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Automotive Suspension Market Report
Automotive Suspension Market Size, Share, Trend, Forecast, & Competitive Analysis
Suspension includes many components: shock absorbers, struts, leaf springs, coil springs, stabilizer bars, control arms, ball joints, torsional bars, and many more. All the vehicles must have a suspension system to provide smooth ride and reduce vibration caused by irregularities of road. Over a period, the automotive industry has experienced a significant change in the suspension technology, material, style, design, etc. There are countless styles of suspension components available worldwide featuring different advantages. At present, the development of lightweight suspension components is the key focus of automakers to meet stringent regulations of various countries.
The global suspension market in the automotive industry offers healthy growth prospects of >4% CAGR over the next five years to reach $68533.5 million in 2025. Increasing annual production of passenger cars, light commercial vehicles, and medium & heavy duty commercial vehicles, increasing gloal automotive fleet size, increasing need for lightweight suspension system to achieve stringent regulations, such as CAFÉ Standards, increasing customer expectation related to vehicle comfort, safety, stability, and control, and increasing need for suspension with reduced space are some of the major drivers of the market.
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Passenger car is expected to remain the largest segment for automotive suspension over the next five years. The segment is also likely to witness the highest growth during the same period driven by high annual production of passenger cars, large passenger car fleet size, increasing demand of lightweight suspension components, and continuous advancement in suspension components.
There are four types of suspension systems used in the automotive industry: passive suspension system, semi-active, active, and air suspension. Passive suspension system was the most widely used system type in all the vehicle segments in 2019, however, active suspension system is expected to possess the highest growth during the forecast period.
Semi-independent / independent architecture dominated the global automotive suspension market in 2019 in terms of value, followed by dependent architecture. Air suspension and double wishbone & multi-link (both part of semi-independent) are expected to witness the highest growth over the next five years.
There are two types of damping systems used in the automotive industry: hydraulic / pneumatic and electromagnetic. Hydraulic / pneumatic based suspension is likely to remain the largest damping type during the forecast period. Electromagnetic damping is relative new technology and is rapidly gaining market acceptance mainly in the luxury and premium cars. Currently, it is a very small market but is likely to experience huge growth in the coming years.
In terms of region, Asia-Pacific dominated the global automotive suspension market in 2019 in terms of value, followed by Europe, North America, and RoW. The region is likely to remain the largest market during the forecast period; however, RoW is likely to be the fastest growing region, driven by expected recovery of Brazilian automotive industry after 2016 and upcoming assembly plants in Middle East and Africa regions.
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Research Scope |
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|---|---|
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Trend & Forecast Period |
2014-2025 |
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Size in 2025 |
$68533.5 million |
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Forecast |
>4% CAGR during 2020-2025 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries/Subregions Covered |
USA, Canada, Mexico, Germany, France, UK, Italy, Russia, China, Japan, South Korea, India, Brazil, Argentina and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The Automotive Suspension Market is segmented in the following ways:
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The global automotive suspension market is moderately consolidated with the presence of more than 200 global as well as regional players.
Top 10 players are-
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
This report, from Stratview Research, studies suspension market in the global automotive industry over the period 2020 to 2025. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities in the market.
The following are the key features of the report:
Automotive Suspension is the system in which the tires, springs, linkages, and similar other components help in connecting the vehicle with the wheels and develop motion. Smoothening the ride and increasing vehicle life are some of the important functions of the system. Automotive Suspension system is most commonly known to increase the friction between the road and the tires for better stability. Thus, it accelerates better ride quality.
Driven by a number of factors like increasing need for lightweight suspension system to achieve stringent regulations, the automotive suspension market is projected to reach an estimated value of $68533 million in 2025.
In terms of region, Asia-Pacific is likely to remain the largest market during the forecast period of 2020-25.
Active suspension system is expected to witness the highest growth during the forecast period of 2020-25.
Passenger car is expected to remain the largest segment in the automotive suspension market in the coming years.
Increasing annual production of passenger cars, light commercial vehicles, and medium & heavy duty commercial vehicles, increasing gloal automotive fleet size are the factors driving the growth of automotive suspension market.
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