A research report published by Allied Market Research reveals that the global automotive suspension market is expected to reach USD 284 billion by 2022, with a CAGR of 4.9 per cent. During this period, the passenger vehicle segment is expected to play a major role and the growth rate is expected to be highest in the Asia-Pacific market which has a market share of 37 per cent in 2015.
The expected growth in this market can be attributed to many factors including increase in the production of vehicles, technological innovation and rise in demand for luxury and comfort from consumers. The market is also expected to benefit from the rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers. Other factors which will play a critical role in the market is the high maintenance cost of advanced suspension systems and continuous strength of global vehicle standards, which might adversely affect the market.
The suspension system is the mechanism that physically separates the car body from its wheel and comprises spring, dampener, and various links. Currently, the automotive industry is witnessing an upswing in the demand for electric, hybrid, and conventional vehicles and hence the market share of automotive suspension technologies is expected to increase. Another trend that has been witnessed is the increasing adoption of air suspension and electro-magnetic suspension.
The report states that passenger vehicles industry segment will continue to grow due to the advent of new technologies and increase in sales of vehicles. The sale of advance suspension systems in the two-wheeler industry has increased due to many factors like stricter safety laws, more widespread use of lightweight components, lower costs, and increase in disposable income. The demand for safe and light weight suspension technologies in commercial vehicles in developed markets like North America has also increased.
Asia-Pacific accounted for the maximum revenue in this sector 2015, and is expected to continue to dominate this market till 2022. This is due to the anticipated increase in the demand for more luxury and comfort in the vehicles in the region, rise in sales, and stricter enforcement of laws and regulations by government authorities. Another factor which can boost the market is the rise in disposable income of the public. Within the Asia-Pacific region, China is expected to be the frontrunner in the sales of passenger cars. The buying power of customers is expected to increase steadily in markets like India, Malaysia and China and the stricter implementation of stringent vehicular safety norms as well as greater awareness of safe and comfortable vehicles is expected to lead to more widespread adoption of advances automotive suspension technologies. Rise in demand for lightweight suspension system and development of advanced suspension systems for two wheelers offer lucrative opportunities to the players in the automotive suspension market.
The key players in the automotive suspension market are Hendrickson USA, KYB Corporation, Gabriel India, Magneti Marelli S.p.A, WABCO, Continental AG, Tenneco Inc. and Sogefi SpA
Hamid Moaref has always been fascinated by cars and the automotive industry. His family has a longstanding association with the industry and has been in the tire business for the past 35 years. Raised in Dubai, Hamid attended Capilano University in Vancouver where he graduated with a BBA in marketing before attending an intensive course in magazine publishing in 2005. He has been the publisher and chief editor of Tires & Parts magazine for the past ten years.
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