Automotive Suspension Market Huge Growth Opportunities by Rising Demand for Comfort, Safety, and Rid
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 - Global Forecast to 2025
[ClickPress, Fri Oct 05 2018] The global Automotive Suspension Market size, by value, is estimated to be USD 50.76 billion in 2017 and is projected to reach USD 68.84 billion by 2025, at a CAGR of 3.88% from 2017 to 2025. The increase in demand for safety & ride comfort, increased production of vehicles, and investments by many key players have led to growth of the automotive suspension market.
The decreased emission limits and increased fuel efficiency limits has started the light weighting trend in automotive industry. Suspension system manufacturers are also working towards lightweight and advanced products such as semi-active/active suspension system, which help to reduce fuel consumption of the vehicle. Semi-active and active suspension systems are better than passive systems in enhancing the comfort and handling of vehicles. These suspension systems require less space than the traditional suspension systems. The semi-active and active suspension system cost more; however, they are the most advanced and most comfortable suspension system till date. The demand for semi-active and active suspension systems is expected to increase as the demand for high-performance vehicles will increase.
The electronically actuated active suspension is projected to be a high growth segment of the automotive suspension market. With the development of technology in power electronics and magnetic materials, electronically actuated systems are being adopted in the market. This new technology is responsible for reducing the vibrations of the suspension system in vehicles and providing the overall comfort. However, considering the overall technological advancement, complexity in the installation process, and high cost, the application of electronically actuated active suspensions is still limited to premium passenger car segment and to medium- and heavy-duty trucks. However, with time, the cost of these systems is expected to come down due to the advancement in suspension technologies. Thus, the penetration of these systems would increase in the coming years.
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Asia Oceania is estimated to lead the automotive suspension market and will see strong growth. China will be the highest contributor for this growth because of its increasing buying capability, stronger political outlook, positive GDP growth, and trade policies. Also, Asian countries such as China and India have added advantages of availability of low cost raw material, low manufacturing costs, the use of cheaper domestically produced tooling and other equipment, which will considerably increase the scope of the automotive industry in this region. Hence, the automotive suspension market will grow in this region.
The emphasis on environment-friendly modes of transport has increased in recent years, raising the demand for cleaner and greener technology in vehicles. Suspension systems are usually heavy, resulting in the increased vehicle weight. The use of lightweight material in suspension system and regenerative suspension system technology are the opportunities which market players can tap. Lightweight suspensions can help in improved fuel efficiency and reduced carbon emissions and energy losses. Alternatively, regenerative suspension systems can help to overcome the energy losses in suspension system. These systems help to save energy and improve the vehicle’s range, mainly electric vehicles.
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