The automotive suspension system market was valued at USD 61.05 billion in 2021, and it is expected to reach USD 86.16 billion by 2027, registering a CAGR of about 5.76% during the forecast period 2022 - 2027.
The automotive suspension system market was adversely affected due to the outbreak of COVID-19. The decline in passenger car and commercial vehicle sales in 2020 and the temporary shutdown of vehicle and component production facilities have resulted in a decrease.
Rising demand for luxury cars, and penetration of active suspension systems are expected to drive the market demand over the forecast period. The rise in vehicle autonomy is expected to drive the market growth for sensor- and electronic-based suspension systems. The development of air suspension in automobiles was one of the most significant changes in the industry. Each wheel’s damping can be adjusted automatically to the current driving environment and road conditions.
Major companies are investing in the development and manufacturing of new suspension systems for commercial deployment, and this factor is expected to drive the market growth in the future. ZF Commercial Vehicle Control System’s India division leveraged an advantage from the acquisition of WABCO and launched a new air suspension system that combines air suspension (rubber bellows filled with pressurized air) with ECAS technology. The system contains an ECU unit that reads height, pressure, braking, and other data with the help of sensors. The system is expected to reduce the total cost of ownership for bus fleet operators in the long run because of its ability to deliver optimum performance with varying vehicle load and driving conditions.
Key Market Trends
Rise in sale of Commercial Vehicle
The demand for commercial vehicles is rising owing to the growing logistics industry as well as increasing usage of light commercial vehicles, such as vans (for ride-hailing services). One of the key driving factors for light commercial vehicles is the increased preference for pickup trucks and small vans over heavy-duty trucks and railways for logistics. The hefty demand for logistics stems from the growing e-commerce industry across the globe. As the e-commerce market continues to expand, demand for pickup vans, small trucks, and other LCVs is also likely to increase.
Due to the rising environmental concerns, electric buses and trucks are widely adopted across various regions, like Asia-Pacific, Europe, and North America, which is expected to boost the demand for advanced automotive suspension systems during the forecast period. The electric commercial vehicle market is in its growth phase, and the market is expected to rise exponentially during the forecast period. The government and the private players across the region are taking major initiatives, like the requirement and development of charging infrastructure for intercity buses on the long-distance route.
The government and car manufacturers initiatives to introduce electric commercial vehicles is expected drive the automotive suspension market in the study period. In the past few years, the electric commercial vehicle market witnessed major automakers rolling out their strategies toward electric mobility helping to boost the global suspension market. For instance:
In May 2020, BYD Europe announced its plans to launch an e-truck range in the European market. Its plans are to introduce a full range of battery electric vehicles (BEV) in the commercial vehicle sector, including a panel van and 7.5 metric ton and 19 metric ton rigid distribution trucks, are underway.
Technological advancements, along with new vehicle launches, and increasing adoption of electric commercial vehicles across the world is expected to help the automotive suspension system market growth during the forecasted period.
Asia-Pacific is Anticipated to Register the Highest Growth During the Forecast Period
Asia-Pacific automotive suspension system market is expected to grow at a significant rate in terms of revenue during the forecast period. Rise in new vehicle sales including passenger cars and commercial vehicle across the region is witnessing major growth for the market. Major companies are expanding their production faciltiies across the region is likely to create an opportunity for the market. For instance,
In March 2021, ThyssenKrupp planned to expand its presence in China. The new damper production line in China is being built at an existing ThyssenKrupp automotive site in Changzhou. The plant will produce electronically adjustable damping systems. These semi-active dampers use sensors to measure vibrations throughout the journey and recognize the driving situation and condition of the vehicle.
In August 2020, the ZF Commercial Vehicle Control Systems division in India designed air suspension with Electronically Controlled Air Suspension (ECAS) technology to address issues including higher fuel consumption, decreased rider comfort, passenger safety, and vehicular instability.
Such initiatives are expected to drive automotive production in the upcoming years, which, in turn, would drive the demand for automotive suspension system across the region.
The automotive suspension system market is fragmented with leading players such as Continental AG, Mando Corporation, ZF, Magneti Marelli and Thyssenkrupp AG, etc. accounting major market share.
Product innovation and geographic expansion to new markets will play a major role in the success of any player in the automotive suspension market.
In 2021, Continental expand its product range with air suspension dampers. The products will be initially available for VW and Audi brand models, including the Audi A8, Audi Q7 and VW Touareg.
In 2018, Hyundai Mobis, a South-Korea-based car parts company, announced that the company developed electrical Active Roll Stabilization (eARS). eARS is an automotive component used to stabilize the horizontal inclination of the body of a vehicle in motion by mitigating the leaning of the body caused by centrifugal force when the car turns quickly and the impact from irregular surfaces. eARS are based on 12V and 48V, making it suitable for green vehicles.
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