, passenger cars, and commercial vehicles. Region wise, the automotive suspension market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the global automotive suspension market report include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.P.A., Tenneco INC., Wabco, and ZF TRW, which garner a major share.

Automotive Suspension Market
By Suspension Type

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Air Suspension is projected as the most lucrative segments

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Increase in demand for luxury & comfort in vehicles

Increase in demand for comfort and luxury in vehicles and quieter cabin has significantly contributed toward the growth of the global automotive suspension market. Manufacturers such as BMW, Audi, Mercedes Benz, Volvo, Jaguar, Rolls-Royce, and Land Rover are the key players manufacturing luxury vehicles in the automotive industry. Moreover, the sale of luxury cars is anticipated to increase by two-folds by 2020, due to advancement in vehicle technology and growth in economy of developing countries. Moreover, noise, vibration, and harshness (NVH) performance of vehicles should meet the defined standard ratings to provide more comfort and reduce cabin vibrations. Thus, all these factors collectively boost the growth of the global automotive suspension market.

Rise in production of vehicles

The automotive industry witnessed robust growth in the last decade in countries such as China, the U.S., Japan, India, Germany, and the UK. The global automotive industry initially focused on the developed countries such as Japan, the U.S., and Germany. However, companies have shifted their manufacturing facilities in the developing countries, such as China, Thailand, and India, due to increase in demand for automobiles & automotive components in these countries. Low cost of labor further decreases the production cost, and thus enables the manufacturers cater to the increasing demands, which is anticipated to boost the sale of electric vehicle during the forecast period. In addition, decrease in prices of electric vehicle parts such as battery, transmission, and alternators are expected to propel the sales of electric vehicles. Such factors are projected to contribute toward the growth of the global vehicle industry.

Automotive Suspension Market
By Vehicle Type

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Two-wheeler is projected as the most lucrative segments

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High maintenance cost of advanced suspension systems

High cost associated with installing new or advanced suspension systems leads to increase in cost of vehicles, which is expected to hamper the growth of the automotive suspension market. The prospect of providing premium features in vehicles incurs additional expenses to consumers in the form of hardware, applications, and telecom service charges, which eventually limits the market growth. Moreover, the serviceability of such vehicles is difficult, and require skilled workers due to several components and sensors. Complex structure of systems reduce the service life of vehicles. Thus, high initial cost and complex structure are expected to have a negative impact on the growth of the global automotive suspension market.

Rise in demand for lightweight suspension system

Suspension plays a vital role in improving luxury and comfort and reducing cabin vibrations in vehicles. Conventional suspension components are manufactured using materials such as steel or alloy of steels, including stainless steel and carbon steel. However, these materials are heavy and have less strength as compared to other materials. Therefore, technological advancements in the automotive industry have led to the development automotive lightweight materials such as aluminum, carbon fiber, and titanium alloys in manufacturing components of suspension systems. Such are materials are used for manufacturing suspension component due to their improved properties such as low weight, high specific stiffness, corrosion resistance, ability to produce intricate shapes, high specific strength, and high impact energy absorption. Moreover, automotive lightweight materials are expected to witness high adoption in the automotive industry, due to surge in demand for fuel-efficient vehicles and implementation of stringent vehicular emission regulation, which are expected to provide lucrative growth opportunity for the expansion of the automotive suspension market in the near future

Automotive Suspension Market
By Region

2026
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 4.1% during 2020-2027.

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Key Benefits for Stakeholders:

  • This study presents the analytical depiction of the global automotive suspension market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global automotive suspension market with a detailed impact analysis.
  • The current automotive suspension market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the automotive suspension industry.

Automotive Suspension Market Report Highlights

Aspects Details
By System
  • Passive System
  • Semi Active/Active System
BY COMPONENTS
  • Spring
  • Shock Dampener
  • Struts
  • Control Arms
  • Ball Joint
  • Air compressor
  • Leaf spring
By Geometry
  • Dependent geometry
  • Semi Independent
  • Independent geometry
By Suspension Type
  • Hydraulic Suspension
  • Air Suspension
  • Leaf Spring Suspension
By Vehicle Type
  • Two-wheeler
  • Passenger Cars
  • Commercial Vehicle
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players CONTINENTAL AG, FOX Factory, Inc., GABRIEL INDIA LIMITED, HENDRICKSON USA, L.L.C., KYB Corporation, MANDO CORPORATION, Sogefi SpA, Tenneco Inc, WABCO, ZF TRW (subsidiary of ZF FRIEDRICHSHAFEN AG)
 

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In vehicles, suspensions are used to provide enhanced driving experience as well as are intended to increase the comfort level. The suspension system equipped in vehicles is powered by various components such as an electric or engine-driven air pump or compressor. These pumps or compressors attached to the suspension system allows air to flow into the system, which is usually made from textile-reinforced rubber. Numerous developments have been carried out by companies such as Continental AG, FOX Factory, and Hendrickson USA, LLC. For instance, Hendrickson USA developed zero maintenance damping system, which is equivalent to the air suspensions. In addition, Tenneco Inc. has the production of smart suspension system, which finds its major application in automobiles, thereby augmenting the growth of the automotive suspension market.

Factors such as technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles are expected to supplement the growth of the market. However, improvement in global standards for vehicles and high maintenance cost of advanced suspension systems are anticipated to hamper the growth of the market. Conversely, rise in demand for lightweight suspension system and development of advanced suspension systems are expected to provide a lucrative opportunity for the growth of the market.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by North America, Europe, and LAMEA. On the basis of forecast analysis, Asia-Pacific is expected to maintain the lead in the near future, owing to the development of the automotive industry.

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FREQUENTLY ASKED QUESTIONS?

A. The new competitive developments in automotive suspension market includes numerous products offered by top automobile manufacturers by installing advanced suspensions in vehicles which leads to the growth of the global market.

A. Passive system holds a market share of approximately 90% in the global automotive suspension market thus leading to the wider application of passive automotive suspensions in vehicles.

A. The sample for automotive suspension market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. The potential customers of automotive suspension are the different vehicle manufacturers who offer advanced suspension to vehicles thus leading to the growth of the automotive suspension market.

A. The leading players in automotive suspension are Continental AG, FOX Factors, Gabriel India Limited and others who hold a major market share in the automotive susoension market.

A. The company profiles of the top market players of automotive suspension market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Based on the analysis carried out, Asia-Pacific is the highest revenue contributor in the global automotive suspension market and is expected to maintain the lead in the global market.

A. Based on the analysis carried out, Asia-Pacific is the highest revenue contributor in the global automotive suspension market and is expected to maintain the lead in the global market.

A. The service providers of automotive susoension industry are the different susppension manufacturers who are developing effective components which is propelling the growth of the global market.

A. The key growth strategies of automotive suspension industry players includes product launch and developments followed by the partnerships carried out to support the global automotive suspension market.

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