Automotive Suspension Parts Market Projected To Garner Significant Revenues By 2030 Automotive suspension parts market are ideally utilized to keep a vehicle stable on the road and to reduce vehicle body roll over sharp corners, curves, or large bumps. Moreover, suspension components also help maintain the independent movement of each vehicle tire. A car suspension system includes several parts such as shock observers, struts, links, coil, leaf, and torsion bar. All such components are designed by automotive suspension manufacturers to decrease the force from opposing sides of a vehicle and to raise or lower the vehicle in order to maintain a stable position.
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Next-gen Sensor Technologies Revolutionizing Automotive Suspension Parts
Automotive suspension market growth factors can be attributed to the introduction of different technological innovations. Increasing integration of sensors and electronics in the suspension component has led to the development of various advanced suspension systems. For instance, continuous damping control (CDC) is one of the prime features in advanced suspension systems, which are equipped with shock absorbers that utilize one or two electrically controlled solenoid valves. This can optimize damping and further improve the ride quality of the vehicle.
The active suspension system has the capability to continuously adjust itself for different road conditions, while such a system artificially extends itself and constantly monitors & adjusts as per the changing road & vehicle situations. Moreover, advanced sensors and microprocessors in the active suspension system provide frequent information in real-time, due to which it can respond to erratic road conditions & further offers superior road feel, safety, responsiveness & vehicle handling.
Manufacturers of premium and luxury cars are also integrating active & semi-active suspensions in order to replace conventional suspension parts. These next-gen automotive suspension parts are offering significant opportunities for expansion of the market. Several auto component manufacturers are making heavy investments to produce highly advanced and efficient car suspensions, which further propel the growth of the automotive suspension parts market. OEMs are increasing output capacities in different types of suspension system.
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Stringent Automobile Regulations in North America and Europe Steering Market Growth
The automotive industry across the globe has been witnessing significant expansion over the past two decades. The automotive industry in North America and Europe is highly mature, while the same industry in most of the developing countries including India and South Korea, has made rapid advancements in terms of vehicle production. China recorded the highest production of passenger vehicles across the globe, which was around 21 million units for the year 2021. Therefore, a rise in vehicle production volume in developed and developing nations is propelling the demand for suspension components.
The automotive suspension parts market for premium and luxury vehicles in North America & Europe is considered to be dynamic, due to the large domestic consumer base along with high manufacturing costs and safety concerns. Such findings make these regions highly lucrative for the adoption of different suspension systems that further improve vehicle performance. Moreover, an increase in upper-class population and consumer spending in North America & Europe, who tends to purchase high-end passenger & light commercial vehicles, are compelling automotive companies to boost their output capacities. This, in turn, is estimated to drive the automotive industry and subsequently, bolster the demand for automotive suspension parts.
Rising investment by governments for the development of infrastructure and easy availability of loans or finance solutions for vehicle purchase is also expected to propel vehicle sales and further boost the expansion of the automotive suspension parts market.
Increasing stringency of vehicle safety and regulations in developed & developing countries are considered key factors that are boosting the integration of shock absorbers and other suspension components in vehicles. These advancements are in turn steering growth in the automotive suspension parts market.
Automotive Companies Enabling High-performance Driving Experience with Leading-edge Shock Absorbers
In terms of suspension parts type, the global automotive suspension parts market has been split into shock absorbers, struts, links, and springs. The shock absorbers segment held a dominant share of 38.3% of the automotive suspension parts market in 2021. It is estimated to maintain its dominant position and advance at a growth rate of more than 3% during the forecast period. This can be attributed to innovations in shock absorbers which include the replacement of hydraulic dampers with electromechanical rotary dampers to enable an even more comfortable ride.
Shock absorbers are primarily utilized to control spring and suspension movement. Hence, they play an important role in the performance of the vehicle’s suspension system. Moreover, the rising usage of commercial vehicles for off-road projects is expected to boost the demand for shock absorbers. Furthermore, automotive suspension springs, struts, and links are also gaining popularity in most passenger & commercial vehicles in order to ensure a smooth & high-performance driving experience. Additionally, demand for active and semi-active suspension systems is increasing due to the rising preference for premium & luxury cars, which further drives the shock absorber segment. This can be attributed to an upgrade in the disposable income of car buyers in both developed and developing economies. However, car manufacturers should adopt predictive analysis software platforms to streamline budgets since financial experts are predicting an economic recession in the 3rd or 4th quarter of 2022.
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Are Air Suspension Systems Better than Hydraulic Suspension Components?
Based on technology type, the global automotive suspension parts market has been bifurcated into gas charged suspension components and hydraulic suspension components. The hydraulic suspension components segment held a significant share of the global automotive suspension parts market and accounted for 57.5% share in 2021. However, it has been found that the hydraulic suspension components segment is projected to grow at a sluggish CAGR of 3.17% during the forecast period. This is evident since new technologies like electromechanical rotary dampers in shock absorbers and innovations in air suspension systems are emerging as a substitute for hydraulic suspension technology. Hence, automotive suspension parts suppliers should diversify their focus on air suspension systems and create awareness about the advantages of hydraulic suspension such as the flexibility of customization to meet specific requirements & desired level of performance in automobiles.
Hydraulic suspension technology is a well-known technology and is extensively adopted among most entry & mid-range vehicles. Such trends are contributing toward market expansion. On the other hand, demand for gas charged suspension components has increased at a rapid pace, as they are increasingly being integrated into premium & luxury vehicles. The primary focus of vehicle manufacturers these days is to enhance the performance of their vehicle models to gain a competitive edge over other automotive giants. This is expected to boost revenue growth in the gas charged suspension components segment throughout the assessment tenure.
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