The global automotive suspension market was valued at USD 55.28 Billion in 2019, and is projected to reach USD 73.36 Billion by 2027, registering a CAGR of 3.5%.
Asia-Pacific was the highest revenue contributor, accounting for USD 20.51 Bbillion in 2019, and is estimated to reach USD 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.
|
Attribute |
Details |
|
Forecast period |
2021 - 2026 |
|
Segments covered |
System, Component, Geometry, Suspension Type, Vehicle Type. |
|
Leading Companies covered |
IBM, Oralcle, HCL, Salesforce, SAP, Brightpearl, Zoho, Contalog. |
|
By System |
Passive System, Semi Active/Active System |
|
By Component |
Spring, Shock Dampener, Struts, Control Arms, Ball Joint, Leaf Spring, and Air Compressor |
|
By Geometry |
Dependent, Semi-independent, and Independent |
|
By Suspension |
Hydraulic Suspension, Air Suspension, and Leaf Spring |
|
By Vehicle |
Two-wheeler, Passenger Cars, and Commercial Vehicle |
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.
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.
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.
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.
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.
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.
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.
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.
By System
By Component
By Geometry
By Suspension Type
By Vehicle Type
By Region
North America
Europe
Asia-Pacific
LAMEA
$4999
$6004
$8373
Add to Cart
Add to Cart
Add to Cart
Add to Cart