According to a recent report published by Allied Market Research, titled, "Automotive Suspension Market by System, Components, Geometry, Suspension Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2020–2027," 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%.from 2020 to 2027.
Asia-Pacific dominates the market in terms of revenue, followed by Europe, North America and LAMEA. South Korea dominated the global automotive suspension market growth, whereas India is expected to grow at a significant rate in the automotive suspension market during the forecast period.
A suspension system is a mechanism that physically separates the car body from its wheels. It includes spring, dampener, and various links, in which the spring stores potential and kinetic energy while dampener dissipates the energy. The sale of electric, hybrid, and conventional vehicles has witnessed a global upsurge; thus, the market share of automotive suspension technologies is expected to increase. In addition, the adoption of air suspension and electromagnetic suspension has significantly increased in the automotive industry, which fuels the growth of the automotive suspension market. Furthermore, technological advancement of automotive suspension is expected to boost the market growth in untapped markets of different regions.
A quality ride provides comfort to passengers, minimizes damage to cargo, and reduces driver fatigue on long journeys. Suspension is responsible for 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 suspension system to prevent further injury to the already ill passengers. Such factors have boosted the demand for higher driving comfort, which eventually impacted the growth of the global automotive suspension market.
Automotive suspensions are more effective and powerful as compared to the ordinary mechanical or spring-based suspension systems, owing to which they are exclusively incorporated in heavy vehicles. In addition, they witness increased demand for installation in vehicles, as they provide superior and effective suspension and increase the comfort level of vehicles, which augments the growth of the automotive suspension market.
Suspensions used in automobiles are categorized into the passive system and the semi-active/active system. Among these, the passive system holds a major market share in the automotive suspension market, due to the factors such as they limit the motion of the body and wheel by limiting their relative velocities. By suspension type, the market is categorized into hydraulic suspension, air suspension, and leaf spring suspension. Among these, the air suspension segment is expected to witness lucrative growth during the forecast period, owing to its features such as reduced noise & vibration, improved fuel consumption as compared to other suspension systems, and high load carrying efficiency.
Factors such as technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles are the factors which 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. On the contrary, rise in demand for lightweight suspension system and development of advanced suspension systems are expected to provide remunerative opportunity for the growth of the market.
Key Findings of the Study:
- Depending on system, the passive suspension system generated the highest revenue in 2019.
- By component, the shock dampeners generated the highest revenue in 2019, while the air compressor is expected to see a lucrative growth during the forecast period.
- On the basis of geometry, the independent geometry suspension system generated the highest revenue in 2019.
- As per suspension system, the air suspension is projected to register a lucrative growth in 2027.
- According to vehicle type, the passenger vehicle segment was the highest revenue contributor in 2019.
- Region wise, Asia-Pacific contributed the highest market revenue in 2019, followed by North America, Europe, and LAMEA.
The key players analyzed in this report are 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.