Automotive Suspension Market is segmented By Architecture, By Actuation Type, By Sales Channel, By Vehicle Type and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
The global automotive suspension market size was worth US$ XX Million in 2021 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
A suspension is an intricate system of tires, springs, shock absorbers and linkages. The suspension system ensures contact with the road surface in all driving conditions, provides a comfortable ride for the occupants and protects the vehicle frame from excessive shocks and stresses of the road. A good quality suspension system should have minimum weight and low operating and maintenance costs. It must provide decent road handling and ride quality with minimal shocks to vehicle components.
Source: DataM Intelligence Analysis (2022)
Market Dynamics
The demand for automotive suspension systems is driven primarily by increasing demand for better ride quality in automobiles and the rising global vehicle production rates. The introduction of new-generation vehicles with better road handling characteristics is driving the trends for this market. However, the high costs of advanced suspension systems prevent their wider adoption and present challenges for the growth of the automotive suspension market.
Increasing demand for vehicle comfort and better ride quality
The sub-compact SUV segment has seen massive growth in emerging countries such as India, China, Mexico, Indonesia, primarily due to attractive characteristics such as high ground clearance and better ride quality. The SUVs have independent suspension for the front and rear, improving their ride quality considerably. There is a greater demand for better ride comfort from the global vehicle markets.
The road quality in the developed world is decent, mainly in major cities and interstate highways; however, the road quality is poor in rural areas and desolate interior regions. In the developing world, the highway infrastructure isn't well developed and the quality of paved roads is often abysmal. The poor state of roads has led to consumers demanding better suspension systems for their cars to ensure good ride comfort. Since road infrastructure development is a long-term project, the ever-increasing demand for better ride quality will boost the market for automotive suspension systems.
High costs of advanced suspension systems
Leading automotive companies have developed new and advanced suspension systems that substantially improve road handling characteristics and ride quality. However, these new systems are increasingly complex and have high maintenance and costs. The high prices are preventing their wider adoption by the automotive industry. An example of this phenomenon is Bose Corporation's active electromagnetic suspension for luxury vehicles.
The company spent more than three decades developing the system; however, it failed to enter production due to high costs. Commercial vehicle manufacturers have started replacing old leaf spring suspension with modern air suspension, providing superior ride quality. However, the initial and maintenance costs are high and hence air suspensions are only offered with premium segment commercial vehicles. The high costs are a key challenge for the growth of the automotive suspension market.
COVID-19 impact analysis
The automotive industry experienced sharp declines in production and sales in 2020 due to the COVID-19 pandemic. Governments globally imposed lockdowns to curb the pandemic's spread and many manufacturers had to suspend operations temporarily. Industrial manufacturing is a highly capital-intensive business and thus, many component manufacturers were facing bankruptcy. Vehicle production resumed in a limited Architecture after lifting the lockdowns.
The COVID-19 pandemics' knock-on effects on the global supply chains have caused shortages of essential components for the automotive industry. It has led to long lead times and reduced production rates, even after the complete lifting of pandemic-related restrictions. The pandemic will have a negligible impact on the long-term growth of the automotive suspension market since the demand for cars with better ride quality remains strong. It will continue to grow significantly in the coming years.
Market Segment Analysis
The automotive suspension market is segmented on architecture, actuation type, distribution channel, vehicle type and region. The global automotive suspension system market is segmented into MacPherson strut, double wishbone, torsion beam, leaf spring and air suspension based on architecture. MacPherson strut dominates this segment since most passenger vehicles use this setup for the front-end suspension. Macpherson strut consists of a simple assembly of coil spring and shock absorber. It is a relatively lightweight and reliable system with low maintenance costs.
Source: DataM Intelligence Analysis (2022)
Market Geographical Share
Asia-Pacific is leading in the global Automotive Suspension System market. The region accounts for the largest market share, primarily due to major emerging markets such as China, India, Indonesia, Malaysia, Thailand and Vietnam and developed automotive markets such as Japan and South Korea. The road infrastructure in the Asia-Pacific isn't well developed. The national governments of many countries in the region are investing significantly in improving the road infrastructure; however, the current situation is unlikely to improve in the short to medium term.
Hence, the local population's demand for vehicles with better suspension systems that provide good ride quality and comfort is likely to increase. A modern passenger car with good quality suspension is desired to offset the discomfort caused by the poor state of roads. Due to their large domestic automotive industries and the rising sales of compact SUV cars, the demand for suspension systems comes primarily from China and India.
Source: DataM Intelligence Analysis (2022)
Competitive Landscape
The global automotive suspension market is highly competitive, with many automotive component manufacturers offering a wide variety of suspension systems for different classes of vehicles. Some of the major players contributing to the growth in the segment are KYB Corporation, Tenneco Inc., Continental AG, Thyssenkrupp AG, ZF Friedrichshafen AG, Benteler, Marelli Holdings Co. Ltd, Mando Corporation, NHK Spring Co. Ltd, Sogefi S.p.A. The significant players adopt several growth strategies such as new product launches, joint ventures and collaborations, contributing to global growth in the industry.
KYB Corporation
Overview: KYB Corporation is a major automotive component manufacturing company whose main products are shock absorbers, air suspension systems, power steering systems, hydraulic pumps, motors and valves. The company has 34 manufacturing units and 62 offices in 21 countries. KYB Corporation was founded in 1919 and is headquartered in Tokyo, Japan.
Product Portfolio
KYB MonoMax is a large bore monotube shock absorber designed for trucks and SUVs. It has a zinc-coated stainless-steel body for better durability.
Key Developments: In 2018, KYB Corporation launched New SR Special series of shock absorbers for passenger cars. The new shock absorbers are more lightweight and durable than previous generation systems.
Why Purchase the Report?
- Visualize the composition of the automotive suspension market segmentation by architecture, actuation type, distribution channel, vehicle type and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the automotive suspension market by analyzing trends and co-development deals.
- Excel data sheet with thousands of the automotive suspension market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the critical product of all major market players
The global Automotive Suspension market report would provide access to an approx. 71 market data tables, 72 figures and 180 pages.
Target Audience 2024
- Automotive component manufacturers
- Vehicle manufacturers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Research Professionals
