Automotive Suspension Market Size to Hit US$ 73.82 Bn by

TOKYO, January 31, 2022 (GLOBE NEWSWIRE) – World car suspension market It is expected to expand significantly during the forecast period. Automotive suspension systems are essential components that help avoid damage to vehicle components while also allowing for safe and comfortable driving. Changing consumer habits, technological advancements, and increasing urbanization have all aided in the expansion of the automobile industry. Car suspension systems are constantly improving in order to provide a paddle-riding experience and greater capabilities on the car’s road.

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The automotive suspension market is likely to be driven by the increased demand for vehicles in developing regions. Additionally, the increased demand for vehicle performance and comfort is likely to drive market expansion. The lack of standardization and the high cost of autonomous vehicle suspension systems may stifle the growth of the automobile suspension market. The demand for personal vehicles is growing, and independent suspension systems may offer growth potential.

Scope Report car suspension market

Report coverage details
Market size in 2020 52.9 billion US dollars
growth rate 3.4% compound annual growth rate from 2021 to 2030
The fastest growing region Europe
biggest earner Asia Pacific
base year 2021
prediction period From 2021 to 2030
Covered companies Tenneco Inc. Schaeffler AG, Continental AG, ZF Friedrichschafen AG, Sogefi SpA, Magneti Marelli SpA, Mondo Corporation, KYB Corporation, ThyssenKrupp AG, BENTELER International AG

Highlights Report

  • Based on suspension type, the MacPherson strut segment dominated the global auto suspension market in 2020 with the highest market share. The MacPherson bracket reduces the cost and weight of the chassis by eliminating the need for a separate upper control arm.
  • Depending on the vehicle type, the passenger car segment is estimated to have the most opportunity during the forecast period. The suspension system is one of the most important components of any vehicle. As a result, the increase in the suspension is commensurate with the volume of passenger cars produced.

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regional shot

Asia Pacific is the largest segment of the automotive suspension market by region. This is due to the increased need for commercial vehicles and the improvement of car and taxi facilities for the local population. Also, the expanding population and developing economies of the Asia Pacific region, which will contribute to the fastest growth of the market.

Europe region is the fastest growing region in the automotive suspension market. This is due to the presence of a large number of manufacturers of cars and components. To boost the auto industry in Europe, government bodies are developing supportive policies and regulatory frameworks.

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market dynamics

drivers

High production of vehicles

Due to its many advantages over gasoline-powered vehicles, the demand and production of electric vehicles has increased significantly in recent years. Because oil and air filters, fan belts, timing belts, head boxes, and spark plugs do not need to be replaced, fuel-powered vehicles are more cost-effective and efficient. As a result, electric vehicles are rapidly replacing gasoline-powered vehicles as the mode of transportation of choice, limiting the growth of the gasoline-powered automobile industry. Moreover, due to the improved vehicle dynamics and traction control, automakers are focusing on developing electric vehicles with auto suspension. As a result, the automotive suspension market is expected to expand due to the increased production of electric vehicles.

limitations

Average maintenance costs

The high initial cost of installing new suspension systems raises vehicle prices, which is expected to hamper the growth of the automotive suspension market. The prospect of providing premium features in vehicles leads to additional costs to consumers in the form of hardware, application, and telecom services fees, limiting market growth. Moreover, due to the multiplicity of components and sensors, these vehicles are difficult to maintain and require skilled labor. The service life of the car is reduced due to the complex structure of the systems. As a result, the growth of the global automotive suspension market is expected to be hampered due to the high initial costs and complex structure.

chances

rise in Demand for lightweight auto suspension system

The suspension system plays an important role in the elegance and comfort of the car, as well as eliminating cabin vibrations. Alloys or steels, including stainless steel and carbon steel, are used to create traditional suspension components. On the other hand, this material is heavier and less strong than other materials. As a result of technological breakthroughs in the automotive industry, lightweight automotive materials such as aluminum, carbon fiber and titanium alloys have been developed for use in the manufacture of suspension components. Due to its increased qualities, such as light weight, high specific hardness, wear resistance, ability to build complex geometries, high specific strength, and high impact energy absorption, this material is used to manufacture suspension components.

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Challenges

lack of uniformity

Because there are specific suspension types for each model, standardizing suspension systems by vehicle type will help Tier 1 manufacturers and components mass-produce suspension systems, reducing overall manufacturing costs. While negotiating supply contracts, original equipment manufacturers (OEMs) and suspension suppliers can develop standards for independent suspension in terms of key characteristics. For both OEMs and suspension suppliers, this could be a win-win situation. Thus, the lack of standardization is a major challenge to the growth of the automotive suspension market.

Sectors covered in the report

By type of comment

  • Macpherson Strutt
  • Multi-link suspension
  • air suspension

According to the type of system

  • negative comment
  • semi-active comment
  • active comment

Depending on the type of operation

  • Hydraulic actuated suspension
  • Paid Comment

According to the type of vehicle

  • passenger car
  • light commercial vehicle

by geography

  • North America
  • Europe
  • Asia Pacific
  • Latin america
  • Mine
  • rest of the world

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