The global automotive suspension market is expected to reach an estimated $79.0 billion by 2023 and it is forecast to grow at a CAGR of 5.3% from 2018 to 2023.
According to a new market report published by Lucintel, the future of the global automotive suspension market looks promising with opportunities in the passenger car, light commercial vehicle and heavy commercial vehicle segments.
The major drivers of growth for this market are increasing vehicle production, increasing need for improved ride quality, and the growing demand for advanced safety and convenience systems.
Browse 110 market data Tables and 139 Figures spread through 209 Pages and in-depth TOC on "Automotive Suspension Market" www.lucintel.com/automotive-suspen…t-2018-2023.aspx
By vehicle type, passenger car, light commercial vehicle and heavy commercial vehicle are the major segments of the automotive suspension market On the basis of its comprehensive research, Lucintel forecasts that the passenger car segment will show above average growth during the forecast period.
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By system, passive suspension system, active suspension system, and semi-active suspension system are the major segments of the automotive suspension market. Passive suspension system is the largest segment but active suspension system is expected to grow faster as it works by constantly sensing changes in the road surface and feeding the information through ECU to the outlying components.
Thus these components help in adjusting shock stiffness and spring rates thereby improving ride comfort, which results in increaseing safety and comfort of the passengers
By end user, OEM and aftermarket are the major segments of the global automotive suspension market. OEM is expected to remain the largest segment due to increasing automotive production and increasing demand for lightweight suspension components during the forecast period.
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Steel, composites and other materials are used in the global automotive suspension market. Steel is used globally by automakers so as to achieve desired strength at an economical price.
APAC is expected to remain the largest region and register the highest growth rate due to higher vehicle production, increasing government regulations for safety and security, and consumer demand for improved suspensions during the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of lightweight suspensions, the introduction of electronic suspension technology, and the introduction of energy recovery suspension systems. Benteler International, Tenneco Inc., ZF Friedrichshafen AG, KYB Corporation, and Magneti Marelli S.p.A are the major suspension suppliers in the global automotive suspension market.
The study includes a forecast for the global automotive suspension market by vehicle type, system type, damping type, end user, material type, and region, as follows:
By Vehicle Type ($ Billion from 2012 to 2023)
- Passenger Car
- Small Car
- Compact Car
- Mid-Size Car
- Large Car
- Light Commercial Vehicle
- SUVs and Crossovers
- Heavy Commercial Vehicle
By System ($ Billion from 2012 to 2023)
- Passive Suspension System
- Active Suspension System
- Semi-Active Suspension System
By Damping Type ($ Billion from 2012 to 2023)
- Hydraulic Suspension
- Air Suspension
- Leaf Spring Suspension
By End User ($ Billion from 2012 to 2023)
By Material Type ($ Billion 2017)
By Region ($ Billion and Million Units from 2011 to 2023)
- North America
- Asia Pacific
- The Rest of the World
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This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive suspension market by vehicle type (passenger car, light commercial vehicle, and heavy commercial vehicle), by system (passive suspension system, active suspension system, and semi- active suspension system), by damping type (hydraulic suspension, air suspension, leaf spring suspension, and others), end user (OEM and aftermarket), by material type (steel, composites, and others) and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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