Automotive Suspension Market Size, Share, Forecast Report

 

Automotive suspension Market

The Automotive Suspension market observed USD 41 billion in 2020, growing at a vigorous CAGR of 3.8% over the forecast period (2021-2028)

The factors driving the growth of Automotive suspension Market includes growing demand for vehicles with enhanced comfort features, overburdened public transport systems across the world and increasing investments by manufacturers on the research and development activities to integrate advanced technologies in the suspension systems. Moreover, the rising demand for navigation and voice recognition along with rapid electrification in the Automobile sector, are some of the additional factors boosting the Automotive Suspension Market share. In addition, the increasing demand for luxury cars, growing logistics industry and rising application of automotive suspensions in the healthcare industry, are pushing the market growth. As per the report published by Bloomberg, the Global Luxury Car market is projected to reach $733.2 billion, by the end of 2026, growing at a CAGR of 5.2%, which will enhance the Automotive Suspension Market Growth in the coming years.

However, the growth of Automotive suspension Market is hindered due to high cost linked to maintenance and development of advanced automotive suspension systems.

The major players operating in the market are Marelli Holdings Co., Ltd., KYB Americas Corporation, Continental AG, ZF Friedrichshafen AG, Mando Corp, MOBIS INDIA LIMITED, thyssenkrupp AG, Hitachi, and Sogefi SpA among others.

By Vehicle Type – Segment Analysis

Based on the vehicle type, the passenger car segment is anticipated to expand a faster CAGR during the forecast period. The increasing passenger car sales across the globe, appears to be the major factor propelling the segment’s growth, as per the data available at Statista, the Worldwide cars sales increased to 66.7 million automobiles in 2021, from 63.8 million units in 2020.

By Components – Segment Analysis

Based on the components, the coil spring active automotive suspension segment is predicted to grow at a faster CAGR over the forecast period due to its cost-effective features.

Regional: Segment Analysis

Based on the region, the Asia Pacific region is projected to expand at a significant CAGR during the forecast period due to growing adoption of automotive suspensions in the Countries such as India, Japan, Indonesia, and South Korea. According to Goldman Sachs, India is expected to become the world’s 3rd largest car Market by 2025, with around 7.4 million vehicles, which enhance the market growth in the region. In addition, rising disposable income, growing demand for SUVs and increasing populations levels, are some of the additional factors accelerating the growth of Automotive suspension Market in Asia-Pacific.

Market Segmentation

Global Automotive Suspension Market by Vehicle type

  • Passenger Vehicles
  • Commercial Vehicles
  • Two-Wheelers

Global Automotive Suspension Market by Components

  • Coil Spring
  • Leaf Spring
  • Air Spring
  • Shock Absorber
  • Others

Global Automotive Suspension Market by Type

  • Hydraulic Suspension
  • Air Suspension
  • Leaf Spring Suspension

Global Automotive Suspension Market by Function

  • Active Suspension
  • Semi-Active Suspension
  • Passive Suspension

Global Automotive suspension Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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