Rise In Demand For Safety And Comfort To Propel The Automotive Suspension Market

Automotive Suspension Market Size, Share, Trends, Growth, Analysis, Research

Automotive Suspension Market: Key Highlights

  • According to the new market research report Automotive Suspension Market by Suspension Type (Passive Suspension, Semi-Active Suspension, and Active Suspension), by Actuation (Hydraulic Actuated Suspension and Electromagnetic Actuated Suspension), by Components (Shocks & Struts, Control Arms, Suspension Bushings, Sway Bar, Coil Spring, Leaf Springs and Others), by Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles ), by Sales Channel Original Equipment Manufacturer and Aftermarket), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the automotive suspension market is estimated to reach around USD 77.5 Billion by 2027 at a CAGR of around 4.3% during the review period
  • The rise in demand for safety and comfort is a key factor to boost the demand for the automotive suspension market
  • However, the high cost of suspension system remains a major restraining factor for the market growth

Automotive Suspension Market

Automotive Suspension Market: Key Market Dynamics

  • Owing to growing population and rising per capita income along with favorable foreign direct investment is driving the demand for the vehicle production. Thus, rising vehicle production is anticipated to boost the market growth
  • Automotive suspension systems help the driver to ride the vehicle smoothly on rough roads as it keeps the tires in contact with road and ensures satisfactory breaking power required
  • Increasing demand for usage of lightweight material for suspension system is anticipated to drive the automotive suspension market in the future
  • Forged suspension products in aftermarket is likely to act as a challenge for market growth

Automotive Suspension Market: Regional Overview

  • Asia-Pacific

The growth in the Asia-Pacific region is attributed to the high production and sales of automobiles owing to rising per capita income of consumers and the adoption of premium and smart vehicles, that will penetrate the high usage of the automotive suspension. The government regulations for lightweight vehicles have led to advancements in technology for manufacturing lightweight and durable products in this region. Furthermore, country like India, Thailand, and China hold the largest automobile share in this region which is expected to boost the growth for the automotive suspension market.

  • Europe

Europe holds the major share for automotive suspension market due to the increasing vehicle production, technological advancements for electric vehicles suspension system, and customers’ preference towards SUVs and premium vehicles have resulted in the boost for automotive suspension market growth. Moreover, Germany and France are the leading countries for automobile production which directly propels the automotive suspension market growth in this region.  

Automotive Suspension Market: Key Players Overview

  • ZF Friedrichshafen AG:

ZF Friedrichshafen AG is a German-based company that provides automotive components. The company offers systems for passenger cars, commercial vehicles, and industrial technology. In June 2019, the company announced plans to acquire all outstanding shares of WABCO for USD 136.50 per share in cash. This merger will combine technologies involved in vehicle active air suspension systems, dynamics control, and fleet management systems in mobility technologies for cars and commercial vehicles,

  • Tenneco Inc.:

Tenneco Inc. is a US-based company that manufactures and designs products include performance exhaust products, shocks and struts, shock absorbers, as well as noise, vibration, and harshness control components. In January 2019, the company acquired Öhlins Racing A.B. company that develops premium suspension systems and components for the automotive and motorsport industries. This acquisition will strengthen better position of Tenneco in intelligent suspension, autonomous driving and mobility.  

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Published : 2020-02-25