Automotive suspension market size will reach US$73.82 billion by

Tokyo, Jan. 31, 2022 (GLOBE NEWSWIRE) — The world automotive suspension market is expected to increase significantly over the forecast period. Automotive suspension systems are critical components that help prevent damage to vehicle components while providing a safe and comfortable ride. Changing consumer habits, technical developments and increasing urbanization have all contributed to the expansion of the automotive industry. Automotive suspension systems are constantly improving to provide a better driving experience and improved vehicle handling capabilities.

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The automotive suspension market is likely to be driven by growing demand for vehicles in developing regions. Also, the increased demand for vehicle performance and comfort is likely to drive the expansion of the market. Lack of standardization and high cost of independent automotive suspension systems may stifle the growth of the automotive suspension market. The demand for personal automobiles is growing and independent suspension systems may offer growth potential.

Report scope automotive suspension market

Report cover Details
Market size in 2020 US$52.9 billion
Rate of growth CAGR of 3.4% from 2021 to 2030
Fastest growing region Europe
Biggest earner Asia Pacific
base year 2021
Forecast period 2021 to 2030
Companies covered Tenneco Inc., Schaeffler AG, Continental AG, ZF Friedrichschafen AG, Sogefi SpA, Magneti Marelli SpA, Mondo Corporation, KYB Corporation, ThyssenKrupp AG, BENTELER International AG

Report Highlights

  • Based on suspension type, MacPherson strut segment dominated the global automotive suspension market in 2020 with the highest market share. The MacPherson strut reduces the cost and weight of the architecture by eliminating the need for a separate upper control arm.
  • Based on vehicle type, the passenger vehicle segment is estimated to be the most opportunistic segment during the forecast period. The suspension system is one of the most important components of any vehicle. Accordingly, the increase in the suspension system is proportional to the volume of passenger vehicles produced.

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Regional overview

Asia-Pacific is the largest automotive suspension market segment in terms of region. This is attributed to an increase in the need for commercial vehicles and improved automobile and taxi facilities for the locals. Also, expanding population and developing economies in Asia-Pacific region, which would contribute to the fastest growth of the market.

The Europe region is the fastest growing region in the automotive suspension market. This is due to the presence of a large number of auto and component manufacturers. To promote the automotive industry in Europe, government entities develop supportive policies and regulatory frameworks.

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Market dynamics

Drivers

Increase in vehicle production

Due to their many advantages over gasoline-powered vehicles, the demand and production of electric vehicles has increased significantly in recent years. Since oil and air filters, fan belts, timing belts, head coffins and spark plugs do not need to be replaced, gasoline vehicles are more cost effective and more effective. As a result, electric vehicles are rapidly replacing gasoline-powered vehicles as the preferred mode of transportation, limiting the growth of the gasoline-powered vehicle industry. In addition, due to improved vehicle dynamics and traction control, car manufacturers are focusing on developing electric vehicles with the automotive suspension system. As a result, the automotive suspension market is expected to grow owing to the increase in the production of electric vehicles.

Constraints

High maintenance costs

The high initial cost of installing new suspension systems is driving up vehicle prices, which is expected to restrain the growth of the automotive suspension market. The prospect of providing high-end features in vehicles incurs additional costs for consumers in the form of hardware, applications, and telecommunications service charges, which limits the growth of the market. Also, due to the many components and sensors, these vehicles are difficult to maintain and require skilled workers. The service life of the vehicle is reduced due to the complex structure of the systems. As a result, the growth of the global automotive suspension market is expected to be hampered by high initial costs and complex structure.

Opportunities

Rise in request for lightweight automotive suspension system

The suspension plays an important role in the elegance and comfort of the vehicle, as well as in eliminating vibrations from the cabin. Steel or steel alloys, including stainless steel and carbon steel, are used to create traditional suspension components. These materials, on the other hand, are heavier and less resistant than other materials. Following technological breakthroughs in the automotive industry, lightweight automotive materials such as aluminum, carbon fiber and titanium alloys have been developed for use in the manufacture of suspension system components. Due to its enhanced qualities, such as low weight, high specific stiffness, corrosion resistance, ability to build complex geometries, high specific strength and high energy absorption, these materials are used to manufacture suspension components.

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Challenges

Lack of standardization

As there will be particular suspension types for each model, standardizing suspension systems by vehicle type will help Tier 1 and component manufacturers produce suspension systems in large volumes, reducing overall manufacturing costs. When negotiating supply contracts, original equipment manufacturers (OEMs) and suspension suppliers can develop standardization for independent suspension in terms of key characteristics. For OEMs and suspension suppliers, this could be a win-win situation. Thus, the lack of standardization is a huge challenge for the growth of the automotive suspension market.

Segments covered in the report

By suspension type

  • MacPherson leg
  • Multi-link suspension
  • Pneumatic suspension

By type of system

  • Passive suspension
  • Semi-active suspension
  • Active suspension

By type of actuation

  • Hydraulically controlled suspension
  • Electronically controlled suspension

By type of vehicle

  • Tourism vehicle
  • Light commercial vehicle

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • AEM
  • Rest of the world

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