Automotive Suspension Market Size
Automotive Suspension Market Size
Technological advancements, rising demand for comfort & luxury, and increased vehicle production are driving growth in the global automotive suspension market.
WILMINGTON, DE, UNITED STATES, October 15, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the global automotive suspension market size garnered $55.28 billion in 2019, and is expected to garner $73.36 billion by 2027, portraying a CAGR of 3.5% from 2020 to 2027. The report offers a detailed analysis of changing market trends, top investment pockets, market trends & estimations, major segments, and competitive scenario.Advancements in technologies, increase in demand for comfort & luxury in vehicles, and surge in vehicle production fuel the global automotive suspension market. However, expensive maintenance for advanced suspension systems and improved standards for vehicles restrain the market growth up to certain extent. On the other hand, demand for lightweight suspension systems and development of advanced suspension systems offer new opportunities in next few years.
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Developing countries, especially in Asia, such as Korea, India, Japan and others have experienced significant economic development and developing middle-class populations, leading to augmented disposable income and increased demand for personal mobility. As a result, the automotive industry in these regions has observed a surge in demand, driving the expansion of the automotive suspension system market. In countries like India, where urbanization is rapid, the need for vehicles with rugged suspensions that can handle diverse and often difficult road conditions is paramount important.
Automotive suspension system technology plays an important role in ensuring passenger comfort and safety, making it a main factor for consumers when choosing their vehicle. Automakers in Japan are in the lead of developing cutting-edge suspension solutions that improve ride quality and handling while meeting strict environmental and safety regulations. The adoption of these advanced suspension systems has been a key driver of market growth. Technological advancements within the automotive sector have also played a pivotal role.
Manufacturers are continually innovating to develop cutting-edge suspension solutions for vehicles that can meet the demands of modern vehicles. This includes the integration of electronic systems for adaptive damping and air suspension, as well as the use of advanced materials to reduce weight and improve performance. These technological advancements not only improve ride quality and handling but also help improve fuel efficiency and reduce emissions, consistent with environmental and regulatory concerns.
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Consumer preferences have evolved alongside technological advancements, with a growing emphasis on comfort, safety, and performance in their vehicle choices. This has encouraged automakers to prioritize high-quality suspension systems as a key selling point for their products. As a result, the automotive suspension market has seen increased competition, with manufacturers striving to offer innovative and superior solutions to meet consumer demands.
Based on components, the struts segment contributed to the largest market share in 2019, accounting for nearly one-third of the global automotive suspension market share, and is expected to dominate in terms of revenue during the forecast period. This is due to benefits related to balancing the overall weight of the vehicles and increase in manufacturing of technically advanced components. However, the air compressor segment is estimated to portray the fastest CAGR of 5.3% from 2020 to 2027.
Among the sub-segments of suspension type, the hydraulic suspension segment accounted for more than half of the total market share in 2019, and is expected to continue to lead in terms of during the forecast period. This is attributed to its utilization as a convention suspension system in the automotive sector. However, the air suspension segment is estimated to witness the largest CAGR of 4.3% from 2020 to 2027.
Geographically, Asia-Pacific accounted for nearly two-fifths of the total market share in 2019, and is projected to maintain its dominant share during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 4.1% from 2020 to 2027. This is due to developed automotive sector along with ongoing research activities and developments related to vehicle components in the region. North America held the second-highest market share in terms of revenue by 2026. The research also analyzes the regions including Europe and LAMEA.
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Leading market players analyzed in the research include Continental AG, Gabriel India Limited, Fox Factory, Inc., KYB Corporation, Hendrickson USA, L.L.C., Sogefi S.P.A., Mando Corporation, Wabco, Tenneco Inc., and ZF TRW.
COVID-19 Impact
The automotive industry, including the suspension market, faced substantial disruptions as lockdowns, supply chain interruptions, and reduced consumer demand resulted in a temporary downturn. The closure of manufacturing facilities and dealerships, as well as the economic uncertainty, led to a decline in vehicle production and sales, affecting the demand for suspension components. However, the pandemic also prompted changes that have enduring effects. The increased awareness of health and safety, as well as a preference for personal movement, led to increased demand for vehicles in the post-pandemic globally. As consumers sought to decrease the risks associated with public transportation, there was a surge in car purchases. This renewed demand for vehicles, coupled with the adoption of remote work and changing urban mobility patterns, created opportunities for the automotive suspension market.
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