Global Automotive Suspension Market (2021 to 2026) - Increasing Sale of Electric Vehicles Presents Opportunities
DUBLIN, July 9, 2021 /PRNewswire/ -- The "Global Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multi-link, Twist Beam, Leaf Spring, Air Suspension), System Type, Actuation, Component OE & Aftermarket, Vehicle (ICE, BEV, HEV, PHEV), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive suspension market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 50.7 billion in 2026, at a CAGR of 3.4% during the forecast period.
The major driving factors for the automotive suspension industry are increase in demand for vehicle comfort and safety and increasing adoption of air suspension systems in HCVs.
The outbreak of COVID-19 has severely impacted the overall supply chain of the automotive industry. The halt in production and logistics created due to the pandemic has affected raw material suppliers of the automotive industry. The pandemic has affected the overall growth of the sector in 2020, as major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW had to suspend their production due to COVID-19 during the initial second quarters of 2020.
This scenario impacted the automotive suspension market, especially in European & North American countries, as the growth of this market is directly related to the production of vehicles. However, the demand for suspension systems is expected to rise considering 2021 as the recovery period, where the automotive industry is expected to showcase growth, according to industry experts.
Air Suspension is estimated to be the fastest-growing market in architecture segment
The installation rate of air suspension has witnessed significant growth in buses in Asia Pacific. The air suspension system adopted in buses ensures comfort for passengers and maintains the vehicle height at the desired level during travel.
Governments in countries such as China and India are focusing on fuel efficiency and comfortable public transport, which is further expected to drive the market for air suspension in buses during the forecast period.
Passenger Car is expected to be the largest market of the automotive suspension market, by vehicle type
The passenger cars segment is estimated to be the largest growing market in terms of value and volume. The suspension system is one of the essential systems in any type of vehicle.
Hence, the growth of the suspension system is directly proportional to the production volume of passenger vehicles. The growing demand for comfort and safety features also has increased the installation of independent suspension systems in modern cars.
Asia Pacific is expected to be the largest market for automotive suspension
Asia Pacific is expected to be the largest market, by value. China, South Korea, and Japan are the leading vehicle-producing countries in the region with collectively producing ~88% of total vehicles in the region. The growth of the automotive suspension market in China can be primarily attributed to higher vehicle production and foreign direct investments (FDIs) in the form of alliances and joint ventures between international OEMs and Chinese partners.
The infrastructural improvements in Asia Pacific could drive the demand for commercial vehicles in the region. Thus, Asia Pacific is expected to lead the automotive suspension market with more than 49.6% share in the global automotive suspension market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Air Suspension Market
4.2 Automotive Suspension Market Size, by System
4.3 Automotive Suspension Market, by Architecture
4.4 Automotive Suspension Market, by Vehicle Type
4.5 Automotive Suspension OE Market, by Component
4.6 Automotive Suspension Aftermarket, by Component
4.7 Electric & Hybrid Trucks and Buses Suspension Market, by Vehicle Type
4.8 Active Suspension Market, by Actuation
4.9 Automotive Suspension Market, by Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in Demand for Vehicle Comfort and Safety
5.2.2 Conventional vs Advanced Suspension Types of Growth Rates, by Volume, 2021-2026
5.2.2.1 Increasing Adoption of Air Suspension Systems in Hcvs
5.2.3 Restraints
5.2.3.1 High Cost of Air Suspension
5.2.3.2 Lack of Standardization of Independent Suspension Systems
5.2.4 Opportunity
5.2.4.1 Increasing Sale of Electric Vehicles
5.2.4.2 Development of Regenerative Suspension System
5.2.5 Challenges
5.2.5.1 High Initial and Maintenance Costs of Advanced Suspension Systems
5.2.5.2 Counterfeit Suspension Products in the Aftermarket
5.2.5.3 Overcoming Steer Torque
5.3 Automotive Suspension Market Scenario
5.3.1 Most Likely Scenario
5.3.2 Low-Impact Scenario
5.3.3 High-Impact Scenario
5.4 Porter's Five Forces Analysis
5.5 Automotive Suspension Market Ecosystem
5.6 Supply Chain Analysis
5.7 Average Selling Price Trend
5.8 Patent Analysis
5.9 Revenue Shift for Automotive Suspension Manufacturers
5.10 Case Study Analysis
5.11 Trade Analysis
6 Analyst's Recommendations
7 Automotive Suspension Market, by Vehicle Type
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions
7.1.3 Industry Insights
7.2 Passenger Cars
7.3 Light Commercial Vehicles (LCV)
7.4 Trucks
7.5 Buses
8 Automotive Suspension Market, by System
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Passive
8.3 Semi-Active
8.4 Active Suspension
9 Automotive Suspension Market, by Architecture
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Macpherson Strut
9.3 Double Wishbone
9.4 Multilink
9.5 Twist Beam/Torsion Beam
9.6 Leaf Spring
9.7 Air Suspension
10 Active Suspension Market, by Actuation
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.1.3 Industry Insights
10.2 Hydraulically Actuated Active Suspension
10.3 Electronically Actuated Active Suspension
11 Automotive Suspension OE Market, by Component
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.2 Coil Spring
11.3 Air Spring
11.4 Shock Absorber
11.5 Strut
11.6 Control Arm
11.7 Rubber Bushing
11.8 Leaf Spring
11.9 Link Stabilizer/Sway Bar
11.10 Ball Joint
12 Automotive Suspension Aftermarket, by Component
12.1 Introduction
12.1.1 Research Methodology
12.1.2 Assumptions
12.2 Shock Absorber
12.3 Strut
12.4 Ball Joint
12.5 Leaf Spring
12.6 Control Arm
12.7 Coil Spring
13 Electric & Hybrid Passenger Car Suspension Market, by Architecture
13.1 Introduction
13.1.1 Research Methodology
13.1.2 Assumptions
13.1.3 Industry Insights
13.2 Battery Electric Vehicles (BEVs)
13.3 Plug-In Hybrid Electric Vehicles (PHEV)
13.4 Fuel Cell Electric Vehicles (FCEV)
14 Electric & Hybrid Trucks and Buses Suspension Market, by Vehicle Type
14.1 Introduction
14.1.1 Research Methodology
14.1.2 Assumptions
14.2 by Region
14.2.1 Asia-Pacific
14.2.2 Europe
14.2.3 North America
14.3 by Vehicle Type
14.3.1 Electric & Hybrid Trucks
14.3.2 Electric & Hybrid Buses
15 Automotive Suspension Market, by Region
16 Competitive Landscape
16.1 Overview
16.2 Automotive Suspension Market Share Analysis, 2020
16.3 Revenue Analysis of Top Listed/Public Players
16.4 Company Evaluation Quadrant
16.4.1 Star
16.4.2 Emerging Leaders
16.4.3 Pervasive
16.4.4 Participants
16.5 Competitive Scenario
16.5.1 New Product Launches
16.5.2 Deals
16.5.3 Expansions, 2017-2020
16.6 Key Player Strategies/Right to Win, 2017-2020
17 Company Profiles
17.1 Key Players
17.1.1 ZF Friedrichshafen AG
17.1.2 Tenneco Inc.
17.1.3 Continental AG
17.1.4 ThyssenKrupp AG
17.1.5 KYB Corporation
17.1.6 BENTELER
17.1.7 Marelli
17.1.8 Mando Corporation
17.1.9 NHK Spring
17.1.10 Sogefi
17.2 Other Players
17.2.1 Hendrickson
17.2.2 Rassini
17.2.3 Infineon Technologies
17.2.4 BWI Group
17.2.5 Hyundai Mobis
17.2.6 Jamna Auto Industries Ltd.
17.2.7 Multimatic Inc.
17.2.8 Hitachi Automotive Systems
18 Appendix
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