According to ESOMAR-certified Future Market Insights’ (FMI), from 2022 to 2032, global demand for automotive suspension systems is expected to be worth US$ 62 billion, growing at a CAGR of 4.36 percent to reach US$ 95 billion.
Emphasis on better ride control performance, smooth and safe ride with no vibrations for the driver are key reasons which have changed the overall scenario for automotive suspension systems market. Automotive suspension systems is very much essential for comfort driving and safety as the suspension carries the vehicle body and transmits all the forces between the body and the road.
The automotive suspension system consists of wishbones, spring and the shock absorber to transmit and filter all the forces between the body and the road. It provides good ride and handling performance and also ensures that the vehicle responds favourably to control forces produced by the tyres during braking and acceleration forces. Introduction of suspension systems that have enable almost zero vibration in vehicles along with the most optimal quality ride and control are fuelling the overall demand for automotive suspensions systems market. Automotive suspension systems also helps in preventing excess wear and tear of vehicle and its components.
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Automotive Suspension Systems Market: Drivers & Restraints
Increasing number of technological advancements and demand for good suspension systems globally are fuelling the demand for cheap, light in weight and economical automotive suspension systems. Manufacturers are required to invest largely in creation of advanced exhaust systems to meet strict government norms. Strict emission norms and fuel efficiency standards imposed by government in different regions have forced manufacturers to look for different solutions to achieve the same. Although the overall automotive suspension market is growing significantly, challenges such as lack of standardization and high prices of independent suspension systems is hindering the growth for automotive suspensions systems market. However during the forecast period, the companies are expected to drop the prices of automotive suspension systems.
Key Segments Profiled in the Automotive Suspension Systems Industry Survey
Components:
- Automotive Suspension Spring
- Automotive Shock Dampener
- Automotive Suspension Struts
- Automotive Suspension Control Arms
- Automotive Suspension Ball Joint
- Automotive Suspension Air Compressor
- Automotive Suspension Leaf Spring
Vehicle Type:
- Two-Wheeler Automotive Suspension Systems
- Passenger Car Automotive Suspension Systems
- Commercial Vehicle Automotive Suspension Systems
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
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Global Automotive Suspension Systems Market: Region-wise Outlook
In terms of geography, the global automotive suspension systems market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan.Global suspension systems market is expected to witness high growth in APAC followed by Europe and North America. With introduction of advanced suspension systems market in emerging economies such as India and China, APAC is expected to drive the demand for advanced automotive suspension systems. European countries such as Germany, France and UK dominated sales in Europe. Moreover, increasing demand for automotive sales globally supported by high disposable income is fuelling the overall demand for automotive suspension market and register steady CAGR during the forecast period.
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Automotive Suspension Systems Market: Key Players Some of the market participants in the global automotive suspension systems market are
- The Benteler Group
- Continental AG
- KYB Co., Ltd.
- Magneti Marelli S.p.A.
- Mando Corporation
- Schaeffler AG
- Tenneco Inc.
- TRW Automobile Holdings Corporation
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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