Previously in 2018, the global automotive suspension market size was valued at USD 76.94 billion and anticipated to project USD 110.51 billion, accounting a CAGR of 4.8% during the forecast period.
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The automotive suspension system plays a major role in vehicle safety and provides better road holding. It reacts to the road conditions directly and influences the road handling, vehicle response, and steering. Vehicle control is achieved by preventing the car body from pitching, rolling and maintaining better contact between the road and the car tire.
Key players of the global automotive suspension market include Tier 1 suppliers such as ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Austria).
A quality suspension system can maximize the traction between tires and road surface, enable better handling, and provide steering stability. Several types of suspension architecture are used in vehicles depending on the vehicle type. These can be classified into dependent and independent suspensions. Independent suspension is further classified into double wishbone, MacPherson strut, air suspension, multi-link suspension, and others.
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Passenger car segment is anticipated to be the fastest growing segment of the automotive suspension market. Several factors driving the automotive suspension market include increasing vehicle ownership with easy finance options, and growing consumer disposable income has led to the rise in passenger car sales. Owing to these reasons, the passenger car segment is witnessing tremendous growth in the Asia Oceania region, particularly in developing countries such as China and India. The demand for automotive suspension in LCVs is also projected to increase owing to the increased production in the North America region as the people prefer to travel off the road with LCVs. The demand for automotive suspension in HCVs is also projected to increase owing to the increased production in North America and Europe region.
Asia Oceania comprises countries such as India, China, Japan, and South Korea and they are witnessing huge population growth. The region is the world’s largest producer of suspension systems. Key manufacturers have shifted their focus toward this region due to several major benefits such as lenient regulations for environment & safety, easy availability of economical labor, increased FDI for the automotive industry in countries such as India.
The global automotive suspension market is segmented into several classifications including type overview, vehicle type overview, system overview, and region. In terms of type overview, the global automotive suspension market is categorized into air, hydraulic, leaf, and others. On the basis of vehicle type overview, the global automotive industry is distributed into passenger vehicle and commercial vehicle. Furthermore, based on the system overview the global automotive suspension market is fragmented into passive and semi-active.
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Looping on the regional overview, the global automotive suspension industry is widely range to North America, U.S., Canada, Mexico, Europe, U.K., France, Germany, Italy, Spain and Rest of Europe, Asia Pacific, China, Japan, South Korea, India, Rest of Asia Pacific, South America, Brazil, Argentina, Rest of South America, Middle East & Africa, GCC, South Africa, and Rest of Middle East & Africa.
Key segments of the global automotive suspension market
Type Overview, 2015-2025 (USD billion)
Vehicle Type Overview, 2015-2025 (USD billion)
System Overview, 2015-2025 (USD billion)
Regional Overview, 2015-2025 (USD billion)
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