According to the latest reports, the global automotive suspension system market size is expected to surpass a valuation of USD USD ~75 Billion by the end of the year 2023 with an annual growth rate of 5% during the forecast period 2018 to 2027.
The automotive suspension system is a system of tire air, tires, shock absorbers and it connects the vehicle to the wheels. The suspension system allows motion between the vehicles and wheel and suspension systems also support holding or handling on-road and the quality of rides.
All modern vehicles are equipped with a suspension system as a mechanism in order to reduce dumps and to provide a smooth riding experience. The rise in safety regulation by the governments of developing countries and the advent of the new innovative suspension systems are likely to boost the demand for passenger vehicles and commercial vehicles which are some supporting factors for the global automotive suspension system market growth. The rise in the use of lightweight materials in suspension systems is expected to create demand for regenerative systems for hybrids vehicles and electric cars and boost the market growth of automotive suspension systems.
This report contains all the information on the global automotive suspension system market outlook, research, and market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global automotive suspension system market analysis is also included in the report.
The outbreak of covid 19 pandemic has created obstacle in the demand for automobiles significantly and hence creates demand for automobiles is predicted to recover in the next few months due to the various preparation of the governments to uplift the lockdown phased manner. The rise in demand for automotive suspension system market trends is predicted to rise in the next coming months.
There are a large number of vendors in the global automotive suspension system market. Most of the major key players are likely to have some impressive offshore presence. The renowned brands are collaborating with domestic vendors in order to consolidate their position in the global automotive suspension system market further. The major growth strategies adopted by these players are collaborations and joint ventures and investments in R&D programs and in product innovations.
Major Key Players
The rise in demand for the global market is related to the production of new vehicles where suspension system connects vehicle frame to the wheel and it is one of the important parts of the vehicle. The growth of advancement in the technological field, rise in urbanization, and buying patterns of individuals are contributing to the growth of the automotive industry. It helps to improve the ride quality and provides better road holding capacity of vehicles.
The rise in numbers of e-commercial activities and construction has created opportunities for material transportation and in turn, it will increase the sales of commercial vehicles across the world. This is the major factor for the growth of the commercial vehicle segment in the global market in the coming years which will simultaneously create demand for the global automotive suspension system market value during the forecast period.
The major hurdle in the growth of the global automotive suspension system is the lack of standardization and high costs of the independent suspension systems. However, the automotive suspension system is likely to experience steady growth due to this reason.
The lifestyle changes of the customers and their preferences for electric passenger cars in order to reduce the carbon emission in the environment is the major challenge for the automotive suspension system market.
Moreover, the decrease in the adoption of two-wheelers in few countries is because it is not considered a safe mode of transportation which is expected to hinder the growth of the market during the forecast period. The decline in the sales of passenger cars in America is predicted to dampen the global automotive suspension system market industry.
The active suspension system accounts for a market valuation of more than USD 25,00 Million and it is predicted to observe a CAGR of 6.66% during the forecast period. It is widely used in modern vehicles. The hydraulic segment held 63.69% of the global automotive suspension system market share in the year 2017 with a growth rate of 4.57% CAGR during the projection period. Hydraulic damper suspension has cutting edge technical feature which provides smooth driving experience on uneven or rough terrains surfaces.
Passenger car segments account for 69.04% of the global market share in the year 2017 and it is predicted to exhibit a CAGR of 4.89% during the forecast period. The rise in demand for passenger cars is the major factor. The OEM segment held the largest automotive suspension market share in the year 2017 with a USD 34,762.3 Million valuation and registered 4.19% CAGR during the projection period due to the rise in the production of so the specific suspension systems.
According to the reports, the global market is segmented on the basis of suspension system, damping type, vehicle type, sales channel, and regions. On the basis of the suspension system, the global automotive suspension system market is segmented into active suspension systems, semi-active suspension systems, and passive suspension systems. Based on damping type, the market is segmented into hydraulic and electromagnetic. On the basis of vehicle type, the global market is segmented into passenger cars and commercial vehicles. Based on the sales channel, the global market is segmented into OEM and aftermarket.
The market is segmented on the basis of the suspension system, damping type, vehicle type, sales channel, and regions. The global automotive suspension system market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into active suspension systems, semi-active suspension systems, and passive suspension systems.
Based on the propulsion types, the market is segmented into passenger cars and commercial vehicles.
On the basis of region, the global automotive suspension system market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific segment is expected to hold the largest share in the global automotive suspension system in the year 2017. This region accounts for 49.6% of automotive suspension system market revenue. Asia Pacific region is likely to exhibit an imperative CAGR during the forecast period. The marvelous growth in the manufacturing sector of this region has contributed to the growth of the market.
The following report comprises of –
Key Market Segments:
By Suspension System
By Damping Type
By Vehicle Type
By Sales Channel
|Market Size||2023: USD 72,700 Million|
|CAGR||5.40% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Suspension System, Damping Type, Vehicle Type, Sales Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schaeffler AG, ZF friedrichshafen AG, ThyssenKrupp AG, Continental AG, Magneti Marelli SpA, Tenneco Inc., KYB Corporation, BENTELER international AG, Sogefi SpA, Mondo Corp.|
|Key Market Opportunities||Rise in numbers of e-commercial activities and construction|
|Key Market Drivers||Growth of advancement in the technological field, rise in urbanization, and buying patterns of individuals|
Frequently Asked Questions (FAQ) :
Suspension system, damping type, vehicle type and sales channel are the segments of the market.
The growth period mentioned for the market is 2018-2023.
The APAC region is going to witness the fastest growth in the market’s study.
Continental AG as a leading company is assisting the market’s growth currently.
Schaeffler AG, ZF friedrichshafen AG are the top 2 key players flourishing the market’s share across the world.