ID: MRFR/AM/1321-CR | September 2022 | Region: Global | 100 Pages
The Global Automotive Suspension System Market Size is expected to cross USD 88190.58 Million by 2030 at a CAGR of 5.5% during the forecast period ending in 2030
$88190.58 Million
5.5%
Asia Pacific
2022-2030
The Global Automotive Suspension System Market size is projected to be worth USD 88,190.58 million by 2030, registering a CAGR of 5.5% during the forecast period (2022–2030).
An automotive suspension system is a system of tire air, tires, and shock absorbers and 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.
COVID-19 Impact on the Global Automotive Suspension System Market:
Automotive Suspension System Market with the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The continuous spread of COVID-19 in 2020 has decreased the global GDP growth and trade volumes, lowering commodities prices. Furthermore, production units in the industries have closed down due to the restrictions placed, and there has been a sharp reduction in footfall, with a significant impact on sales. Supply chain disruptions have further created cash flow implications across the extended supply chain. However, large-scale manufacturers still appear to be in good financial conditions, and they are slowly getting the supply chain to normal.
A decline in cash inflow resulted from the drop in demand, and most companies require high working capital to remain in sync. Additionally, as the economic activities stabilize, cash flow in the global automotive suspension system market is expected to be gain pace in the next few months due to the increased demand. Thus, continued cash flow tightening is likely to have little impact on the automatic suspension system market.
Automotive Suspension System Market Dynamics
COVID-19 has changed the way we live and travel in cities, as well as in society as a whole. It is believed that a new way of life would arise. Governments all across the world have required that public transit and ride-sharing firms limit the number of passengers per car, citing social separation as the strongest line of defense against COVID-19. People appear hesitant to use public transportation as their reliance on personal mobility continues to rise as nations 'unlock,' and businesses reopen in various countries. The necessity for personal mobility is anticipated to rise as customers seek to ensure their own safety. Although other external causes drove this increase in the past, as the demand for social separation and preventative measures grows, these numbers will continue to rise. The automotive suspension system market is mainly reliant on the manufacturing and sale of automobiles. As a result, fluctuations in automotive demand have an impact on the market. The market for automotive suspension systems is fueled by rising demand for sedans, SUVs, and off-road vehicles. To reduce the high cost of production of these systems, the Chinese and Indian governments are investing in the aftermarket through direct engagement with tier 1 suppliers. The presence of automotive suspension manufacturers in the aftermarket, such as ZF Friedrichshafen AG and Dorman Products, is projected to boost demand for advanced suspension systems in the aftermarket. Furthermore, the Automotive Suspension System Market is expected to be driven by the European Union's reviving automotive industry. Sales were held back by limited inventory and fewer incentives during the pandemic but the relaxation in the lockdown is expected to boost the automotive market growth. Thus, the rising demand for commercial and passenger vehicles is expected to drive the growth of the global automatic suspension system market during the forecast period.
Regulation's burdens, which affect both new and old products, must be taken into account by all businesses. Government rules, similar to those in any other sector, restrict the manufacturing of automobiles by limiting the ingenuity of engineers and designers. These requirements are primarily intended to improve driver and passenger safety (both on the road and against theft) and vehicle environmental effects. Every country (or region) has its own set of rules and regulations. This means that automakers must change their manufacturing standards to sell their vehicles in various markets throughout the world. Manufacturers must adjust their investments in response to changes in consumer preferences or the implementation of new regulations, making the market volatile for them. As component providers are reliant on demand from tier 1 suppliers, this has a direct influence. As a result of the absence of standardization, it is difficult for suspension system manufacturers to meet the varying architecture specifications of different vehicle types. Thus, the lack of standardization is projected to restrict the growth of the global automatic suspension system market to a certain extent during the forecast period.
Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency as it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight might result in a 6% to 8% increase in fuel economy. By replacing cast iron and traditional steel components with lightweight materials, including high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites, a vehicle's body and chassis can be reduced by up to 50%, lowering its fuel consumption. Engineers are progressively using lightweight materials for purposes such as the body, chassis, interior, power train, and under the hood. OEMs and suppliers are focusing on developing multi-material cars using aluminum, carbon-fiber composites, high-strength steel, magnesium, titanium, and various types of foam, plastic, and rubber. Cars can carry more complex pollution control systems, safety devices, and integrated electrical systems without adding to the vehicle's total weight by adopting lightweight structural materials. While lightweight materials can be used in any vehicle, they are particularly crucial in hybrid electric, plug-in hybrid electric, and electric vehicles. The use of lightweight materials in these vehicles can help offset the weight of power components like batteries and electric motors, enhancing efficiency and extending the range of these vehicles. Thus, the advancements in lightweight components are expected to present lucrative growth opportunities for the players in the global automatic suspension system market.
In a suspension system, springs, shock absorbers/struts, and linkages (such as ball joints) connect a vehicle to its wheels. Despite bumps or other road abnormalities, the suspension keeps the wheels in proper contact/friction with the ground, resulting in a smooth ride. Investing in a high-quality suspension system provides the driver and passengers with more comfort and a better driving experience. The use of advanced technologies in the suspension system increases the cost of the vehicles. The conventional suspension system is complex and involves more wear and tear. In contrast, the advanced suspension system uses advanced fluids, such as rheological fluid, and features newer technologies, such as electric-controlled suspension systems and magic body control systems. These are high-cost technologies, which improve vehicle performance. The high-cost suspension replacement in the aftermarket will limit the growth of the automotive suspension system, which directly affects the working of the vehicle and the comfort of the passenger. The limited presence of automotive suspension system manufacturers in the aftermarket will increase the replacement price of the unauthorized players, which will hamper the growth of the global automatic suspension system market.
Automotive Suspension System Market Supply Chain Analysis
Different dimensions of various components are determined during design and development. During the design phase, the overall layout of the automotive suspension is initially created in CAD (Computer-aided design) software, according to the vehicle dynamics requirements. Geometry, forms, weights, lateral and longitudinal load transfer rates, and stiffness can all be used to build a preliminary design. The raw materials are chosen based on the unique requirements of various components, such as steel alloys, aluminum alloys, rubber or urethane, ceramic material, coil springs, and non-coil springs. Automobile suspension system manufacturers and original equipment manufacturers (OEMs) typically acquire raw materials.
Following the acquisition of raw materials, manufacturers construct the car suspension system in accordance with the vehicle's dynamic needs. Tier 1 suppliers and automobile suspension system manufacturers are examples of automotive suspension system manufacturers. After the components are made, they are subjected to a series of quality inspections to ensure that they meet industry standards. Automobile OEMs, exporters, dealers, distributors, and aftermarket companies are the end consumers of the automotive suspension system market. Some automobile suspension system manufacturers, such as ZF Friedrichshafen AG, Tenneco Inc., KYB Corporation, and Continental AG, operate in the aftermarket through a network of authorized local or international dealers and distributors.
Automotive Suspension System Market Segmentation
Based on suspension system:
Active suspension system, semi-active suspension system, and passive suspension system are the segments based on the suspension system of the Global Automotive Suspension System Market. The passive suspension system segment is expected to have the highest CAGR and dominate the market share during the forecast period. 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.
Based on damping type:
Hydraulic and electromagnetic are the segments based on the damping type of the Global Automotive Suspension System Market. The hydraulic segment is expected to have the highest CAGR and dominate the market share during the forecast period. In the global automotive industry, hydraulic damper suspension systems are widely employed. This device not only provides self-leveling and height adjustment capabilities but also aids in increasing a vehicle's aerodynamic performance when traveling at high speeds.
Based on vehicle type:
Passenger cars, commercial vehicle, electric vehicle and two-wheelers are the segments based on the vehicle type of the Global Automotive Suspension System Market. The passenger cars segment is expected to have the highest CAGR and dominate the market share during the forecast period. 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.
Based on sales channel:
OEM and aftermarket are the segments based on the sales channel of the Global Automotive Suspension System Market. The OEM segment is expected to have the highest CAGR and dominate the market share during the forecast period.
Automotive Suspension System Market Regional Analysis
The automotive suspension system market regions are classified as North America, Europe, Asia-Pacific, Rest of the World. Asia-Pacific holds a significant share of the market. 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. The wear and tear of the component and the growing aftermarket resulted in roughly half of total automotive aftermarket component sales in the region. Such factors are expected to drive the growth of the regional automotive suspension system market during the forecast period.
Europe is regarded as the world's automobile center. 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 market participants to expand and improve their European operations. For example, KYB Corporation, a Japanese automotive component maker, established its Europe Development Center for automotive parts and components in Germany in response to the growing demand for lightweight shock absorbers by premium firms.
Competitive Landscape
The global automatic suspension system market 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.
List of Key Companies covered in the automotive suspension system market report:
Recent Developments:
Automotive Suspension System Market Report Overview:
The Global Automotive Suspension System Market is segmented based on suspension system, damping system, vehicle type, sales channel in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Automotive Suspension System Market.
Segmentation Overview:
By suspension system:
By damping type:
By vehicle type:
By sales channel:
By Regions:
Objectives of the Study
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD 88,190.58 million |
CAGR | ~5.5% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2019 & 2020 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Suspension System, Damping Type, Vehicle Type and Sales Channel |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Continental AG (Germany), Magneti Marelli SpA (Italy), Tenneco Inc. (US), KYB Corporation (Japan), BENTELER International AG (Austria), Sogefi SpA (Italy), Mando Corp. (South Korea), NHK Spring Co, Ltd. (Japan), Parker Hannifin Corporation (US), Rassini (Mexico) |
Key Market Opportunities | Demand for a regenerative suspension system for electric and hybrid vehicles Advancements in lightweight components |
Key Market Drivers | Increased safety regulations Introduction of innovative suspension systems Rising demand for commercial and passenger vehicles |
USD 88,190.58 million by 2030 at a CAGR of 5.5% over the forecast period for Automotive Suspension System market.
Schaeffler AG, ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Magneti Marelli SpA, Tenneco Inc., KYB Corporation, BENTELER International AG, Sogefi SpA, Mando Corp., NHK Spring Co, Ltd., Parker Hannifin Corporation, Rassini
Asia Pacific would enjoy the upper hand in the Global Automotive Suspension System Market
Lack of standardization is a key restraining factor for the Global Automotive Suspension System Market