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The automotive suspension member market size is forecast to increase by USD 4.15 billion at a CAGR of 6.46% between 2023 and 2028. The automotive suspension market is experiencing significant growth due to several key trends. The rising penetration of high-performance vehicles is driving demand for advanced suspension systems that provide superior handling and comfort. Additionally, the development of lightweight vehicle suspension systems is gaining traction as automakers seek to reduce vehicle weight and improve fuel efficiency. However, the market is also facing challenges, including the increased incidence of suspension-related recalls due to component failure, which is leading to higher costs for manufacturers and consumers alike. Despite these challenges, the market is expected to continue growing, fueled by advancements in materials science, engineering, and manufacturing technologies.
The automotive suspension market is a significant component of the global automotive industry, focusing on independent suspensions for passenger cars. Independent suspensions, such as double wishbone, ensure better handling and stability in mid-high segment vehicles and premium models. The market encompasses various suspension types, including coil springs, leaf springs, and air springs, used in passenger cars and commercial vehicles. Suspension systems comprise springs, shock absorbers, struts, and ball joints, designed to provide luxury and comfort while ensuring vehicle safety and control during off-road activities and tourism industry adventures. Lightweight vehicles, all-terrain vehicles, ice vehicles, and battery electric vehicles also utilize advanced suspension systems, such as passive, semi-active, and active suspensions, to enhance performance and safety.
Springs, such as coil and leaf, absorb the energy generated from the road surface and provide support to the vehicle's weight. Shock absorbers, struts, and air springs help maintain proper vehicle height, absorb shock, and ensure smooth rides. The market continues to evolve with advancements in suspension technology, catering to diverse automotive applications and customer preferences.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The OEM segment is estimated to witness significant growth during the forecast period. The market caters to the production of various suspension components, including control arms, ball joints, springs, automotive aftermath shock absorbers, and struts, for original equipment manufacturers (OEMs) of passenger cars, mid-high segment vehicles, premium models, lightweight vehicles, commercial vehicles, SUVs, and electric vehicles. Independent suspensions, such as double wishbone and multi-link systems, are commonly used in these applications to ensure superior luxury and comfort, advanced suspension systems, and enhanced suspension dynamics. The automotive industry's growth, driven by expanding passenger and commercial vehicle production, stricter regulations on vehicle safety and emissions, and increasing consumer demand for advanced suspension systems, contributes significantly to the market's growth.
Furthermore, the emergence of new vehicle segments, such as all-terrain vehicles, tourism industry applications, and autonomous vehicles, creates new opportunities for suspension component manufacturers. Lightweight materials, such as composites, carbon-fiber reinforced plastics, and glass-fiber reinforced plastics, are increasingly being used to produce suspension members for ICE vehicles and electric vehicles. These materials offer weight reduction, improved strength, and better durability, contributing to the overall performance and efficiency of the vehicles. Active suspension systems, such as hydraulic and electromagnetic suspensions, are gaining popularity in luxury cars, sports cars, and medium-range cars for their ability to adapt to varying road conditions and provide superior handling and ride quality.
The market is expected to continue growing due to these trends and the increasing demand for high-performance and safety features in vehicles.
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The OEM segment was valued at USD 6.91 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In the global automotive industry, two-wheelers and light commercial vehicles, including vans, pickup trucks, and commercial electric vehicles, dominate the market in APAC. Manufacturers prioritize local production to reduce costs and cater to the region's price-sensitive consumers. Modern suspension systems are a crucial component in these vehicles, with a focus on lighter suspension components to enhance noise, vibration, harshness (NVH) performance and cabin vibrations. The shift towards fuel-efficient vehicles necessitates the use of automotive lightweight materials, such as aluminum, carbon fiber, and titanium alloys, in suspension parts. Automotive Suspension Coil Springs, Leaf Springs, Air Springs, Shock Absorbers, and various suspension technologies like passive, semi-active, and active suspension systems are employed.
Further, electronic-based suspension systems, such as Air suspension and Kinetic suspension, are gaining popularity due to their ability to provide a smoother ride and improved handling. The logistics industry relies heavily on these vehicles, necessitating full suspension systems. Tire air and springs, along with linkages, are essential components of these systems. Electric vehicle parts, including batteries, transmission, and alternators, also require specialized suspension systems to accommodate their unique requirements.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rising penetration of high-performance vehicles is the key driver of the market. The global automotive suspension market is experiencing significant growth due to the increasing demand for high-performance vehicles in the passenger car segment. Advanced suspension systems, such as independent suspensions with double wishbone, are extensively used in premium models, mid-high segment vehicles, and luxury cars to deliver superior handling and enhanced comfort. These vehicles often incorporate lightweight materials, such as composites made of carbon-fiber reinforced plastics and glass-fiber reinforced plastics, to reduce weight and improve vehicle dynamics. Moreover, the trend towards electrification in the automotive industry is leading to the development of advanced suspension systems for electric vehicles, including active suspension systems and air suspensions.
These systems offer features like auto adaptive dampening and semi-active or active systems that utilize hydraulic or electromagnetic technology for improved ride quality and handling. Furthermore, the suspension systems in all-terrain vehicles and commercial vehicles are designed to withstand the rigors of off-road activities and heavy loads, respectively. The tourism industry's growth, particularly in emerging markets, is also driving the demand for advanced suspension systems in buses and coaches. Overall, the automotive suspension market is witnessing significant innovation, with a focus on lightweight suspension systems, advanced suspension dynamics, and passive and active systems to cater to the diverse needs of the automotive industry.
The development of lightweight vehicle suspension systems is the upcoming trend in the market. The automotive industry's ongoing focus on producing lightweight, eco-friendly vehicles has led to significant advancements in suspension technology. Traditional steel-based suspension components, such as springs, shock absorbers, struts, control arms, and ball joints, have given way to lightweight alternatives made of composite plastics, carbon-fiber reinforced plastics, and glass-fiber reinforced plastics. Independent suspensions, commonly used in passenger cars, have been upgraded with these lightweight materials in components like double wishbone suspension systems. Premium models, mid-high segment vehicles, all-terrain vehicles, and commercial vehicles, including SUVs, have benefited from these advancements. The tourism industry's growing demand for off-road capabilities and luxury and comfort features in vehicles has further fueled the adoption of advanced suspension systems, such as active suspension systems, lightweight suspension systems with auto adaptive dampening, air suspensions, and electric vehicle suspensions.
These systems offer improved vehicle dynamics, enhanced passenger comfort, and reduced fuel consumption. As the trend towards autonomous vehicles continues, suspension systems will play a crucial role in ensuring a smooth and safe ride.
Increased incidence of suspension-related recalls is a key challenge affecting the market growth. Automotive suspension members significantly influence a vehicle's handling, steering, and passenger comfort. Manufacturers continually innovate suspension designs, such as independent suspensions in passenger cars and double wishbone systems in premium models, mid-high segment vehicles, and all-terrain vehicles. Lightweight materials like composites, including carbon-fiber reinforced plastics and glass-fiber reinforced plastics, are increasingly used to reduce vehicle weight and improve suspension performance. Advanced suspension systems, such as active suspension systems, are popular in luxury cars, sports cars, medium-range cars, commercial vehicles, SUVs, and electric vehicles. These systems include auto adaptive dampening, air suspensions, and passive or semi-active hydraulic and electromagnetic suspensions. However, the rapid pace of suspension design changes and the pressure to launch new products can result in technical issues and recalls, particularly due to insufficient feasibility studies.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Benteler International AG - The company offers automotive suspension member such as front suspension, rear twist beam, and powertrain.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive suspension market caters to various vehicle types, including passenger cars, SUVs, commercial vehicles, and specialty vehicles like all-terrain vehicles and ice vehicles. Independent suspensions, such as double wishbone, are commonly used in passenger cars, particularly in the mid-high segment vehicles and premium models, to ensure luxury and comfort. Lightweight vehicles, including battery electric vehicles and autonomous vehicles, are increasingly adopting advanced suspension systems like composites, carbon-fiber reinforced plastics, and active suspension systems to reduce weight and improve performance. Suspension components, including springs, shock absorbers, struts, control arms, and ball joints, are essential for maintaining vehicle stability and handling.
Further, passive systems, such as hydraulic and electromagnetic suspensions, are being replaced by semi-active and active systems that offer better control and adaptability. Advanced suspension systems, like auto adaptive dampening and air suspensions, are gaining popularity in luxury and sports cars, while medium-range cars and commercial vehicles prioritize durability and cost-effectiveness. The tourism industry and off-road activities also contribute significantly to the demand for rich suspension systems.
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Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.46% |
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Market Growth 2024-2028 |
USD 4.15 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.05 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 58% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Benteler International AG, BWI Group, Continental AG, Datson Engineering, Duroshox Pvt. Ltd., Endurance Technologies Ltd., F and P America, Futaba Industrial Co. Ltd., GESTAMP AUTOMOCION SA, Hwashin Co. Ltd., Hyundai Motor Group, Kalyani Forge Ltd., Magna International Inc., Marelli Holdings Co. Ltd., Multimatic Inc., Press Kogyo Co. Ltd., Tata Sons Pvt. Ltd., thyssenkrupp AG, Yorozu Corp., and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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