Wilmington, Delaware, United States, March 11, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive suspension parts market was valued at over US$ 26.2 billion in 2021. The industry is projected to expand at a CAGR of 3.56% from 2022 to 2031. By 2031, the global automotive suspension parts market is expected to reach US$ 37.1 billion.
Suspension solutions with eco-friendly or energy-efficient features may be in demand as environmental awareness grows. Recyclable materials can be used, or systems can be developed to help vehicles be more efficient. In addition to electronic and adaptive technologies, advanced suspension systems will continue to be developed. A vehicle with these systems can handle better, feel more comfortable, and be safer.
Electric vehicles (EVs) and autonomous vehicles (AVs) could impact vehicle suspension designs. Suspension requirements may differ for EVs since they have different weight distributions. Suspension systems could become smarter and more connected using connected technologies. Real-time adjustments may be made by these systems, enhancing the dynamic and responsive nature of driving.
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A change in suspension requirements may result from developing autonomous driving features. Suspension systems for self-driving vehicles may require adaptation to meet their unique requirements. This would ensure passenger safety and comfort for the driver as well.
Key Findings of the Market Report
- A dominant share of 38.3% was held by shock absorbers in the automotive suspension parts market in 2021.
- According to forecasts, the hydraulic suspension components market will exhibit a slow growth rate of 3.17% during the forecast period.
- Based on revenue, the Asia Pacific region accounted for 40.3% of the market in 2021.
- In 2021, North America and Europe accounted for 56% of the global market for automotive suspension parts in 2021.
- A prominent share of 57% was captured by passenger vehicles in the automotive suspension parts market in 2021.
Global Automotive Suspension Parts Market: Growth Drivers
- As vehicles are being produced and sold, the market is expected to experience increased demand. With the growth of the automotive industry, suspension parts are also growing in demand.
- Electronics and adaptive suspensions are among the advances in suspension technology contributing to market growth. Both consumers and manufacturers seek better-performing, more comfortable, and safer components.
- Stringent safety and emissions regulations enable the development and adoption of new suspension technologies. The suspension system is often one of the components of a vehicle that needs to be improved to comply with standards.
- The desire of consumers to enhance comfort while driving, as well as to enhance performance, has a profound impact on the market. In addition to better handling, smoother rides, and reduced noise, certain suspension technologies provide better ride comfort.
Global Automotive Suspension Parts Market: Regional Landscape
- The market for automotive suspension parts is expected to grow in Asia Pacific due to the country's increasing automotive sales and manufacturing units.
- Automobile suspension parts are closely related to the overall automotive industry. A rise in vehicle sales, which is common in emerging markets, can boost suspension component demand.
- The need for improved transportation infrastructure grows as urbanization continues in most Asia Pacific countries. In addition, public transportation systems and road networks could positively affect suspension part demand.
- Increasing disposable income may encourage consumers to upgrade their vehicles, including suspension systems.
- Suspension systems might become more technologically sophisticated and advanced in the future. Electronic and adaptive suspension systems can enhance performance, comfort, and safety.
- Lightweight suspension components may become more popular in the future. As the automotive industry strives to reduce emissions and improve fuel efficiency, this trend is in line with that.
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Global Automotive Suspension Parts Market: Key Players
Several vendors control most of the global market share for automotive suspension parts. To expand their business globally, key players diversify their product portfolios and engage in mergers & acquisitions. Some prominent players profiled by Transparency Market Research include:
- Brinn Inc.
- BWI Group
- Continental AG
- Datsons Engineering Works Pvt. Ltd.
- DMA Sales, Inc.
- Duroshox
- Endurance Technologies Limited
- FCS Auto
- Halla Holdings Corp.
- Hitachi Automotive Systems, Ltd.
- Kalyani Forge
- Kobe Suspensions
- KYB Corporation
- LEACREE Company
- Magneti Marelli S.p.A.
- Mubea Suspension Pvt. Ltd.
- QBAutomotive Inc.
- Ride Control, LLC
- Robert Bosch GmbH
- Samavardhana Motherson Group
- Tenneco Inc.
- ZF Friedrichshafen AG
Key Developments
- In June 2023, Tenneco received an order from Rivian Automotive to produce anti-vibration and suspension materials. All-electric Rivian R1T and R1S sport utility vehicles feature the Monroe Intelligent Suspension product portfolio and Clevite elastomers for NVH performance. Tenneco's CVSA2/Kinetic H2 semi-active suspension technology and Clevite elastomers provide NVH performance materials.
- In July 2023, BWI Group, one of the world's leading manufacturers of automotive braking systems and suspension systems, partnered with ClearMotion Inc., one of the world's largest transportation technology companies, to supply the manufacturer of Chinese new energy vehicles with essential active suspension components.
Global Automotive Suspension Parts Market: Segmentation
By Suspension Parts Type
- Shock Absorbers
- Conventional
- Regenerative
- Struts
- Links
- Forged
- Cast
- Stamped
- Springs
- Coil
- Leaf
- Torsion Bar
By Technology Type
- Gas Charged Suspension Components
- Hydraulic Suspension Components
By Vehicle Type
- Passenger Vehicles
- Entry
- Mid
- Premium/luxury
- Commercial Vehicle
- Light Commercial Vehicle
- Medium and Heavy Duty Vehicle
- Buses and Coaches
By Sales Channel
- OEM
- Aftermarket
By Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
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