The automotive suspension system is a system that consists of tire air, springs, shock absorbers, and linkages that connects a vehicle to its wheels. The suspension systems must support both ride quality and road holding, which is at odds. The tuning of suspensions includes finding the right compromise. The rest keeps the tire in contact with the road surface as much as possible because all the ground forces acting on the vehicle do so through the tires’ contact patches. It minimizes the shock to the body of a vehicle while moving on the surface and protects the car itself from wear and damage. The design of the front and back suspension of a vehicle may be different.
The global automotive suspension market size was valued at $ 55.27 billion in 2019 and projected to reach $ 73.35 billion by 2027, growing at a CAGR of 3.4% during the forecast period, 2020-2027. The significant factors are the growing demand for vehicle comfort & safety and the rising need to improve vehicle control and offer a smooth ride experience. Additionally, the increasing adoption of air suspension systems in HCVs and changing paradigm of automotive production will spur the global automotive suspension industry in future periods. Furthermore, the rising OEM investment in research & development activities to integrate innovative technology within suspension systems, enhance steering stability and offer a luxurious ride is expected to witness remarkable growth of automotive suspension. Furthermore, the increasing urbanization, advancements in-vehicle technologies, and buying behaviors are expected to propel automotive rest over the coming years.
Moreover, the upsurge in demand for comfort & luxury vehicle with sound suspension systems and a rise in the car’s production is positively impacting the market for the automotive suspension industry. Furthermore, the rapidly increasing sales of electric vehicles, rise in need for fuel-efficient vehicles, lightweight automotive materials are expected to witness tremendous adoption in the automotive industry. This, in turn, fuels the demand for the automotive suspension market. Furthermore, the increasing need for enhanced vehicle suspension in ambulances to prevent further injury to already ill passengers, coupled with the increase in the need for passenger comfort within vehicles, will bolster the growth of the global automotive suspension market share. In addition, the rising demand for passenger cars, increasing adoption of high-end cars, and growing demand from aftermarket propel the growth of the automotive suspension market across the globe.
The rise in demand for safety & comfort in vehicles has significantly contributed toward the growth of the global automotive suspension market. Rolls-Royce, Land Rover, BMW, Audi, Jaguar, Mercedes Benz, and Volvo are the key players manufacturing luxury vehicles in the automotive industry. Moreover, in 2020, the sale of luxury cars is anticipated to increase by two-folds due to the growth in developing countries’ economies and advancement in-vehicle technology. The demand for SUVs has also had growth in the past year globally. The segment has grown by three percent since 2018, with a total global sales volume of 31.13 million units – which accounts for a whopping 39 percent of the world’s passenger car sales. It was also one of just two divisions that registered an increase in sales between 2018 and 2019. The world’s best-selling SUV for 2019 was the Toyota RAV4, closely followed by the Nissan X-Trail and Honda CR-V – all of which also made it into the global best-selling cars list. In America, the Toyota RAV4 finished 2020 as the best-selling SUV for the fourth consecutive year despite a modest 3.9 percent drop in sales.
The SUV & sub-compact SUV market has a considerable growth in America, Canada, China, India, and Mexico, owing to compact size, low cost, advanced designs, and better maneuverability. This has increased the installation of multi-link suspensions. In addition, the decreasing cost of multi-link rest and ease of adjustment has increased the installation of multi-link suspension in mid to high-segment cars. SUVs generally employ independent suspension at the rear and front wheel. Hence, the demand for autonomous suspension systems is increasing. Thus, the increasing demand for comfort and luxury increases the need for independent suspension systems across the globe. However, the lack of standardization of autonomous suspension systems can hamper the growth of the automotive suspension market.
Based on the ICE vehicle type, the global automotive suspension market is segregated into passenger cars, light commercial vehicles, and heavy commercial vehicles.
The system/device segment is estimated to witness the highest growth over the analysis timeframe due to the rising vehicle demand & production globally and improving economies across both developing and developed regions. In addition, the increasing demand for safety and comfort features also has increased the installation of independent suspension systems in modern cars. Thus, the growth of the suspension system is associated with the production volume of passenger vehicles.
The light commercial vehicles will grow significantly due to the rising requirement for LCV along with technologically improved safety features.
Based on the electric & hybrid vehicle, the global automotive suspension market is categorized into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. The battery-electric vehicle segment is held for a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the rising acceptance due to their reduced noise & vibrations with no emissions, improved battery technology, and supporting government policies and regulations. In addition, the major industry players such as Tesla, Hyundai, Bayerische Motoren Werke, and NIO are continuously investing in R&D for developing advanced battery solutions and increasing the sales of battery electric vehicles.
The hybrid electric vehicle segment is poised to witness significant growth over the forecast period due to the growing demand for low emission vehicles.
Based on the architecture, the global automotive suspension market is segmented into MacPherson strut, double wishbone, multi-link twist-beam/torsion beam, leaf spring suspension, and air suspension. The MacPherson strut segment will dominate the global automotive suspension market by 2027. Due to its lower weights than other suspension systems, it can eliminate the need for a separate upper control arm. As a result, it requires fewer components for the product that reduces the maintenance requirement. Besides, these are economical and do not take much room, thereby offering more space for passengers.
The double-wishbone accounted for the largest share of the automotive suspension market in 2019. The double-wishbone suspension has vertical lower and upper control arms that boost the negative camber. As a result, the vehicle has better stability because the tires are touching the road more.
The global automotive suspension market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. However, North America is estimated to project considerable growth over 2020-2026. It is owing to the presence of a leading producer of automotive suspension systems, increasing demand for premium cars & luxury vehicles, and increasing investment by OEMs.
The Asia Pacific will capture a significant share of the automotive suspension market by 2027. Due to the increasing demand for passenger cars, they continually improve automotive infrastructure and mount automotive expenditures in emerging countries such as India and China.
Companies such as ZF Friedrichshafen AG, thyssenkrupp AG, BENTELER, Tenneco Inc, Continental AG, KYB Corporation, Mando Corporation, Magneti Marelli S.p.A., Showa Corporation, Ohlins USA Inc., Endurance Technologies and Hendrickson are the key players in the global automotive suspension market.
By ICE (Internal Combustion Engine) Vehicle Type
By Electric & Hybrid Vehicle