DUBLIN--(BUSINESS WIRE)--The "Global Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multi-link, Twist Beam, Leaf Spring, Air Suspension), System Type, Actuation, Component OE & Aftermarket, Vehicle (ICE, BEV, HEV, PHEV), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive suspension market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 50.7 billion in 2026, at a CAGR of 3.4% during the forecast period.
The major driving factors for the automotive suspension industry are increase in demand for vehicle comfort and safety and increasing adoption of air suspension systems in HCVs.
The outbreak of COVID-19 has severely impacted the overall supply chain of the automotive industry. The halt in production and logistics created due to the pandemic has affected raw material suppliers of the automotive industry. The pandemic has affected the overall growth of the sector in 2020, as major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW had to suspend their production due to COVID-19 during the initial second quarters of 2020.
This scenario impacted the automotive suspension market, especially in European & North American countries, as the growth of this market is directly related to the production of vehicles. However, the demand for suspension systems is expected to rise considering 2021 as the recovery period, where the automotive industry is expected to showcase growth, according to industry experts.
Air Suspension is estimated to be the fastest-growing market in architecture segment
The installation rate of air suspension has witnessed significant growth in buses in Asia Pacific. The air suspension system adopted in buses ensures comfort for passengers and maintains the vehicle height at the desired level during travel.
Governments in countries such as China and India are focusing on fuel efficiency and comfortable public transport, which is further expected to drive the market for air suspension in buses during the forecast period.
Passenger Car is expected to be the largest market of the automotive suspension market, by vehicle type
The passenger cars segment is estimated to be the largest growing market in terms of value and volume. The suspension system is one of the essential systems in any type of vehicle.
Hence, the growth of the suspension system is directly proportional to the production volume of passenger vehicles. The growing demand for comfort and safety features also has increased the installation of independent suspension systems in modern cars.
Asia Pacific is expected to be the largest market for automotive suspension
Asia Pacific is expected to be the largest market, by value. China, South Korea, and Japan are the leading vehicle-producing countries in the region with collectively producing ~88% of total vehicles in the region. The growth of the automotive suspension market in China can be primarily attributed to higher vehicle production and foreign direct investments (FDIs) in the form of alliances and joint ventures between international OEMs and Chinese partners.
The infrastructural improvements in Asia Pacific could drive the demand for commercial vehicles in the region. Thus, Asia Pacific is expected to lead the automotive suspension market with more than 49.6% share in the global automotive suspension market.
- Increase in Demand for Vehicle Comfort and Safety
- Conventional vs Advanced Suspension Types of Growth Rates, by Volume, 2021-2026
- Increasing Adoption of Air Suspension Systems in HCVs
- High Cost of Air Suspension
- Lack of Standardization of Independent Suspension Systems
- Increasing Sale of Electric Vehicles
- Development of Regenerative Suspension System
- High Initial and Maintenance Costs of Advanced Suspension Systems
- Counterfeit Suspension Products in the Aftermarket
- Overcoming Steer Torque
- BWI Group
- Continental AG
- Hitachi Automotive Systems
- Hyundai Mobis
- Infineon Technologies
- Jamna Auto Industries Ltd.
- KYB Corporation
- Mando Corporation
- Multimatic Inc.
- NHK Spring
- Tenneco Inc.
- ThyssenKrupp AG
- ZF Friedrichshafen AG
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