Technological advancements in the automotive industry, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles drive the growth of the global automotive suspension market.
WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Suspension Market by System, (Passive System and Semi-Active/Active System). Component, (Spring, Shock Dampener, Struts, Control Arms, Ball Joint, Air Compressor, and Leaf Spring). Geometry, (Dependent, Semi-Independent, and Independent Suspension), Suspension Type, (Hydraulic, Air, and Electro-Magnetic Suspension). and Vehicle Type, (Two-Wheelers, Passenger Cars, and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global automotive suspension industry size generated $61,566.0 million in 2022 and is projected to reach $96,562.1 million by 2032, registering a CAGR of 4.7% from 2023 to 2032.
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Leading Industry Manufacturer of Automotive Suspension: –
Continental AG
FOX Factory Inc.
Gabriel India Ltd.
Hendrickson USA LLC
KYB Corporation
Mando Corporation
Sogefi SpA
Tenneco Inc.
Wabco Holdings Inc.
Thyssenkrupp AG
The report provides a detailed analysis of key players in the global automotive suspension market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominant share in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Prime determinants of growth
The automotive suspension market plays a crucial role in ensuring the smooth and safe operation of vehicles, making it a pivotal component of the automotive industry. The growth of the global automotive suspension market is driven by factors such as technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles. However, factors such as improvement in global standards for vehicles and high maintenance cost of advanced suspension systems are anticipated to hamper the growth of the market. Conversely, rise in demand for lightweight suspension systems and the development of advanced suspension systems are anticipated to offer potential growth opportunities for the global market.
Key Highlights of the Report:
Extensive Geographic Coverage: Our automotive suspension market study encompasses 14 different countries, offering a comprehensive regional and segment analysis of each nation’s value ($million) for the forecasted period from 2023 to 2032.
Data Integration and Expert Analysis: Our research is founded on the integration of high-quality data, expert opinions, rigorous analysis, and impartial, independent perspectives. This holistic research approach aims to provide a well-rounded perspective on global markets, empowering stakeholders to make informed decisions that drive them towards their most ambitious growth objectives.
Comprehensive Data Review: To gain deeper insights into the market, we meticulously reviewed more than 3,700 sources, including product literature, annual reports, industry statements, and other relevant materials from major industry participants. This extensive data review enhances our understanding of the market dynamics and trends.
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Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$61.56 billion |
|
Market Size in 2032 |
$96.56 billion |
|
CAGR |
4.7 % |
|
No. of Pages in Report |
342 |
|
Segments Covered |
System, Component, Geometry, Suspension Type, Vehicle Type and Region. |
|
Drivers |
Increase in the manufacturing of vehicles Growth in demand for luxury & comfort in vehicles Increase in trend toward EV and Autonomous vehicles Advancements in Technology |
|
Opportunities |
Rise in demand for lightweight suspension system Development of advanced suspension systems Increase in demand from Aftermarket |
|
Restraints |
Implementation of stringent regulations for vehicles High maintenance cost of advanced suspension systems |
COVID-19 Impact Analysis
The pandemic has also led to a renewed emphasis on safety and hygiene within vehicles. Consumers are more conscious of cabin air quality, which has led to increased demand for advanced suspension systems that can provide a smoother and more comfortable ride. Manufacturers are responding by integrating technologies such as advanced air filtration systems and adaptive suspension systems into their products.
On the production side, the pandemic has accelerated the integration of automation and digitalization in manufacturing processes. Suspension component manufacturers have been investing in smart manufacturing technologies to enhance efficiency, minimize human contact, and maintain production continuity even during unforeseen disruptions.
The shock dampener segment to maintain its dominance throughout the forecast period.
By component, the shock dampener segment held the highest market share in 2022 and is estimated to maintain its dominance throughout the forecast period (2023 to 2032), due to their characteristic property to dampen the oscillations of vehicles. In addition, recent advancements, such as ride height control, have made it possible to use shock dampeners in air suspension systems, thereby improving the performance of vehicles. However, the air compressor segment is projected to witness the highest CAGR of 5.6% from 2023 to 2032, due to compressors in an automotive suspension system used to compress the air present in the tank. This compressed air is used in the suspension system of the vehicle, thereby offering an improved and efficient driving experience.
The commercial vehicle segment is projected to maintain its dominance throughout the forecast period.
By vehicle type, the commercial vehicle segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to the demand for efficient and reliable commercial vehicles rising, creating a need for advanced suspension systems that can handle varying loads and road conditions. However, the two-wheeler segment is projected to manifest the highest CAGR of 5.7% from 2023 to 2032, owing to an increase in demand for the incorporation of safety systems such as anti-lock braking systems (ABS) and advanced suspension systems in vehicles to reduce the number of accidents across the globe.
The dependent geometry segment is expected to maintain its lead position during the forecast period.
By geometry, the dependent geometry segment accounted for the largest share in 2022 and is expected to witness the largest CAGR of 5.8% from 2023 to 2032, as these systems are relatively less complex and cheaper to manufacture compared to independent suspension setups, making them a popular choice for budget-conscious vehicle manufacturers. In addition, growing demand for improved ride comfort and handling in all types of vehicles, including trucks and SUVs. As a result, manufacturers are working to enhance the performance and comfort of dependent suspension systems, incorporating advancements such as adaptive damping and better shock absorption.
The air suspension segment is projected to maintain its dominance throughout the forecast period.
Based on suspension type, the air suspension segment held the highest market share in 2022 and is expected to portray the largest CAGR of 5.0% from 2023 to 2032, because it offers superior ride quality compared to traditional coil or leaf spring suspensions, making it a preferred choice for luxury and high-end vehicles. Automakers are increasingly focusing on reducing emissions and improving fuel efficiency. Air suspension can be fine-tuned to lower the vehicle’s ride height, reducing aerodynamic drag and improving fuel economy.
The passive system segment to maintain its leadership status throughout the forecast period
By system, the passive system segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, as these systems are incorporated in various vehicles that also have simple design and low maintenance costs. This has increased their dominance in the automotive suspension market. However, the semi-active/active system segment is projected to manifest the highest CAGR of 6.8% from 2023 to 2032, owing to rise in popularity of high-end vehicles, as they provide similar performance to active suspensions regarding chassis isolation from road irregularities at lower cost and without the addition of bulky equipment.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is expected to witness the largest CAGR of 5.1% from 2023 to 2032, due to increase in income, rise in purchasing power, and changes in lifestyle due to rapid urbanization and rise in awareness about automotive suspension systems. The automotive suspension industry is continuously witnessing growth with innovations in materials, design, and technology in this region. Also, the demand for luxury cars is anticipated to rise in the Asian region, due to strong economic conditions and continuous rise in disposable income of the population.
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