BANGALORE, India, Feb. 26, 2021 /PRNewswire/ -- Automotive Suspension Market is Segmented by System (Passive System, Semi Active/Active System), by Component (Spring, Shock Dampener, Struts, Control Arms, Ball Joint, Leaf Spring, and Air Compressor), by Geometry (Dependent, Semi-independent, and Independent): Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Vehicle Parts & Accessories Category.
The global automotive suspension market size was valued at USD 55.28 Billion in 2019 and is projected to reach USD 73.36 Billion by 2027, registering a CAGR of 3.5%.
Major factors driving the growth of automotive suspension market size are:
TRENDS INFLUENCING THE AUTOMOTIVE SUSPENSION MARKET SIZE
Increased demand for comfort and luxury in vehicles and quieter cabins has contributed significantly to the growth of the automotive suspension market size. Suspension plays a vital role in enhancing luxury and comfort and reducing cabin vibrations in cars. By 2021, the sales of luxury cars are expected to double as a result of advances in vehicle technology and economic growth in developing countries. All these factors are thus collectively boosting the growth of the global automotive suspension market.
The rise in vehicle production is expected to fuel the growth of the automotive suspension market size. Due to the introduction of electric vehicles, the automotive industry has seen robust growth over the last decade in countries such as China, the United States, Japan, India, Germany, and the United Kingdom. Increasing sales of electric vehicles are expected to bring down the costs of electric vehicle components such as batteries, transmissions, and alternators. Furthermore, the low labor costs can reduce the production cost, enabling manufacturers to meet the rising demands that are expected to fuel electric vehicle sales during the forecast era. Such factors, in turn, will lead to the growth of the automotive suspension market size.
In the automotive industry, technical advances have led to the production of lightweight automotive materials such as aluminum, carbon fiber, and titanium alloys in the manufacturing of suspension system components. Due to their enhanced properties such as low weight, high specific stiffness, corrosion resistance, ability to produce complex shapes, high specific strength, and high energy absorption effects, such materials are used for manufacturing suspension components. Due to the rise in demand for fuel-efficient vehicles, lightweight automotive materials are expected to witness higher adoption in the automotive industry. This, in turn, is expected to provide a lucrative growth opportunity for automotive suspension market players.
Based on geometry, due to the on- and off-road conditions, the independent automotive suspension market will capture the majority revenue share during the forecast period. Each wheel acts as a separate suspension unit, and the movement of one wheel is not dependent on the other in this type of suspension.
Based on suspension type, the air suspension segment is expected to witness the highest growth during the forecast period. A quality ride provides passengers with comfort, minimizes cargo damage, and reduces drivers' fatigue during long journeys. In addition, to prevent further injury to already ill passengers, ambulances have a special need for enhanced vehicle suspension. These factors have boosted the demand for greater driving comfort, which in turn is having a positive impact on the growth of the air suspension segment.
The Semi-Active/Active Suspension System is estimated to be the fastest-growing segment of the automotive suspension market. The implementation of comparatively lightweight semi-active/active suspension systems is expected to be higher in developed regions such as North America and Europe as a result of the rise in the stringency of emissions and fuel efficiency regulations in the regions.
Over the forecast period, the market will experience substantial growth in the Asia Pacific region. The rise is due to rising passenger car production and increasing demand for luxury vehicles in the region.
- Automotive Suspension Strut Market is Segmented by Type Stainless Steel, Carbon Steel, Advanced High Strength Steel, by Application Passenger Cars, Commercial Vehicles and by various regions.
- Automotive Air Suspension Market is Segmented by Type Non-Electronically Controlled, Electronically Controlled, by Application Passenger Vehicle, Commercial Vehicle and by various regions.
- Two-wheeler Suspension System Market is Segmented by Type Telescopic Suspension, Telescopic Suspension (upside down), Spring Loaded Hydraulic Suspension, Others, by Application OEM, Aftermarket and by various regions.
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