January 2019: Adroit Market Research launched a study titled, “Global Automotive Suspension Market Size 2017 by Type (Air, Hydraulic, Leaf), by Vehicle Type (Passenger Vehicle & Commercial Vehicle), by System (Passive, & Semi/Active), by Region and Forecast 2018 to 2025”. The study covers the global automotive suspension value for a period ranging between 2015 to 2025, where 2015 to 2017 imply the actual annual revenue with forecast between 2018 and 2025. The global automotive suspension market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages.
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. mainly driven by increasing adoption of advanced suspension systems in vehicles to offer comfortable and safer riding experience. Similarly, growing disposable income, increasing vehicle demand, and technological advancements in automotive industry are driving the market for automotive suspension market. However, in spite of growing popularity of advanced suspension system, the cost of such system is very high, which might restrain the growth of the market during the forecast period. In addition, the presence of counterfeit products in the market is a major challenge in front of automotive suspension manufacturers.
The automotive market is consistently moving towards hybrid and electric vehicle segment. Automotive companies are focusing on launching electric vehicles which are completely different from fuel vehicles and using advanced suspension systems such as Regenerative Suspension System. This transition of automotive industry is expected to offer multiple opportunities for automotive suspension vendors.
In type segment, the market for air suspension system is estimated to grow at the CAGR of 6% during the forecast period. This growth will be primarily driven by increasing adoption of air suspension systems in HCVs, specifically in luxury buses. The air suspension system offers multiple advantages specifically in trucks such as reduced noise and vibrations, improved fuel consumption, and compatibility for multiple terrains.
On the basis of systems, semi active/ active segment is estimated to grow at the highest CAGR of 6.5% during the forecast period. The semi active or active suspension system offers major benefits over passive suspension systems such as better control and improved comfort during driving. Earlier, the active suspension systems were primarily used in racing, sports or luxury vehicles, however, with rising consumer demand and competition automotive manufacturers are launching new models with active or semi active suspension systems
Geographically, 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. North America and Europe held the second and third largest market value shares respectively. Other developing markets in countries such as Brazil and Argentina are going to drive the market for South America.
ZF, Tenneco, KYB, Continental, Magneti Marelli, Mando, Benteler, ThyssenKrupp, Sogefi, and NHK Spring are the leading players present within the global automotive suspension market.
Key segments of the global automotive suspension market
Type Overview, 2015-2025 (USD billion)
Vehicle Type Overview, 2015-2025 (USD billion)
- Passenger Vehicle
- Commercial Vehicle
System Overview, 2015-2025 (USD billion)
- Semi active/Active
Regional Overview, 2015-2025 (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