The global automotive suspension market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 50.7 billion in 2026, at a CAGR of 3.4% during the forecast period. The major driving factors for the automotive suspension industry are increase in demand for vehicle comfort and safety and increasing adoption of air suspension systems in HCVs.
The outbreak of COVID-19 has severely impacted the overall supply chain of the automotive industry.The halt in production and logistics created due to the pandemic has affected raw material suppliers of the automotive industry.
The pandemic has affected the overall growth of the sector in 2020, as major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW had to suspend their production due to COVID-19 during the initial second quarters of 2020.This scenario impacted the automotive suspension market, especially in European & North American countries, as the growth of this market is directly related to the production of vehicles.
However, the demand for suspension systems is expected to rise considering 2021 as the recovery period, where the automotive industry is expected to showcase growth, according to industry experts.
Air Suspension is estimated to be the fastest-growing market in architecture segment The installation rate of air suspension has witnessed significant growth in buses in Asia Pacific.The air suspension system adopted in buses ensures comfort for passengers and maintains the vehicle height at the desired level during travel.
Governments in countries such as China and India are focusing on fuel efficiency and comfortable public transport, which is further expected to drive the market for air suspension in buses during the forecast period.
Passenger Car is expected to be the largest market of the automotive suspension market, by vehicle type The passenger cars segment is estimated to be the largest growing market in terms of value and volume.The suspension system is one of the essential systems in any type of vehicle.
Hence, the growth of the suspension system is directly proportional to the production volume of passenger vehicles. The growing demand for comfort and safety features also has increased the installation of independent suspension systems in modern cars.
Asia Pacific is expected to be the largest market for automotive suspension Asia Pacific is expected to be the largest market, by value.China, South Korea, and Japan are the leading vehicle-producing countries in the region with collectively producing ~88% of total vehicles in the region.
The growth of the automotive suspension market in China can be primarily attributed to higher vehicle production and foreign direct investments (FDIs) in the form of alliances and joint ventures between international OEMs and Chinese partners.The infrastructural improvements in Asia Pacific could drive the demand for commercial vehicles in the region.
Thus, Asia Pacific is expected to lead the automotive suspension market with more than 49.6% share in the global automotive suspension market.
The breakup of primary respondents • By Company: Tier 2 – 45%, Tier 1 – 40%, Others -15% • By Designation: C level executives - 25%, Directors/Vice-Presidents - 30%, Others – 45% • By Region: Europe - 30%, Asia Oceania - 50%, North America - 20%
The automotive suspension industry is dominated by global players and comprises several regional players including ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Continental AG (Germany), thyssenkrupp AG (Germany), BENTELER (Austria), KYB Corporation (Japan), Marelli (Japan), Mando Corporation (South Korea), and NHK Spring (Japan). The study includes an in-depth competitive analysis of these key players in the automotive suspension market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.
Research Coverage The study segments the automotive suspension market and forecasts the market size based on size based on system (passive suspension, semi-active suspension, and active suspension), active suspension market, actuation (hydraulically actuated and electronically actuated), architecture (MacPherson strut, double wishbone, multilink, twist beam/torsion beam, leaf spring suspension, air suspension), OE market, component (coil spring, air spring, shock dampener, strut, control arm, ball joint, rubber bushing, leaf spring, and sway bar/link stabilizer), aftermarket, component (shock absorber, strut, ball joint, leaf spring, control arm, coil spring), vehicle type (passenger cars, light commercial vehicles, trucks, and buses), electric & hybrid passenger car suspension, architecture (leaf spring suspension, air suspension, double wishbone, MacPherson strut, multilink, twist beam/torsion beam), electric & hybrid trucks and buses suspension, vehicle type (trucks and buses), and Region (Asia Pacific, North America, Europe, and the Rest of the World).
Key Benefits of Buying the Report: The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the automotive suspension market and the sub-segments.This will also help the key players to identify the highest potential region and design its product portfolio as per the market requirements.
A detailed study on PC, LCV and HCV automotive suspension is expected to help manufacturers to understand the potential market for them.This report also include various analysis like supply chain, average selling price analysis, patent analysis, revenue shift analysis, case study analysis, and porter’s analysis.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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