Industry Insights
The global automotive suspension market size was valued at USD 74.22 billion in 2016 and is expected to show lucrative growth over the forecast period driven primarily by growth of automobile industry. The rise in the automobile industry is anticipated to boost the automotive suspension demand and usage over the forecast period.
Global automotive suspension market revenue, by type, 2014 - 2024 (USD Billion)
The basic suspension system includes a control arm, struts, shock absorbers, spring, and ball joints. It provides synchronization and gives direction to the wheels to protect from damages. It is a linkage between various parts of the vehicle and supports handling and ride quality.
Increasing demand for passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV) in developing nations such as India and China is expected to drive the vehicle suspension market. Additionally, technological advancements and demand for better systems globally are fueling the growth of the market.
Rising demand for improved ride quality is expected to boost the market over the forecast period. However, increasing global vehicle standards and high maintenance cost of advanced systems are expected to hamper the market.
Air suspension provides superior shock absorption in comparison with its counter parts and is expected to create the demand for advanced systems. Stringent emission norms and fuel efficiency standards imposed by governments in different regions have forced manufacturers to focus on R&D with respect to chassis systems and suspension systems to achieve the same.
Segmentation by Type
• Air
• Hydraulic
• Leaf
Air suspension is expected to dominate the market over the forecast period. An increasing demand for luxury and comfortable driving experience is expected to fuel growth. Furthermore, increasing demand for high-end cars and SUV’s, in turn, is expected to boost the market. Continuous R&D has led to shifting from leaf to air suspension in heavy commercial vehicles.
Hydraulic suspension is expected to grow at a CAGR of 3.7%. It uses four independent dampers with hydraulic fluid. However, they are expensive to manufacture as well as costly to maintain. It is the primary reason they are limited to luxury cars such as top line luxury cars.
Segmentation by Vehicle Type
• Passenger car
• Commercial vehicle
The passenger car segment is expected to grow at the fastest CAGR over the forecast period owing to increasing population and urge to own personal vehicles. An increasing standard of living in developed as well as developing nations has led to an increase in the sale of luxury cars and Sports Utility Vehicles (SUV) which is the end-use market for automotive suspensions.
Segmentation by System
• Semi active/Active
• Passive
The semi active/active automotive suspension system is expected to grow at a promising CAGR over the forecast period. Semi active system provides better ride quality with superior vibration control. Currently, they are used in light commercial vehicles, heavy commercial vehicle and passenger cars. These factors are expected to fuel the market for semi active/active systems over the forecast period.
Segmentation by region
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• Japan
• India
• Central & South America
• Middle East & Africa
In 2016, Asia Pacific dominated the global market and is expected to maintain its leading position over the forecast period. The rise in automobile production and an increased rate of repairs in countries such as India is expected to fuel the market over the forecast period.
The increasing spending capacity of the middle-class population and superior quality of OEMs is expected to drive the market for advanced systems in the region. Rising awareness of safety and ride quality of vehicles is expected to boost the demand for automotive suspension systems.
Europe is projected to grow steadily at a CAGR of 4.1% over the forecast period. Germany is Europe’s number one automotive market in production and sales. It produced over 15 million vehicles in 2015. Increasing vehicle production in this region is anticipated to boost the market.
Competitive Landscape
The global market is fragmented in nature due to the presence of many players. The key players in the market include ZF Friedrichshafen AG, Tenneco Inc, ThyssenKrupp AG, KYB Corporation, Mubea Fahrwerksfedern GmbH, NHK Springs Co., Ltd, Magneti Marelli S.p.A, Mando Corp Rassini and Benteler International AG.
Companies are focusing on manufacturing light weight suspension systems to comply with emission norms and fuel efficiency standards proposed by governments in various regions. Manufacturers are also focusing on developing various other types of systems such as magnetic suspensions to improve the ride quality of automobiles.
