Automotive Suspension holds a great potential in changing the global safety scenario, thus, making it more comfortable and safe vehicle. The Automotive Suspension System have witnessed a steep growth in passenger cars and commercial vehicles segment due to stringent vehicle safety norms and standards by various transport authorities globally. U.S. and European union has issued various standards, and automobile manufacturers are advised to make their vehicles in complaint with these vehicles. The passenger car market of automotive suspension is expected to increase rapidly in the coming years. Developing countries such as India and China hold a tremendous potential in automotive suspension market, moreover their governments have mandated the use of air suspension in heavy commercial vehicles. Various companies are trying to expand their market penetration in the APAC region for development of advanced automotive suspension system.
Automotive Suspension Market report, published by Allied Market Research, forecasts that the global market is expected to garner $284 billion by 2022, growing at a CAGR of 4.9% during the period 2014 – 2022. The passenger vehicle segment is estimated to dominate the market from 2016 to 2022. Asia-Pacific dominated the global market accounting for a market share of around 37% in 2015.
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Technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort drive this market. Moreover, rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers are expected to boost the market growth. However, continuous strength of global vehicle standards and high maintenance cost of advanced suspension systems could hamper the market growth.
A suspension system is a mechanism that physically separates the car body from its wheels. It includes spring, dampener, and various links, in which the spring stores potential, and kinetic energy while dampener dissipates the energy. The sale of electric, hybrid, and conventional vehicles has witnessed a global upsurge. The market share of automotive suspension technologies is expected to increase. In addition, the adoption of air suspension and electro-magnetic suspension has significantly increased in the automotive industry. Technological advancement of this system is expected to boost the market growth in untapped markets of LAMEA and Asia-Pacific.
The passenger vehicles industry segment is projected to maintain its lead due to increase in sales of vehicles and advent of new technology. Moreover, the sale of advance suspension systems in the two-wheeler industry has increased, owing to stringent safety laws, lightweight components, low costs, and increase in disposable income. Likewise, increase in demand for safe and light weight suspension technologies in commercial vehicles in the developed economies of North America have boosted the market growth.
Asia-Pacific generated the maximum revenue in 2015, and is expected to maintain its dominance till 2022. This is attributed to the increase in public demand for more luxury & comfort in the vehicles, rise in sales, and enforcement of laws & regulations by government authorities. Moreover, rise in disposable income of public propelled the growth of the Asia-Pacific automobile suspension market.
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Asia-Pacific is projected to be the fastest growing region throughout the analysis period. China is expected to dominate this region in terms of sales of passenger cars. This is attributed to the implementation of stringent vehicular safety norms, rise in awareness of safe and comfortable vehicles, and growth in buying power of consumers in the emerging markets such as India, Malaysia, and China to adopt advance automotive suspension technologies. Rise in demand for lightweight suspension system and development of advanced suspension systems for two wheelers offer lucrative opportunities to the players in the automotive suspension market.
Automotive Suspension Market Key Findings:
- In 2015, passenger cars led the market revenue, and this segment is projected to grow at a CAGR of 4.9% during the forecast period.
- Two wheeler segment is expected to grow at the highest CAGR of 7.4%, owing to the wider adoption of air suspension technologies around the globe.
- The hydraulic suspension system is projected to generate the largest revenue by suspension type.
- China is the major shareholder, accounting for about 60% of the Asia-Pacific automotive suspension market in 2015.
- India is expected to be the fastest growing country and expected to exhibit a double-digit growth.
The key players in the automotive suspension market have focused on expanding their business operations in the developing countries, with new product launches as a preferred strategy. The major players profiled in this report include KYB Corporation (Japan), Hendrickson USA, L.L.C (U.S.), Gabriel India Limited (India), FOX Factory, Inc. (U.S.), WABCO (Belgium), Continental AG (Germany), ZF TRW (U.S.), Magneti Marelli S.p.A (Italy), Tenneco Inc. (U.S.), and Sogefi SpA (Italy).
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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