The changing dynamics in Automotive Suspension Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Automotive Suspension Market.
It was estimated prior to this unanticipated outbreak that the Automotive Suspension Market will reach $68533.5 million in 2025. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Automotive Suspension Market Insights
Suspension includes many components: shock absorbers, struts, leaf springs, coil springs, stabilizer bars, control arms, ball joints, torsional bars, and many more. All the vehicles must have a suspension system to provide smooth ride and reduce vibration caused by irregularities of road. Over a period, the automotive industry has experienced a significant change in the suspension technology, material, style, design, etc. There are countless styles of suspension components available worldwide featuring different advantages. At present, the development of lightweight suspension components is the key focus of automakers to meet stringent regulations of various countries.
The global suspension market in the automotive industry offers healthy growth prospects of >4% CAGR over the next five years to reach $68533.5 million in 2025. Increasing annual production of passenger cars, light commercial vehicles, and medium & heavy duty commercial vehicles, increasing gloal automotive fleet size, increasing need for lightweight suspension system to achieve stringent regulations, such as CAFÉ Standards, increasing customer expectation related to vehicle comfort, safety, stability, and control, and increasing need for suspension with reduced space are some of the major drivers of the market.
Automotive Suspension Market Share Analysis
Automotive Suspension Market Share by Vehicle Type
Passenger car is expected to remain the largest segment for automotive suspension over the next five years. The segment is also likely to witness the highest growth during the same period driven by high annual production of passenger cars, large passenger car fleet size, increasing demand of lightweight suspension components, and continuous advancement in suspension components.
Automotive Suspension Market Share by System Type
There are four types of suspension systems used in the automotive industry: passive suspension system, semi-active, active, and air suspension. Passive suspension system was the most widely used system type in all the vehicle segments in 2019, however, active suspension system is expected to possess the highest growth during the forecast period.
Semi-independent / independent architecture dominated the global automotive suspension market in 2019 in terms of value, followed by dependent architecture. Air suspension and double wishbone & multi-link (both part of semi-independent) are expected to witness the highest growth over the next five years.
There are two types of damping systems used in the automotive industry: hydraulic / pneumatic and electromagnetic. Hydraulic / pneumatic based suspension is likely to remain the largest damping type during the forecast period. Electromagnetic damping is relative new technology and is rapidly gaining market acceptance mainly in the luxury and premium cars. Currently, it is a very small market but is likely to experience huge growth in the coming years.
Regional Insights
In terms of region, Asia-Pacific dominated the global automotive suspension market in 2019 in terms of value, followed by Europe, North America, and RoW. The region is likely to remain the largest market during the forecast period; however, RoW is likely to be the fastest growing region, driven by expected recovery of Brazilian automotive industry after 2016 and upcoming assembly plants in Middle East and Africa regions.