Automotive Suspension Parts Market
Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2027)
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Advent of Automotive Technologies Bolsters Demand for Suspension Parts
Automotive suspension components are known to play a crucial role in creating an exceptional driving experience while simultaneously maintaining the safety of driver as well as occupants, along with optimal control over the vehicle. Suspension parts that are extensively used in the vehicles comprise struts, springs, shock absorbers, and other kinetic parts. Increasing integration of high-performance vehicle features for the comfort and safety of drivers and passengers is giving a strong push to the demand for automotive suspension parts in the global market. Rising technology intervention, evolving consumer demands, newly emerging trends in line with the global sustainability drive, and constantly updating regulatory environment have been influencing the suspension technologies in the automotive industry.
Rapid Technology Adoption and Deployment of Innovative Concepts to Bolster Market Growth
Europe is a major hub for automotive industry. As a result, technological adoption rate is significantly higher in European countries. Active damping control, progressive hydraulic cushioning, and other similar techniques have been pioneered by the auto component manufacturers in the European region. Hence, major and premium automakers have incorporated the innovative technologies in their luxury cars, which is slowly and steadily penetrating to mid segment vehicles. Auto component manufacturers existing in the suspension component space are highly focusing on the suspension systems’ functionality. This is accomplished by developing continuous damping control units, anti-roll body monitors, air suspension cushioning parts and auto auxiliary suspension components. Augmented market penetration of active suspension systems with advanced suspension parts like continuously damping control valves, electric motors, and pumps is likely to boost the market demand.
Increased vehicle miles travelled that bring about extra wear and tear, and raise the aftermarket sales, are expected to propel the market growth. Growing spending capacity of the population from developed and developing nations supplemented by the launch of special utility vehicles with high safety ratings is expected to bolster the demand for automotive suspension parts. Emergent economies have been witnessing a spike in shelling out money towards the purchase of new vehicles, which is likely to provide a positive outlook to the growth of the global automotive suspension parts market.
Paradigm Shift in Lifestyle Bodes Well for Market in Asia Pacific
Increasing vehicle demand with weekend-long excursions, daily rise in commutation to work from suburb locations, rise in the spending capacity of the population in developing economies on account of the proliferation of service-based industries, are some of the key factors that are working to the advantage of automakers. New product launches in response to evolving consumer needs, and increased vehicle life span are all likely to contribute towards better opportunities, thereby pushing the growth of the automotive suspension parts market. Rapid expansion of the middle-class population in Asia Pacific is anticipated to level up newer opportunities for the suspension parts market. Asian countries are quite dynamic in nature representing larger domestic consumer base, coupled with relatively low manufacturing costs. These attributes are pegged to make the region more lucrative for exports. As a result, countries such as India, China, South Korea, and Japan have become some of the major exporting hubs in the automotive industry.
Two-wheelers Remain a Key Consumer Segment for Suspension Parts Manufacturers and Suppliers
With rocketing two-wheeler sales, there are strong indications of the two-wheelers segment retaining continued dominance as a key consumer segment of automotive suspension parts. Leaders in the two-wheeler industry have been capitalising over targeted product launches that are earning them a competitive edge. Increasing disposable income and rising spending power of consumers, and the consecutively growing affordability of two-wheelers are significantly complementing the segmental growth of two-wheelers. This is expected to play out as a major booster to the growth of the automotive suspension parts market.
Hydraulic Technology Likely to Retain Momentum with Gas Charged Type Coming to the Fore
Hydraulic suspension type is one of the conventional techniques, which is significantly popular in the mid-range and entry level vehicles. The increase volume share of mid and entry level vehicles shall bestow an opportunistic growth for the market over the forecast tenure. Premium vehicles that are commonly known for their soft suspension systems are usually fitted with gas charges suspension parts. The focus towards development of high-performance luxury vehicles is likely to provide immense growth for the gas charge suspension system that is gaining momentum over the past decade.
Complex suspension systems involving the struts, springs, axles, control arms, and dampers leading to dependent and semi-independent suspension types or double wishbone, multi-linked suspensions are commonly perceived in mid and premium segment vehicles. Integration of complex systems is aimed towards minimizing utilization of heavy weight components and raising fuel efficiency. Burgeoning demand for OE and aftermarket sales on the back of rising spending capacity of the population in the developing countries has bolstered the market growth.
Competitive Landscape: Global Automotive Suspension Parts Market
The key players participating in the global automotive suspension parts market landscape include Tenneco Inc., ZF Friedrichshafen AG, BWI Group, Continental AG, Duroshox, Datsons Engineering Works Pvt. Ltd., DMA Sales, Inc., Samavardhana Motherson Group, KYB, FCS Auto, Halla Holdings Corp., Hitachi Automotive Systems, Ltd., Kobe Suspension, LEACREE Company, Magneti Marelli S.p.A., QBAutomotive, Ride Control, LLC, Robert Bosch GmbH, Brinn Inc., and Endurance Technologies Limited.