Pune, India, Sep 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Automotive Suspension Systems Market.
An automotive suspension system is a system of tire air, tires, and shock absorbers that connects the vehicle to the wheels. The suspension system allows motion between the vehicle and the wheel. Additionally, they support holding or handling on-road and the quality of rides.
According to the MRFR analysis, the global automotive suspension system market size is projected to reach USD 89.212 billion by 2030 at a CAGR of 5.50%.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Automotive Suspension System Market Research Report
The growth of the automatic suspension system market is mainly driven by the increasing safety regulations, the arrival of innovative suspension systems, and the rising demand for commercial and passenger vehicles. Moreover, the advancement in lightweight components and demand for regenerative suspension systems for electric and hybrid vehicles present lucrative opportunities for automotive suspension system market growth. However, the lack of standardization in automatic suspension systems and the high cost of suspension and its installation in the aftermarket may hamper the growth of the automatic suspension system market during the forecast period. The COVID-19 outbreak has affected millions of people across the globe and has negatively impacted the global economy, causing global supply systems to collapse. Factory shutdowns throughout the world have affected the industry's supply chains. The continuous spread of COVID-19 in 2020 has decreased the global GDP growth and trade volumes, lowering commodities prices and hampering growth of the automotive suspension system market.
Automotive Suspension System Market Competitive Landscape
The global market for automotive suspension systems is expected to witness significant growth over the forecast period. There are several domestic, regional, and international players operating in the automotive suspension system market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analysed some of the major players in the global automotive suspension system market who have contributed to the market growth.
Among these, ZF Friedrichshafen AG (Germany), NHK Spring Co., Ltd. (Japan), KYB Corporation (Japan), Mando Corp. (South Korea), Continental AG (Germany) are among the top 5 players in the global automotive suspension system market.
Automatic Suspension System Market Segmentation:
Automotive Suspension System Market Based on suspension system:
- Active suspension system: The most common suspension system in vehicles is an active suspension system. Its primary function is to control the vertical movement of the wheels in relation to the vehicle body. The active suspension system employs distinct actuators that exert independent forces on the suspension system to improve vehicle attributes such as ride quality and handling. These systems detect the forces acting on the wheels and modify the mechanical connections between the chassis and wheel assemblies on the fly to keep the chassis level and/or absorb the energy associated with the vertical motion of the wheels as efficiently as possible.
- Semi-active suspension system: Semi-active suspension refers to a type of vehicle suspension system that adjusts the shock absorber's damping force in response to input from constantly changing road surfaces. Its purpose is to approach the active suspension with a shock absorber with adjustable damping force. An adaptive suspension system is another name for a semi-active suspension system.
- Passive suspension system: A passive suspension system is a machine-driven system that relies on dampers and coil springs to work. This suspension system is comparable to the semi-active suspension system, but the damping coefficient and constant spring values are different. The properties of the components (springs and dampers) are fixed in a passive suspension system.
Automotive Suspension System Market Based on damping type:
- Hydraulic: In the global automotive industry, hydraulic damper suspension systems are widely employed. This device not only provides self-levelling and height adjustment capabilities but also aids in increasing a vehicle's aerodynamic performance when traveling at high speeds. This dampening technology is commonly employed in automobiles that travel on bumpy roads. On the other hand, the hydraulic suspension system has only a limited effect on the roll stiffness of a vehicle.
- Electromagnetic: Electromagnetic damper suspension systems use electromagnetic motors at each wheel to increase the damping reaction rate. As a result, vehicle stability and handling are significantly improved. Electromagnetic dampers are used to compensate for the shortcomings of hydraulic dampers by enhancing their poor response time and lowering the motors' high-power consumption.
Automotive Suspension System Market Based on vehicle type:
- Passenger cars: A passenger automobile is a road vehicle designed to transport passengers and has a maximum seating capacity of nine people. Microcars, taxis, and other hired passenger cars are included in the term passenger car if the total number of seats is less than ten. Vans developed and mainly utilized for passenger transportation, as well as ambulances and mobile homes, may fall into this category. These types of vehicles use diesel and petrol as their primary source of fuel.
- Commercial vehicle: The word "commercial vehicle" refers to a vehicle that is primarily used to move goods or materials rather than people. A commercial vehicle can typically carry two, three, or more passengers, but behind the seats will be something meant to transport supplies or tow anything large. This feature is anticipated to make up the majority of the vehicle. Any vehicle used to transport goods or passengers for the benefit of an individual or business is referred to as a commercial motor vehicle (CMV).
- Electric vehicle: An electric vehicle (EV) is one that is powered by an electric motor rather than an internal combustion engine that burns a mixture of gasoline and gases to generate power. Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain. They are also very eco-friendly as they consume little or no fossil fuels (petrol or diesel).
- Two-wheelers: A vehicle with two wheels is known as a two-wheeler. The two wheels might be positioned side by side, on the same axle, or in tandem, one after the other, as in single-track vehicles. It also aids commuters in dealing with parking challenges in high-traffic locations. Furthermore, it saves time in traffic as riding a two-wheeler in congested areas saves a substantial amount of time in commuting. As a result, if you only need to drive a small distance, a two-wheeler is preferable to a four-wheeler.
Automotive Suspension System Market Based on sales channel:
- OEM: OEM suspension systems are those that are fitted on a vehicle during production before it is delivered to a dealer or distributor. The demand for OEM suspension systems is likely to be driven by an increase in the manufacture of vehicle model-specific suspension systems and an increase in global sales of authentic OEM components in the automotive sector.
- Aftermarket: A suspension system that is added to a vehicle after it has been produced is known as an aftermarket suspension system. At a modest cost, an aftermarket suspension system improves vehicle handling at high speeds. Some aftermarket suspension systems may be adjusted after installation, allowing drivers to fine-tune their vehicles to their specific needs.
Automotive Suspension System Market Based on region:
- North America: In the automotive industry, North America is a key market for suspension systems and components. This can be attributed to the demand for safety and comfort in automobiles and sophisticated suspension technology. Tier-1 automotive component suppliers such as ZF TRW Automotive, Tenneco Inc., and Tower International operate in this region, selling their products to aftermarket buyers such as component remanufacturing, rebuilding, and recycling companies.
- Europe: Europe is regarded as the world's automobile canter. This region is home to prominent automobile suspension manufacturers such as Schaeffler AG and ZF Friedrichshafen AG. Furthermore, the rising demand for suspension systems, parts, and components from premium German OEMs such as Mercedes, Audi, and BMW is prompting global automotive suspension system market participants to expand and improve their European operations.
- Asia-Pacific: The expanding vehicle manufacturing business in Asia-Pacific is the primary factor driving the growth of the auto component manufacturing industry, particularly in nations such as China, India, and Malaysia. As a result, global automobile component makers have set up manufacturing and distribution facilities throughout Asia-Pacific.
- Rest of the World: The Rest of the World comprises Latin America and the Middle East & Africa. Brazil, Argentina, and Columbia dominated the automotive suspension system market in Latin America. The automotive industry in Columbia primarily concentrates on manufacturing auto parts, such as steering and suspension systems, chassis & safety components, and powertrains. Furthermore, the presence of major automotive OEMs, such as Honda, FCA, Mazda, KIA, Toyota, Nissan, and Volkswagen, are raising the demand for auto parts and components.