Smooth rides and safety: The importance of the automotive suspension market
The Automotive Suspension Market is a crucial aspect of the automotive industry, as it directly impacts the performance, safety, and comfort of vehicles. The suspension system of a vehicle is responsible for maintaining the contact of the tires with the road surface, providing stability, and absorbing shocks and vibrations caused by uneven terrain or other obstacles. As such, the demand for advanced suspension systems that enhance vehicle performance and ride quality has been on the rise.
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.
The global automotive suspension market is expected to grow significantly in the coming years, driven by factors such as the increasing demand for luxury and sports cars, the growing trend of electric and hybrid vehicles, and the rising demand for passenger cars in emerging economies. Additionally, the increasing focus on improving fuel efficiency and reducing emissions is driving the demand for lightweight and efficient suspension systems.
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Key Players
The global automotive suspension market is moderately consolidated with the presence of more than 200 global as well as regional players.
Top 10 players are-
ZF Friedrichshafen AG, ThyssenKrupp AG, Benteler International AG, Magneti Marelli S.P.A., KYB Corporation, Tenneco Inc, Mubea Fahrwerksfedern GmbH, NHK Springs Co., Ltd, Mando Corp, Rassini
Regional Analysis
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.
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