The surging demand of automotive suspension is owed to the car and automobiles industry. Advancement of the same has propelled the mammoth requirement of better automotive suspension system. The development is backed by the inclining trend of independent suspensions over the dependent suspensions
The outbreak of COVID-19 has seriously impacted the general deliver chain of the automobile enterprise. The halt in manufacturing and logistics created because of the pandemic has affected the automobile enterprise. The pandemic has affected the general boom of the world in 2020, as predominant automobile gamers which include Fiat, Volkswagen, PSA Group, General Motors, and BMW needed to droop their manufacturing because of COVID-19 for the duration of the preliminary 2nd quarters of 2020. This situation impacted the automobile suspension marketplace, in particular in European & North American countries, because the boom of this marketplace is immediately associated with the manufacturing of vehicles. However, the call for suspension structures is anticipated to upward thrust thinking about 2021 because the recuperation period, in which the automobile enterprise is anticipated to show off boom, in line with enterprise experts.
Based on type, the global automotive suspension market is primarily segmented into air suspension, hydraulic suspension, leaf suspension and others. The automotive suspension market is dominated by the air automotive suspension making up for a market share of 49% in the year 2017. This is due to popularity and major adoption of air suspension systems in luxury vehicles. In addition, growing penetration of electronically controlled air suspension system (ECASS) in buses will drive the market for global automotive suspension market.
Based on vehicle type, the global automotive suspension market is segmented into passenger and commercial vehicles. The automotive suspension market for passenger vehicle is estimated to grow at the highest CAGR during the forecast period. The primary driving factors for passenger vehicle segment are growing disposable income and ease in owning a vehicle with financial assistance. The increasing demand for passenger vehicles is enabling more vehicle production, which will subsequently drive the market for automotive suspension of passenger vehicles.
Based on region, the global automotive suspension market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia Pacific will be dominating the automotive suspension market with an estimated market share of 38% in the year 2025. The presence of growing major automotive markets in countries such as China, Japan, India, and Indonesia will be primarily driving the market in Asia-pacific. Additionally, the major automotive manufacturers are concentrated in the region, which will further drive the market in the region.
The major players in the automotive suspension system market include ZF, Tenneco, KYB, Continental, Magneti Marelli, Mando, Benteler, ThyssenKrupp, Sogefi, and NHK Spring.
Subtle the riding quality and comfort automotive suspension market has taken this mentioned growth factor. Due to technological ear of advancement electromagnetically actuated active suspension and regenerative suspension system are defining the recent proportion of success scale.
The global automotive suspension market size was valued at USD 76.94 billion in 2018 and the market is estimated to grow at the CAGR of 4.8% during the forecast period. The global automotive suspension market is primarily driven by increasing adoption of advanced suspension systems in vehicles to offer comfortable and safer riding experience. Similarly, the rising demand from developing countries specifically due to poor road infrastructure coupled with government initiatives will fuel the growth for automotive suspension market.
Automotive suspension systems consist of multiple components such as springs and dampers, which are linked together to provide better traction, steering stability and improved vehicle control while driving the vehicle. The quality of the suspension system is critical for vehicle safety and control, specifically in the areas with poor roads. A good suspension system is essential in maximizing the traction between tires and road surface, and offer a comfortable driving experience. Most vehicles rely on passive suspension systems, however, with the advent of technology vehicle manufacturers are focusing on integrating advanced active suspension systems in newly launched models.
The market for automotive suspensions is expected witnessed steady but significant growth in recent years. In addition to the growing vehicle demand and production, the manufacturers are including advanced suspension systems in the latest models. The advanced suspension systems are not anymore limited to sport or luxury cars. Major automotive manufacturers are replacing traditional passive automotive suspension systems with advanced active suspension systems, which is driving the market for automotive suspension market.
The marketplace for automotive suspension machines in North America and Europe registered a constant growth in 2017-2019. However, the Asia-Pacific car suspension machine marketplace is expected to sign in the best boom all through the forecast period. Asia-Pacific is pretty ruled through each, neighbourhood and worldwide manufacturers. KYB Corporation is a few of the pinnacle businesses in Asia-Pacific, majorly offering surprise absorbers. In addition, the agency has a worldwide presence and is well-identified for its surprise absorber product portfolio. Asia-Pacific is taking pictures the growing percentage of worldwide automobile income and is predicted to look persisted robust boom in each the medium and lengthy-term. This is basically because of the fast-developing GDP, growing centre class, and the customer call for brand spanking new vehicles. China, India, Malaysia, and different growing markets.
This growth meter is followed by the uplifted demand of safe and comfort ride in heavy commercial vehicles by excessive demand of air suspension. These features are expected to cater a potential strategic market growth for automotive suspension market in the forecasted time frame of 2021 to 2028.
To maintain the equilibrium of market few of the restraints will act as a curbing factor, which are as follows. Dearth for standardizing independent suspension system will hamper the market growth coupled with huge maintenance and expensive cost input.
Automotive Suspension Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 76.94 billion|
|Growth Rate||CAGR of 4.8% during 2021-2028|
|Segment Covered||Type, Vehicle Type, System, by Industry|
|Regions Covered||North America, Europe, Asia-Pacific, South America, Middle East & Africa|
|Key Players Profiled||ZF, Tenneco, KYB, Continental, Magneti Marelli, Mando, Benteler, ThyssenKrupp, Sogefi, and NHK Spring|
Key segments of the global automotive suspension market
Type Overview, 2020-2028 (USD billion)
Vehicle Type Overview, 2020-2028 (USD billion)
- Passenger Vehicle
- Commercial Vehicle
System Overview, 2020-2028 (USD billion)
- Semi active/Active
Regional Overview, 2020-2028 (USD billion)
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa