Automotive Suspension Market: Summary
The Global Automotive Suspension Market is projected to reach around USD 77.5 billion by 2027 at a CAGR of around 4.3%.
Suspension system is an essential part of a vehicle which prevents damage to the vehicle components and provide safety and comfort while driving. Automotive suspension system consists of multiple components such as tires, springs, shock absorbers, linkages, struts, and others that attach the vehicle to its wheel and allows relative motion between wheel and vehicle body. The main function of this system is to separate the vehicle body from vibrations and shocks due to vehicle tires in contact of the road surface.
Automotive Suspension Market: Drivers & Restraints
- Rise in Demand for Safety and Comfort
Safety is a primary requirement in the automotive sector. Any safety failures may result in severe injury or loss of life. With the help of suspension systems even on rough roads a driver can ride the vehicle with comfort as it keeps the tires in contact with road, allows the vehicle to corner with minimum sway or roll and ensures satisfactory breaking power required. This helps in keeping the vehicle controlled during high speeds and avoid accidental situation.
Thus, the rise in demand for safety and comfort is expected to drive the automotive suspension market growth during the forecast period.
- Growing Vehicle Production
Growing vehicle production increases the demand for the number of suspension system required. Owing to growing population and rising per capita income along with favorable foreign direct investment is driving the demand for the vehicle production. For instance, in 2018, India, Malaysia, Thailand, Russia and among others are the prominent countries that have shown positive growth of 8%, 12.2%, 9%, 13.9%, respectively.
Thus, growing vehicle production is anticipated to boost the market growth during the forecast period.
- High Cost of Suspension System
The initial cost of advanced suspension is high and in addition to it the operational, installation and frequent maintenance cost increases the overall expenditure of this system which acts as a restraint to the market growth. For instance, the initial price of air suspension is costly as it provides the smoothest and most stable driving experiences due to which it is only used for upscale vehicles such as high-end luxury cars and heavy-duty off-road vehicles.
Thus, the high cost of suspension system is a restraining factor for automotive suspension market growth during the forecast period.
Automotive Suspension Market: Key Segments
- Based on Suspension Type: Passive Suspension, Semi-Active Suspension, and Active Suspension.
- Based on Actuation: Hydraulic Actuated Suspension and Electromagnetic Actuated Suspension.
- Based on Components: Shocks & Struts, Control Arms, Suspension Bushings, Sway Bar, Coil Spring, Leaf Springs and Others.
- Based on Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV).
- Based on Sales Channel: Original Equipment Manufacturer (OEM) and Aftermarket.
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa, with individual country-level analysis.
Automotive Suspension Market: Report Scope
The report on the automotive suspension market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2020-2027 (2020 estimated year, forecasted up to 2027)
Value (USD Million), Volume (Units)
Suspension Type, Actuation, Components, Vehicle Type, and Sales Channel
North America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- ZF Friedrichshafen AG (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Tenneco Inc.
- Continental AG
- KYB Americas Corporation
- Magneti Marelli CK Holdings Co., Ltd.
- thyssenkrupp AG
- Mando Corp.
- NHK SPRING Co.,Ltd.
- Sogefi SpA
- Other Key Companies
Automotive Suspension Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Suspension Market, by Suspension Type
- Passive Suspension
- Semi-Active Suspension
- Active Suspension
Automotive Suspension Market, by Actuation
- Hydraulic Actuated Suspension
- Electromagnetic Actuated Suspension
Automotive Suspension Market, by Components
- Shocks & Struts
- Control Arms
- Suspension Bushings
- Sway Bar
- Coil Spring
- Leaf Springs
Automotive Suspension Market, by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
Automotive Suspension Market, by Sales Channel
- Original Equipment Manufacturer (OEM)
Automotive Suspension Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions answered by the report
- What are the prominent developments affecting the market globally and its growth?
- What will be the impact of the developments in the market on the industry and the market players in the future?
- What are the evolving variations of the market worldwide?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the world?
- How are the key players leveraging in the present market scenario globally?
- Automotive Suspension Market Providers
- Automotive Suspension Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Automotive Suspension Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE AUTOMOTIVE SUSPENSION MARKET STUDY