NEWARK, DE / ACCESSWIRE / August 9, 2022 / The global automotive suspension systems demand is skyrocketing and is to be valued at US$ 62 Billion in 2022, forecast to grow at a stable CAGR of 4.36% to be valued at US$ 95 Billion from 2022 to 2032. Increasing urbanization, technical advances, and shift in purchasing habits are all contributing to the expansion of the automotive sector. Meticulous research and developments are assisting in updating the present automotive suspension systems in order to improve the ride quality and road holding capabilities of the vehicle.
The suspension system of an automobile consists of springs, structs, ball joints, shock absorbers, and control arms that help connect the vehicle to the wheel and allow relative motion between the two. The geometry and method used to design suspension are determined by the camber of the wheel, the castor of the hub, the toe of the vehicle, and the kingpin inclination of the control arms.
Suspensions are considered an important part of an automobile because it helps to keep the vehicle's tires in touch with the road during the trip, protecting the vehicle and reducing shocks along with protecting its cargo from damage or wear. In addition to that, it isolates the car from high-frequency vibrations caused by tire excitation.
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Key Takeaways
- Suspensions are vital for good ride quality and automobile handling control. A comfortable ride promotes convenience for passengers, prevents cargo damage, and decreases driver fatigue on extended voyages. Attributing to such crucial factors are resulting in surging sales of automotive suspension systems in the global market.
- Since cars with firm suspension may result in better control of body motions and faster reflexes, it is increasingly becoming a crucial part of an automobile. Ambulances require improved vehicle suspension to minimize further damage to already unwell passengers. Such factors have increased the desire for greater driving comfort, which has benefited the worldwide automotive suspension systems market's development.
- The SUV market has seen reasonable growth in recent years. Due to the cheap cost, small size, modern designs, and superior agility, the SUV & sub-compact SUV industry has seen significant expansion in nations such as the United States, China, India, and Mexico. The excessive use of multilink suspensions is witnessed in the market. The lower cost of multilink suspension and the simplicity of modification has expanded the use of multilink suspension in mid- to high-segment vehicles.
- There is a multilink suspension seen in SUVs including Kia Sport, Volkswagen Tiguan, and Mahindra Scorpio. Throughout the projection period, the global automotive suspension systems market is predicted to increase at a pace of 4.36%. SUVs often have independent suspension at both the front and back wheels. As a result, the urge for independent suspension systems is growing.
- At present, air suspensions are preferred more than leaf springs as it delivers optimum comfort and elegance to passengers. As a result, the growing demand for comfort and luxury is driving up demand for automotive suspension systems throughout the world.
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Competitive Landscape
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 are some of the key companies profiled in the full version of the report.
There are various players in the market for automotive suspension systems. The automotive suspension systems industry is extremely competitive, with competitors vying to increase their market share. Product innovation and regional growth into new markets will be critical to the success of any automotive suspension systems industry participant.
More Insights into the Automotive Suspension Systems Market
The Asia Pacific region is the largest manufacturer of automotive suspension systems. As per FMI reports, China is anticipated to maintain the dominant position in the automotive systems market during the projection period.
Owing to the surging demand for luxury vehicles, Asia Pacific becomes one of the leading manufacturers of fuel-efficient automobiles in the world. OEMs have begun to invest in and develop innovative automotive technology. Even though Japan and South Korea are technological leaders, India and China produce the most vehicles in the Asia Pacific.
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Owing to the changing customer tastes, in recent years, have led to the rise in the per capita income of the middle-class population, and cost benefits for OEMs. Due to these factors, Asia Pacific has emerged as a center for automobile production in recent years.
Consumers in the region choose small and low-cost vehicles. Because of the simple availability of labor, safety standards, and government incentives for FDIs, the area has seen faster expansion than the developed markets of Europe and North America.
China was estimated to be the world's largest automobile market in 2020 and will continue to be the primary driver of regional sales in the Asia Pacific. Attributing to the country's impeccable vehicle penetration rates and its rapidly developing replacement market, China is leading the global market as its basic demand for new automobiles remains high.
As per FMI, the European market is showcasing lucrative growth opportunities as Germany and the U.K. have all seen rapid expansion in the automobile sector during the previous decade.
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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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer's
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Automotive Suspension Systems Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
Explore wide-ranging Coverage of FMI's Automotive Market Insights Landscape
Air Suspension Systems Market: The Global Air Suspension Market will post substantial gains, registering an impressive growth at 6.7% CAGR during the forecast period of 2021 and 2031.
Two Wheeler Suspension System Market: The Two Wheeler Suspension System Market to grow with a year-on-year growth of 4.2% in terms of value in 2022 reaching a value of about US$ 1,579.0 Mn by 2022 end.
Motorcycle Suspension System Market: The Motorcycle Suspension System Market to grow with a CAGR 4.7% in between 2022 to 2029 reaching a value of US$ 2,381.6 Mn by 2029 end.
Automotive Suspension Control Arms Market: The automotive suspension control arms market is anticipated to record a CAGR of 3.6% during the forecast period, up from US$ 43 Bn in 2021 to reach a valuation of US$ 63 Bn by 2032.
Automotive Wiring Harness Market: Global Automotive Wiring Harness Market to grow at 7.9% CAGR through 2031.
Automotive Turbochargers Market: Automotive Turbochargers in gasoline engines are augmenting the market growth, leading to steady expansion at 8.8% CAGR between 2021 and 2031.
Automotive Piston System Market: The automotive piston system market was worth US$ 3,880.91 Million in 2021 and is expected to be worth US$ 4,080.95 Million in 2022. Furthermore, the market is poised to reach US$ 6,415.14 Million by 2032, growing at a CAGR of 4.6% from 2022 to 2032.
OHV Telematics Market: The off-highway vehicle telematics market is showing vital signs of growth with a projected CAGR of 15% from 2022 to 2032.
MENA Commercial Vehicles (Trucks) Market: The MENA commercial vehicles (trucks) market is projected to expand at 3.4% CAGR, in terms of volume between 2022 and 2027. Sales of commercial vehicles (trucks) in MENA will reach US$ 6.57 Mn by the end of 2022.
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SOURCE: Future Market Insights