The automotive suspension market is projected to grow at a CAGR of 3.88% during the forecast period, from USD 50.76 Billion in 2017 to USD 68.84 Billion by 2025.
The key factors that drive the market for suspension are the increasing vehicle production, growing demand for light weight technology, growing importance for ride control performance, and increasing concern towards emission control and fuel economy standards.
The automotive suspension market has been segmented on the basis of architecture, system, active suspension actuation, ICE vehicle, electric & hybrid vehicle, component, aftermarket component, and region. The air suspension is estimated to be the fastest and largest in the automotive suspension market, by architecture, in terms of value. The increasing demand for cabin comfort, better control, manoeuvrability, and stability of the vehicle has led to the increasing demand for air suspension systems.
The active suspension system is the fastest growing market, by system, in terms of value. Majority of the present-day vehicles are equipped with passive suspension systems as they are easy to install, repair, and are economical than the semi-active and active systems. However, with the advancement in suspension technology, active suspension will show better growth than the passive suspension as it enhances the comfort and handling of vehicles. The hydraulically actuated is the largest market, by actuation, in terms of value. The present-day vehicles have hydraulic actuation as it is efficient, robust, and affordable.
The air spring is the fastest growing market, by component, in terms of value. The demand for luxury vehicles is increasing among customers. Hence, the demand for air springs is expected to increase. The shock absorber is the largest aftermarket component in terms of value. Shock absorber is the essential component in all vehicle types and is more prone to damage. Hence, these components need replacement after some time.
The passenger car is the largest and fastest growing market, by vehicle type, in terms of value. The demand for automotive suspension in passenger cars is projected to grow owing to the increasing population and lack of public transportation in the countries such as India and China. HEV is the largest market, by electric & hybrid vehicle type, in terms of value. Owing to the increasingly stringent emission norms and growing pollution levels, the adoption of electric & hybrid vehicles has increased across the globe.
Asia Oceania is expected to dominate the automotive suspension market during the forecast period. Increasing vehicle production and awareness about advanced suspension technology are the factors that boost the market in this region. The presence of top suspension system manufacturers who have heavily invested in setting up the production facility in these countries to meet increasing demand for suspension systems is also a major factor fuelling the growth of the market in this region. In this region, consumers are more interested about the comfort levels and safety of the vehicle. Hence, the region is expected to dominate the market.
The key factor restraining the growth of the automotive suspension market is the high development cost of advanced suspension and lack of standardization in the suspension technologies. The choice of suspension system technologies varies in different regions with a preference for different vehicle types and cost. This leads to customization and adds to the overall cost of the suspension system. Owing to high development costs, only a few suppliers such as Continental and ThyssenKrupp are attempting to develop advanced suspensions such as active suspension systems.
The major players in the automotive suspension system market are identified as ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Austria). These companies collectively account for a major share of the automotive suspension market.
Continental, ZF, and Tenneco are the current dominant players in the automotive suspension market. The extensive competition in the automotive industry has led these companies to focus mainly on innovation. Mobility is becoming increasingly advanced and automated, which requires highly complex technology. The companies should focus on bringing more innovative products mainly in suspension technology for electric vehicles as the demand for lightweight components is increasing.
Key Topics Covered:
2 Research Methodology 2.1 Research Data 2.2 Secondary Data 2.2.1 Key Secondary Sources 2.3 Data From Secondary Sources 2.4 Primary Data 2.4.1 Sampling Techniques & Data Collection Methods 2.4.2 Primary Participants 2.5 Factor Analysis 2.5.1 Introduction 2.5.2 Demand-Side Analysis 126.96.36.199 Increasing Vehicle Production and Parc is Driving the Demand for Suspension System in the OE & Aftermarket 188.8.131.52 Increasing Sales of Electric Vehicles are Expected to Fuel the Market Demand for Automotive Suspension 2.5.3 Supply-Side Analysis 184.108.40.206 Fluctuating Prices of Raw Materials 2.6 Market Size Estimation 2.7 Data Triangulation 2.8 Assumptions 2.8.1 Generic Assumptions 2.8.2 Assumptions: By System Type 2.8.3 Assumptions: Architecture Type
3 Executive Summary
4 Premium Insights 4.1 Attractive Growth Opportunities in the Automotive Active Suspension Market 4.2 Automotive Suspension Market, By Architecture 4.3 Automotive Suspension Market, By System 4.4 Active Suspension Market, By Actuation Type 4.5 Automotive Suspension Market, By Vehicle Type 4.6 Automotive Suspension Market, By Component 4.7 Automotive Suspension Aftermarket, By Component 4.8 Automotive Suspension Market, By Country 4.9 Automotive Suspension Market, By Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Rising Demand for Comfort, Safety, and Ride Quality 18.104.22.168.1 Independent Suspension to Outperform the Dependent Suspension System 22.214.171.124.2 Electromagnetically Actuated Active Suspension to Improve the Ride Quality and Comfort 126.96.36.199 Demand for Air Suspension in Heavy Commercial Vehicles 5.2.2 Restraints 188.8.131.52 Lack of Standardization of Independent Suspension System 184.108.40.206 High Development & Adoption Cost of Advanced Suspension Systems 5.2.3 Opportunities 220.127.116.11 Use of Lightweight Material in Suspension System 18.104.22.168 Demand for Regenerative Suspension System for Electric and Hybrid Vehicles 5.2.4 Challenges 22.214.171.124 Counterfeit Suspension Products in the Aftermarket 126.96.36.199 Overcoming Steer Torque for Better Vehicle Performance and Ride Comfort 5.2.5 Future Technologies 188.8.131.52 Linear Electromagnetic Motor 184.108.40.206 E-Corner Suspension Modules 220.127.116.11 Active Curve Tilting 18.104.22.168 Magnetic Dampers 22.214.171.124 Airmatic 126.96.36.199 Acceleration Sensitive Damping By Tenneco 188.8.131.52 Active Body Control
6 Automotive Suspension Market, By Architecture 6.1 Introduction 6.2 Macpherson Strut 6.3 Double Wishbone 6.4 Multilink Suspension 6.5 Twist Beam/Torsion Beam Suspension 6.6 Leaf Spring Suspension 6.7 Air Suspension
7 Automotive Suspension Market, By System Type 7.1 Introduction 7.2 Passive Suspension 7.3 Semi-Active Suspension 7.4 Active Suspension
8 Active Suspension Market, By Actuation 8.1 Introduction 8.2 Hydraulically Actuated Active Suspension 8.3 Electronically Actuated Active Suspension
9 Automotive Suspension OE Market, By Component
10 Automotive Suspension Aftermarket, By Component 10.1 Introduction 10.2 Shock Absorber 10.3 Strut 10.4 Ball Joint 10.5 Leaf Spring 10.6 Control Arm 10.7 Coil Spring
11 Automotive Suspension Market, By Vehicle Type 11.1 Introduction 11.2 Passenger Car 11.3 Light Commercial Vehicle (LCV) 11.4 Truck 11.5 Bus
12 Electric & Hybrid Vehicle Suspension Market, By Region 12.1 Introduction 12.2 Battery Electric Vehicle (BEV) 12.3 Hybrid Electric Vehicle (HEV) 12.4 Plug-In Hybrid Electric Vehicle (PHEV) 12.5 Fuel Cell Electric Vehicle (FCEV)