Automotive Suspension System Market to grow at 5.40% CAGR and reach $72,700 Mn by 2023. Global Automotive Suspension System Market segmented by Suspension System (Active Suspension System, Semi-Active Suspension System and Passive Suspension System), Damping Type (Hydraulic and Electromagnetic), Vehicle Type (Passenger Cars and Commercial Vehicle), Sales Channel (OEM and Aftermarket), and Region - Forecast Till 2023.
Global Automotive Suspension System Market: Competitive Landscape
KYB Corporation, Magneti Marelli SpA, Tenneco Inc. ZF friedrichshafen AG, Schaeffler AG, BENTELER International AG, ThyssenKrupp AG, Sogefi SpA, Continental AG, and Mondo Corp are the key players in the automotive suspension system market.
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Automotive Suspension System Market highlights:
Suspension systems are an integral part of a vehicle which deals with the dynamics of the vehicle. A suspension system connects the wheels with the main system and provides stability to the vehicle in case of conditions such as high speed, sharp turns, and braking. Market Research Future (MRFR) has published an in-depth report on the global automotive suspension system market and has asserted that the market is due to reach USD 72,700 Mn at a CAGR of 5.40% during the forecast period of 2018-2023.
The focus on OEMs has been on product innovation and improvement to provide drivers with superior driving experience. All modern-day vehicles are being increasingly incorporated with advanced suspension systems to ensure a smooth ride. Additionally, tightening regulations pertaining to safety of cars has also influenced the growth of the automotive suspension system market. Other factors include the development of advanced automotive suspension systems purveyed by rigorous R&D activities and expanding automotive industry. Furthermore, usage of lightweight materials in suspension systems and heightened demand for regenerative suspension system for electric and hybrid vehicles is paving the way for further market expansion
Automotive Suspension System Market Segmentation:
The global automotive suspension system market has been segmented based on suspension system, damping type, vehicle type, and sales channel.
By suspension system, the automotive suspension system market has been segmented into active suspension system, semi-active suspension system, and passive suspension system. The active suspension system segment dominated the market in 2017 with a market valuation of USD 16,017 Mn. Active suspension systems are widely used in modern vehicles, which is inducing heavy demand within the market.
By damping type, the automotive suspension system market has been segmented into hydraulic and electromagnetic. The hydraulic damper suspension system segment led the market in 2017 with more than 60% share of the global market and is likely to dominate the market throughout the forecast period. Hydraulic damper systems are highly advanced that are designed to function in adverse conditions and uneven surfaces. Thus, they are being increasingly incorporated in modern-day vehicles.
By vehicle type, the automotive suspension system market has been segmented into passenger cars and commercial vehicles. The passenger cars segment captured the largest share of the market in 2017 and is anticipated to retain its lead over the forecast period. The sale of passenger cars has become incredibly high in emerging economies. It is estimated that around 70.85 Mn passenger cars were shipped globally in 2017.
By sales channel, the automotive suspension system market has been segmented into OEM and aftermarket. The OEM segment is currently leading the market due to a rise in the number of OEMs in the market and augmented demand for the custom-made suspension system.
Automotive Suspension System Market Regional Analysis:
Region-wise, the automotive suspension system market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
APAC is likely to reign the global automotive suspension system market throughout the forecast period. With almost 50% share of the global market, APAC led the global market in 2017. The prolific growth of the automotive industry is reflecting favorably on market growth. The key markets in APAC include China, Indonesia, and India. The APAC automotive suspension system market is anticipated to capture a CAGR of 7.12% over the forecast period.
The developed regions of North America and Europe are important growth pockets for the automotive suspension system market. The Europe market was valued at over USD 13,000 Mn in 2017 and secured the second position in the global market. The Europe market is expected to expand at CAGR of 3.34% over the forecast period.
July 2019 - Apple was granted a patent for a suspension system for its newest design of autonomous vehicles. The steer-by-wire system can reduce the tendency of the steering wheel returning to its original position.
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