Automotive Suspension Market 2019 Report Forecast by Market Insights, Volume, Opportunities, Type, Product Analysis, and Application
Global automotive suspension market report also includes qualitative insights of the market such as drivers, restrains, value chain, regulatory framework and trade statistics. The value chain has been analyzed in detail covering key stages. Automotive suspension systems consists of multiple components such as springs and dampers, which are linked together to provide better traction, steering stability and improved vehicle control while driving the vehicle. The quality of the suspension system is critical for vehicle safety and control, specifically in the areas with poor roads
Automotive suspension is a system that comprise of shock absorbers, tires, springs and linkages, which connects the vehicle to its wheels and ensures synchronization in motion of both the wheels. Suspension systems are one of the most vital components in an automobile as it supports both the ride quality and handling of a vehicle.
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The global automotive suspension market size was valued at USD 76.94 billion in 2017 and the market is estimated to grow at the CAGR of 4.8% during the forecast period. The global automotive suspension market is primarily driven by increasing adoption of advanced suspension systems in vehicles to offer comfortable and safer riding experience. Similarly, the rising demand from developing countries specifically due to poor road infrastructure coupled with government initiatives will fuel the growth for automotive suspension market.
The global automotive suspension market size is estimated to reach up to USD 110.51 billion by 2025 mainly driven by increasing adoption of advanced suspension systems in vehicles to offer comfortable and safer riding experience. Similarly, growing disposable income, increasing vehicle demand, and technological advancements in automotive industry are driving the market for automotive suspension market. However, in spite of growing popularity of advanced suspension system, the cost of such system is very high, which might restrain the growth of the market during the forecast period. In addition, the presence of counterfeit products in the market is a major challenge in front of automotive suspension manufacturers.
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The automotive market is consistently moving towards hybrid and electric vehicle segment. Automotive companies are focusing on launching electric vehicles which are completely different from fuel vehicles and using advanced suspension systems such as Regenerative Suspension System. This transition of automotive industry is expected to offer multiple opportunities for automotive suspension vendors.
In type segment, the market for air suspension system is estimated to grow at the CAGR of 6% during the forecast period. This growth will be primarily driven by increasing adoption of air suspension systems in HCVs, specifically in luxury buses. The air suspension system offers multiple advantages specifically in trucks such as reduced noise and vibrations, improved fuel consumption, and compatibility for multiple terrains.
On the basis of systems, semi active/ active segment is estimated to grow at the highest CAGR of 6.5% during the forecast period. The semi active or active suspension system offers major benefits over passive suspension systems such as better control and improved comfort during driving. Earlier, the active suspension systems were primarily used in racing, sports or luxury vehicles, however, with rising consumer demand and competition automotive manufacturers are launching new models with active or semi active suspension systems
Geographically, The Asia Pacific will be dominating the automotive suspension market with an estimated market share of 38% in the year 2025. The presence of growing major automotive markets in countries such as China, Japan, India, and Indonesia will be primarily driving the market in Asia-pacific. North America and Europe held the second and third largest market value shares respectively. Other developing markets in countries such as Brazil and Argentina are going to drive the market for South America.
ZF, Tenneco, KYB, Continental, Magneti Marelli, Mando, Benteler, ThyssenKrupp, Sogefi, and NHK Spring are the leading players present within the global automotive suspension market.
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Key segments of the global automotive suspension market
Type Overview, 2015-2025 (USD billion)
Vehicle Type Overview, 2015-2025 (USD billion)
- Passenger Vehicle
- Commercial Vehicle
System Overview, 2015-2025 (USD billion)
- Semi active/Active
Regional Overview, 2015-2025 (USD billion)
- North America
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
What does the report include?
- The study on the global automotive suspension market includes qualitative factors such as drivers, restraints, and opportunities
- Additionally, the market has been evaluated using the value chain and Porter’s Five Forces’ analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, vehicle type, system, and region. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Who should buy this report?
This study is suitable for industry participants and stakeholders in the automotive suspension industry, who want an in-depth insight into the market
- Executives of automotive suspension companies that are engaged in the manufacturing and distribution
- Executives from automotive manufacturing companies
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to automotive suspension, cosmetic or beauty care industry
- Venture capitalist looking into investing capital
- Government organizations, regulatory authorities, policymakers, and financial organizations
About Adroit Market Research:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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