The global automotive suspension market is expected to reach USD 104.32 billion by 2024, driven by the increasing annual production of light commercial vehicles, medium & heavy duty commercial vehicles, and passenger cars. In addition, need for a lightweight suspension system for vehicle stability, comfort and safety is anticipated to boost the market over the forecast period.
Asia Pacific was the largest market accounting for 36.2% of the revenue share in the year 2016 and is expected to maintain its dominance owing to growing automobile industry in India and China. North America and Europe followed suit.
Rise in disposable income in developing nations such as China and India is expected to fuel the growth of air suspension in the region. Uncertain road conditions in countries such as India has increased the market for replacements which is expected to drive the market in the region.
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Air suspension is expected to grow at the fastest CAGR over the forecast period. Furthermore, the passenger vehicle segment is expected to grow with significant CAGR compared to light commercial vehicles and heavy commercial vehicles.
Consumer perception of having a personal car is expected to fuel the market for automobiles which is the only end use of suspension systems. Focus on a safe and smooth ride with minimal vibrations for the driver as well as passengers are key reasons which have changed the scenario for automotive suspension market.
Increasing focus on research and development by automotive suspension manufacturers is expected to fuel the market over the forecast period. Companies are concentrating on developing advanced suspension systems which will provide a luxury driving experience which will boost the market over the forecast period.
Technological advancements in the automotive suspension industry are expected to fuel the market on a global level. For instance, Tenneco Inc is involved in providing light weight suspensions for vehicles which help in reducing emissions and increase aerodynamic properties of the vehicle. However, stringent vehicle standards such as fuel efficiency and pollution norms are forcing the suspension manufacturers to modify existing products or manufacture new products. Additionally, the high cost of advanced suspension systems is expected to hamper the growth of the market.
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