MarketsandMarkets forecasts The global Automotive Suspension Market is projected to grow at a CAGR of 3.88%, during the forecast period, from an estimated USD 50.76 billion in 2017 to USD 68.84 billion by 2025. The key driving factors are the increased vehicle production and demand for luxury features which will increase the suspension usage.
Passenger car is estimated to be the largest segment in automotive suspension market.
Passenger car segment is estimated to be the fastest growing segment of the automotive suspension market. Factors such as growing consumer disposable income and increasing vehicle ownership with easy finance options have led to the rise in passenger car sales. Owing to these reasons, passenger car segment is witnessing tremendous growth in the Asia Oceania region, particularly in developing countries such as India and China. The demand for automotive suspension in LCVs is also projected to increase owing to the increasing production in the North American region as the people are prefer to travel off road with LCVs. The demand for automotive suspension in HCVs is also projected to increase owing to the increasing production in the North America and Europe region. European industry OEMs, led by Daimler, Volvo, and VW, continue to dominate the heavy truck market with their scale of operations and technological edge, which is boosting the trucking and transportation industry in these developed regions.
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Semi-Active/Active Suspension System is estimated to be the fastest growing segment of the automotive suspension market
Owing to the increase in stringency of emissions and fuel efficiency regulations in the developed regions, the entry of comparatively lightweight semi-active/active suspension systems is estimated to be higher in developed regions such as North America and Europe. Europe and North America are projected to witness growth for semi-active/active system rather than passive suspension as the manufacturers and customers in these regions are open towards accepting new technology. Asia Oceania and RoW regions are expected witness moderate growth of semi-active and active suspension system as the consumers in these regions prefer compact & economic cars. High rate of technological adoption across the globe will be a driving factor for the growth of these systems.
Key Market Players
The major players in the Automotive Suspension System Market are identified as ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Austria). These companies collectively account for a major share of the automotive suspension market.
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