Automotive Suspension System Market, Size, Global Trends and Forecast to 2023
Posted: Jul 13, 2019
Global Automotive Suspension System Market Growth, Size, Share, Trends, Opportunities: By Suspension System (Active Suspension System, Semi-Active Suspension System and Passive Suspension System), By Damping Type (Hydraulic and Electromagnetic), By Vehicle Type (Passenger Cars and Commercial Vehicle), By Sales Channel (OEM and Aftermarket), and Region - Forecast Till 2023
Automotive Suspension System Market Overview
The recent study conducted by Market Research Future (MRFR) finds that the global automotive suspension system market is set to increase at 5.40% CAGR from 2018 to 2023 and reach a valuation in excess of USD 72,700 Mn. Suspension systems have always been an important aspect of vehicles. Original equipment manufacturers have consistently focused on product innovation not only to improve vehicle performance but also to offer a superior occupant experience. Over the years, several new suspension designs have come up. Advances in auto component designs will allow carmakers to enhance the finished product to a significant degree. Next-gen technologies such as regenerative suspension systems and lightweight but sturdy raw materials for suspension system are likely to create avenues of growth during the forecast period.
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Global Automotive Suspension System Market: Competitive Landscape
Some of the leading companies operating in the market include ZF friedrichshafen AG, Continental AG, Tenneco Inc.¸ BENTELER international AG, ThyssenKrupp AG, KYB Corporation, Mondo Corp, Magneti Marelli SpA, Sogefi SpA and Schaeffler AG
Automotive Suspension System Market: Segmental Analysis
Automotive Suspension System Market report also includes a thorough segmental analysis of the market based on suspension system, damping type, vehicle type and sales channel.
By suspension system, the market has been segmented into active suspension system, semi-active suspension system and passive suspension system. The active suspension system segment accounted for the largest market share in 2017 and is projected to surge at an impressive CAGR between 2018 and 2023. This is mainly owing to the widespread usage of active suspension system in modern vehicles. The semi-active suspension system segment holds the second position in terms of value. In 2017, the segment was valued at USD 16,017 Mn and is expected to grow at a modest pace in the years to come.
By damping type, the market has been segmented into hydraulic and electromagnetic. The former will continue to outperform the later over 2023. In 2017, the hydraulic segment commanded more than 60% share of the market. Hydraulic damper suspension systems are highly advanced and, hence witnessing a fast adoption. These dampers are increasingly used in modern vehicles that are built for running on difficult conditions and uneven surfaces.
By vehicle type, the market has been segmented into passenger cars and commercial vehicles. The passenger cars segment held the lion’s share in the 2017 and a similar is likely to continue in 2019. Passenger vehicles have a massive market with emerging economies as the key growth pockets. In 2017, approximately 70.85 Mn passenger cars were shipped globally.
By sales channel, the market has been segmented OEM and aftermarket. The OEM segment currently represents the largest market share. The segment surpassed a valuation of USD 34,700 Mn and is likely to demonstrate a healthy CAGR between 2018 and 2023. A stiff rise in number of OEMs and rising demand for custom-made suspension systems is influencing the segment’s growth.
Automotive Suspension System Market: Regional Outlook
Regions that are covered in the report include North America, Latin America, Europe, the Middle East & Africa (MEA) and Asia Pacific (APAC). APAC is expected to remain at the forefront of the global automotive suspension system market for the medium term if not beyond. With close to 50% market share, the region was the most attractive market for automotive suspension system in 2017. Further, the market in APAC is projected to growth at 7.12% during the forecast period. The exponential growth of the automotive industry in countries such as China, India, Indonesia among others is providing a boost to the automotive suspension system market in the region. Europe and North America are the two other important markets. In 2017, the Europe market was valued at over USD 13,000 Mn, making it the second most attractive destination for market players after APAC. The market in Europe is expected to grow at 3.34% CAGR during the assessment period.
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