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Growth opportunities and latent adjacency in Automotive Suspension Market

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Growth opportunities and latent adjacency in Automotive Suspension Market

November 20
21:42 2020
Growth opportunities and latent adjacency in Automotive Suspension Market

Automotive Suspension Market
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 – Global Forecast To 2025

The report “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 – Global Forecast to 2025″, is projected to grow at a CAGR of 3.88% from 2017 to 2025, and the market size is estimated to grow from USD 50.76 billion in 2017 to USD 68.84 billion by 2025.

The market is anticipated to grow due to the growing vehicle production, rising concern toward safety & comfort, and demand for better ride performance. Also, the development of semi-active/active systems, which are light, small, and high on performance, is projected to drive the demand for advanced automotive suspension systems.

Passenger car is estimated to be the largest market for automotive suspension

Passenger car is estimated to be the largest segment of the automotive suspension market. Factors such as rising consumer disposable income and increased vehicle ownership with easy finance options have led to the rise in passenger car sales. The passenger car segment has witnessed tremendous growth in the Asia Oceania region, particularly in developing countries such as India and China. The demand for automotive suspension in LCVs is also projected to increase during the forecast period. The market growth in this vehicle segment can be attributed to the increasing production and demand for LCVs in the North American region. Likewise, the demand for automotive suspension in HCVs is also projected to increase due to increased production of HCVs in North America and Europe. European OEMs, led by Daimler, Volvo, and Volkswagen, continue to dominate the heavy truck market with their scale of operations and technological edge. The growth of the trucking and transportation industry in developed regions is expected to drive the automotive suspension market in the HCV segment.

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Active Suspension System is estimated to be the fastest growing segment of the automotive suspension market

With the increasing stringency of emission norms and fuel efficiency regulations, the market for lightweight active suspension systems is estimated to grow in developed regions such as North America and Europe. These regions are projected to witness high growth of active suspension system as manufacturers and customers are more likely to adopt new technology. However, Asia Oceania and RoW regions are expected to witness moderate growth of active suspension system as consumers in these regions prefer compact & economic cars. The high rate of adoption across the globe will be a driving factor for the growth of these systems.

Asia Oceania is estimated to be the largest market for automotive suspension

Asia Oceania has emerged as a hub for automotive production in recent years owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages for OEMs. Also, increasing vehicle demand in India, China, and other Southeast Asian countries has fueled the demand for suspension system in the region. Key automotive manufacturers of Europe and North America have shifted focus toward this region due to various benefits such as easy availability of cheap labor, lenient regulations for environment & safety, increased FDI for the automotive industry in countries such as India, and growing demand for vehicles. The increasing concern about quality and safety has compelled manufacturers to develop advanced suspension systems.

Europe is estimated to be the second largest market for automotive suspension. Automotive OEMs in Europe are the pioneers in automotive research and engineering. Effective R&D infrastructure, a highly qualified workforce, and complete industry value chain integration create an ideal environment for companies to develop cutting-edge technologies. The production of passenger cars, LCVs, and HCVs has witnessed significant growth and is projected to grow further in the future.

 Key Market Players:

The major players in the automotive suspension system market are ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Germany). These companies collectively account for a major share of the automotive suspension market.

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