Advancements in technologies and rise in demand for luxury and comfort in vehicles propel the global automotive suspension market
PORTLAND, Ore., Sept. 3, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Suspension Market by System (Passive and Semi-active/Active), Component (Spring, Shock Dampener, Struts, Control Arms, Ball Joint, Leaf Spring, and Air Compressor), Geometry (Dependent, Semi-independent, and Independent), Suspension Type (Hydraulic Suspension, Air Suspension, and Leaf Spring), and Vehicle Type (Two-wheeler, Passenger Cars, and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2019-2027." According to the report, the global automotive suspension industry generated $55.28 billion in 2019, and is estimated to generate $73.36 billion by 2027, witnessing a CAGR of 3.5% from 2020 to 2027.
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Drivers, restraints, and opportunities
Technological advancements, surge in demand for luxury and comfort in vehicles, and significant rise in vehicle production drive the global automotive suspension market. However, high cost of maintenance for advanced suspension systems and improving global standards for vehicles hinder the market growth. On the other hand, demand for lightweight suspension systems and creation of advanced suspension systems present new pathways in coming years.
The struts segment to maintain its dominant share during the forecast period
Based on component, the struts segment accounted for the highest market share in 2019, contributing to nearly one-third of the global automotive suspension market, and is projected to maintain its dominant share during the forecast period. This is attributed to the benefits of balancing the entire weight of the vehicles and surge in production of technically advanced components. However, the air compressor segment is expected to witness the highest CAGR of 5.3% from 2020 to 2027.
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COVID-19 Scenario on Automotive Suspension Market:
- Manufacturing activities have been halted due to shortage of raw materials, disrupted supply chain, and lockdown imposed by the government.
- Research and development activities have been resumed due to lack of access to resources and new product launches have been postponed by manufacturers.
- Auto expos and other events of the automobile industry have been postponed to avoid social gatherings.
- With restrictions on lockdown being lifted off in many countries, production factories have been started with minimal workforce. Social distancing and other safety and hygiene regulations have been followed in factories.
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The hydraulic suspension segment to maintain its lead status during the forecast period
Based on suspension type, the hydraulic suspension segment held more than half of the global automotive suspension market in 2019, and is projected to maintain its lead status during the forecast period. This is due to its usage as a traditional type of suspension system in the automotive industry. However, the air suspension segment would register the fastest CAGR of 4.3% from 2020 to 2027, owing to shock-free and smooth ride provided on rough surfaces.
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Asia-Pacific, followed by North America, to maintain its lead position by 2026
Based on region, Asia-Pacific, followed by North America, held nearly two-fifths of the global automotive suspension market in 2019, and is expected to maintain its lead position by 2027. Moreover, this segment is expected to maintain the highest CAGR of 4.1% from 2020 to 2027. This is attributed to well-developed automotive industry in the region along with various developments related to vehicle components. The research also analyzes the regions including Europe and LAMEA.
Market players grabbing largest pie
- Continental AG
- Fox Factory, Inc.
- Gabriel India Limited
- Hendrickson USA, LLC
- KYB Corporation
- Mando Corporation
- Sogefi S.P.A.
- Tenneco Inc.
- Wabco
- ZF TRW
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Automotive Axle & Propeller Shaft Market: The market is segmented on the basis of axle & propeller shaft type, vehicle type, and geography.
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