Automotive Suspension Market Growth Trends & Projections 2021-2026
Automotive suspension market is likely to surpass USD 695 billion by 2026. Increasing emphasis on offering vehicles with superior comfort and ride control will propel the adoption of high-quality automotive suspension systems over the coming years. The zest to provide smooth ride quality to customers has compelled automakers to integrate advanced suspension systems in their vehicles.
Consistent driving is one of the major causes of potential wear and tear of automotive suspension components. Parts like springs, shock absorbers, ball joints, struts, and bushings weaken due to constant strain over time. High maintenance & repair costs associated with these systems might act as a hindering factor for overall market growth.
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The automotive suspension market has been put into different segments such as type, distribution channels, vehicle type, architecture and technology. OEMs have been widely deploying multi-link suspension, equipped with four or even five arms, that lets an independent sprung wheel combining both the handling and the ride quality.
These multi-link suspensions systems shall be experiencing significant growth in the coming years as the systems provide prominent flexibility and also maximizes the contact patch as well as the grip of the vehicle, keeping the vehicles more perpendicular on the roads.
These systems have been extremely popular across the US as the multi-link live axels are inexpensive and are much easier to put together, fueling its demand.
When it comes to distribution channels, OEMs are reported to hold a major market share and are likely to maintain their dominance over the coming years. Automotive suspensions developed by OEMs normally have a long service life and provide high quality.
On the regional front, North America is considered to be a lucrative market for automobile suspension companies as the region is witnessing healthy growth in goods transportation and commercial vehicle sales. According to sales tracker Autodata, car and truck sales in the U.S. was recorded around 17.6 million in 2016. While in 2019, North America controlled nearly 14% of the global automotive suspension market share.
Rapid urbanization has encouraged several favorable trends such as giving a major push to the e-commerce sector. Amid the current pandemic, despite industries bearing the brunt of low economic status across the world, the e-commerce sector has been more useful currently than ever.
There has been an increasing need for light vehicles to be able to transport goods which will have a positive effect on automotive suspension market in the coming years. The sales for light vehicles in the year 2018 had reached up to 17.2 million units while North America had owned about 14% of the share within the automotive suspension industry in the year 2019.
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Partial Chapter of the Table of Content
Chapter 6. Automotive Suspension Market, By Technology
6.1. Global market technology insights
6.2. Conventional
6.2.1. Market estimates and forecast, 2016 - 2026
6.2.2. Market estimates and forecast, by region, 2016 – 2026
6.3. Advanced
6.3.1. Market estimates and forecast, 2016 – 2026
6.3.2. Market estimates and forecast, by region, 2016 – 2026
Chapter 7. Automotive Suspension Market, By Distribution Channel
7.1. Global market distribution channel insights
7.2. OEM
7.2.1. Market estimates and forecast, 2016 - 2026
7.2.2. Market estimates and forecast, by region, 2016 – 2026
7.3. Aftermarket
7.3.1. Market estimates and forecast, 2016 – 2026
7.3.2. Market estimates and forecast, by region, 2016 – 2026
Chapter 8. Automotive Suspension Market, By Vehicle Type
8.1. Global automotive suspension market vehicle type insights
8.2. Passenger cars
8.2.1. Market estimates and forecast, 2016 - 2026
8.2.2. Market estimates and forecast, by region, 2016 – 2026
8.3. Light commercial vehicles
8.3.1. Market estimates and forecast, 2016 – 2026
8.3.2. Market estimates and forecast, by region, 2016 – 2026
8.4. Heavy commercial vehicles
8.4.1. Market estimates and forecast, 2016 - 2026
8.4.2. Market estimates and forecast, by region, 2016 – 2026
8.5. Two wheelers
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