Automotive Suspension System Market Analysis
Market Research Future (MRFR) projects the global automotive suspension system market size to exceed a valuation of USD 72,700 million with an annual growth rate of 5.40% from 2018 to 2023 (forecast period).
The automotive suspension system is a system that connects the vehicle to the wheels by using tire air, tires, and shock absorbers. The suspension system allows motion between the vehicle and the wheel, and it also helps with road holding or handling and rides quality.
All modern vehicle has a suspension system as a mechanism to reduce dumping and provide a smooth riding experience. The increase in safety regulation by developing-country governments, as well as the introduction of new innovative suspension systems, are expected to enhance demand for passenger vehicles and commercial vehicles, which are some supporting aspects for the worldwide automotive suspension system market growth. The increased use of lightweight materials in suspension systems is predicted to increase demand for regenerative systems for hybrid and electric vehicles, as well as enhance market growth for automotive suspension systems.
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COVID-19 Impact on the Global Automotive Suspension System Market
The outbreak of the COVID- 19 pandemic has greatly hampered demand for automobiles, and hence the demand for automobiles is expected to recover in the coming months due to numerous government preparations to lift the lockdown in a phased manner. The demand for automotive suspension system is expected to increase in the approaching months.
Market Segmentation
The global automotive suspension system market has been segmented on the basis of the suspension system, damping type, vehicle type, and sales channel.
By suspension system, the global automotive suspension system market has been segmented into the active suspension system, semi-active suspension system and passive suspension system.
By damping type, the global automotive suspension system market has been segmented into hydraulic and electromagnetic.
By vehicle type, the global automotive suspension system market has been segmented into passenger cars and commercial vehicles.
By sales channel, the global automotive suspension system market has been segmented into OEM and aftermarket.
Regional Analysis
Based on region, the global automotive suspension system market share is segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific market is predicted to have the highest share of the worldwide automobile suspension system. This region accounts for 49.6% of the income generated by automotive suspension systems. During the forecast period, the Asia Pacific region is expected to demonstrate a significant CAGR. This region's phenomenal rise in the manufacturing sector has led to the market's expansion.
Competitive landscape
In the worldwide automotive suspension system market, there are numerous vendors. Most of the main players are anticipated to have a strong offshore presence. The well-known brands are partnering with domestic vendors to further strengthen their position in the global automotive suspension system market. Collaborations and joint ventures, as well as investments in R&D programs and product innovations, are the primary growth tactics employed by these players.
Key Players
Schaeffler AG, ZF friedrichshafen AG, Tenneco Inc., ThyssenKrupp AG, Continental AG, Magneti Marelli SpA, KYB Corporation, BENTELER international AG, Sogefi SpA, Mondo Corp.
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Summary
The global automotive suspension system market is set to exceed a valuation of USD 72,700 million with an annual growth rate of 5.40% from 2018 to 2023 (forecast period). The rise in demand for the worldwide market is related to the production of new vehicles where a suspension system connects the vehicle frame to the wheel, and it is one of the important parts of the vehicle. The advancement of technology, rise in urbanization, and individual purchasing behaviors are all contributing to the expansion of the automotive industry. It helps to improve the ride quality and provides a better road holding capacity of vehicles.
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