Automotive Suspension Market Size By Architecture (Four-wheeler Suspension [MacPherson Strut, Double Wishbone, Rigid Axle, Multi-link, Twist-beam], Two-wheeler Suspension), By Type (Four-wheeler Suspension [Dependent, Independent, Semi-independent], Two-wheeler Suspension [Front Telescopic Suspension, Rear Dual Shock Suspension, Rear Monoshock Suspension]), By Technology (Conventional, Advanced), By Distribution Channel (OEM, Aftermarket), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026

Automotive Suspension Market Size

Automotive Suspension Market size surpassed USD 549.6 billion in 2019 and is estimated to exhibit over 7.8% CAGR between 2020 and 2026. Increasing need to improve vehicle control and offer smooth ride experience to the passengers will drive the market demand.
 

The changing paradigm of automotive production and increasing consumer demands will require automotive manufactures to employ effective performance features within vehicles. The OEMs are investing in research & development activities to integrate innovative technology within suspension systems to enhance steering stability and offer comfortable ride. Such trends will spur automotive suspension market growth.
 

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High maintenance costs associated with automotive suspension systems may hamper the market growth. The components of automotive suspension system need to be periodically checked as these parts are constantly in contact with harsh road surfaces. Further, temporary closure of manufacturing facilities of vehicles and components to prevent coronavirus spread will adversely affect the market revenue.
 

Automotive Suspension Market Analysis

In 2019, the MacPherson Strut segment accounted for over 35% share in four-wheeler suspensions market. The shock absorber and coil spring are combined in a single unit in MacPherson suspension. It has a simple construction and requires less components for the production that reduces the maintenance requirement. These suspensions have lower weights than other types of suspension systems. Additionally, these are economical and do not take much room thereby offering more space for passengers.
 

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Independent automotive suspension market will capture majority revenue share during the forecast timespan owing to its performance in on and off-road conditions. In this type of suspension, each wheel acts as a separate suspension unit and movement of one wheel is not dependent on the other. Each wheel in this suspension offers a different reaction to the road conditions. These systems offer effective wheel bonding, soft springing action and enhanced steering geometry. However, complex construction and high repair & rework costs associated with these suspensions may restrict their penetration.
 

OEM dominated over 80% automotive suspension market share in 2019 on account of its installation in all the vehicles to ensure smooth riding experience. The OEM parts are generally preferred by consumers owing to their high quality and long service life. These parts usually come with manufacturer’s warranty. However, automotive suspension parts & components provided through OEM distribution channels are expensive than those offered through aftermarket.

Advanced technology segment comprises of semi-active and active suspension systems. In active suspension systems, vertical movement of wheels is controlled by a control unit which gains input from sensors. These suspension systems sense changes in the road surfaces and feed this information to electronic control unit and outlaying components. The components act accordingly by adjusting shock stiffness, spring rate, etc. The systems help in eliminating pitch variation and body roll in various driving situations such as accelerating, cornering and braking.
 

Two-wheeler segment will observe growth of over 8% in the automotive suspension market through 2026 led by increasing adoption of motorcycles in emerging and developed nations. Increasing population, high disposable incomes and changing consumer dynamics will generate huge demand for two-wheelers during the forecast time span. Many leading players in the two-wheeler industry are implementing targeted product launch strategy in search of additional bottom line. Increasing competition in conjunction with rising affordability of customers will boost two-wheeler production in upcoming years thereby encouraging the industry growth.
 

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Asia Pacific leads the automotive suspension market size owing to presence of large number of vehicle and component manufacturers. The government organizations are formulating supportive policies and regulatory frameworks to support automotive industry. For instance, in 2018, Chinese government announced its plans to involve foreign investors. Under these policies, the government is planning to remove equity caps on joint ventures for commercial car manufacturers by 2020 and limits on passenger car manufacturers by 2022.
 

Automotive Suspension Market Share

The key industry players are:

• KYB Corporation
• Tenneco
• ZF Friedrichshafen AG
• Continental AG
• Mando Corporation
• Magneti Marelli S.p.A
• Showa Corporation 
• Ohlins USA Inc
• Endurance Technologies
• Hendrickson.
   

The manufacturers are adopting various strategies such as expansion for production capacity, diversification of sales & distribution network, product differentiation & development and strategic partnerships & collaborations to gain strong foothold in market.
 

The automotive suspension market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units and revenue in USD million from 2016 to 2026, for the following segments:

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Market by Architecture

• Four-wheeler suspension
  • MacPherson strut
  • Double wishbone
  • Rigid axle
  • Multi-link
  • Twist beam
  • Others
• Two-wheeler suspension

Market by Type

• Four-wheeler suspension
  • Dependent
  • Independent
  • Semi-independent
• Two-wheeler suspension
  • Front telescopic suspension
  • Other front suspension
  • Rear dual shock suspension
  • Rear monoshock suspension

Market by Technology

• Conventional
• Advanced

Market by Distribution Channel

• OEM
• Aftermarket

Market by Vehicle Type

• Passenger cars
• Light commercial vehicles
• Heavy commercial vehicles
• Two-wheelers

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE