The global automotive suspension system market size will touch USD 72,700 million at a 5.4% CAGR between the forecast period 2020- 2027, according to the new Market Research Future (MRFR) analysis. An automotive suspension system, simply put, is a basic system that is utilized for suspending an engine, body, vehicle frame, and other parts that are above the wheels.
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Key Players
Key contenders profiled in the global automotive suspension system market report include Schaeffler AG, SogefiSpA, Mondo Corp, Magneti Marelli SpA, BENTELER international AG KYB Corporation, ThyssenKrupp AG, Tenneco Inc., ZF friedrichshafen AG, and Continental AG.
Various factors are fuelling the global automotive suspension system market share. According to the recent MRFR market estimates, such factors include increased vehicle production, demand for luxury features that will boost the suspension use, rising urbanization, advances in technology, changing buying behaviors, increasing commercialization, rapidly expanding two-wheeler industry, and outstanding sales of cars in developing regions, and improved vehicle dynamics. Additional factors propelling market growth include the growing need for passenger comfort in cars, technological innovations in suspension systems, growing adoption of luxury and high-end vehicles, demand for improved ride quality, need for advanced safety & convenience systems, emerging trends that have a direct impact on the industry dynamics, development of lightweight suspensions, the introduction of an advanced electromagnetic motor, the introduction of energy recovery suspension systems, and availability of electronic suspension technology.
On the contrary, the high price of independent suspension design, lack of standardization, and temporary closure of vehicles and components manufacturing facilities during the COVID-19 pandemic are factors that may limit the global automotive suspension system market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global automotive suspension system market based on sales channel, suspension system, and damping type.
By damping type, the global automotive suspension system market is segmented into hydraulic and electromagnetic suspension.
By sales channel, the global automotive suspension system market is segmented into OEM and aftermarket. Of these, the OEM sales channel segment will lead the market over the forecast period.
By suspension system, the global automotive suspension system market is segmented into passive suspension system, active suspension system, and semi-active suspension system. Of these, the semi-active suspension system will spearhead the market over the forecast period.
Regional Analysis
By region, the global automotive suspension system market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. The presence of developing countries India and China, availability of cheap labor and raw materials, thriving population, consumers’ rising per capita income, changing lifestyle of the middle class, growing economy, presence of a huge number of consumers, and China being the leading producer of automobiles are adding to the global automotive suspension system market growth in the region. India and China have a maximum share in the market. Besides, the growing vehicle demand, consumer demand for improved suspensions, increasing government regulations for security and safety, and burgeoning need for passengers cars are also adding market growth.
The global automotive suspension system market in Europe is predicted to have the second-largest share over the forecast period. Growing technological improvements, the introduction of advanced suspension systems for electric cars, rising number of automobiles, the growing need for HCV and LCV, technologically improved safety features, and consumers growing disposable income are adding to the global automotive suspension system market growth in the region.
The global automotive suspension system market in North America is predicted to have healthy growth over the forecast period. Technological advances by major key players are adding to the automotive suspension system market growth in the region.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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