Automotive Suspension Market: Asia-Pacific Region to Exceed a CAGR of 4.1% from 2020 to 2027
Automotive suspension market is expected to reach $73.36 billion, CAGR of 3.5% from 2019 to 2027, semi-active/active system air suspension type is expected to grow at 6.9% CAGR.
PORTLAND, ORAGON, USA, September 13, 2022 /EINPresswire.com/ — Allied Market Research released a report titled “automotive suspension market by system (passive and semi-active/active), component (spring, shock, struts, control arm, ball joint, leaf spring and air compressor), geometry (dependent, semi-independent and independent), suspension type (Hydraulic Suspension, Air Suspension, and Leaf Spring) and Vehicle Type (Two-Wheelers, Passenger Cars, and Commercial Vehicles): Global Opportunities Analysis and Industry Forecast, 2019-2027. According to the report, the global automotive suspension industry generated $55.28 billion in 2019 and is expected to generate $73.36 billion by 2027, growing at a CAGR of 3.5% from 2020 to 2027.
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Drivers, constraints and opportunities
Technological advancements, increase in demand for luxury and comfort in vehicles, and significant increase in vehicle production are driving the global automotive suspension market. However, the high cost of maintaining advanced suspension systems and improving global vehicle standards are hampering the growth of the market. On the other hand, the demand for lightweight suspension systems and the creation of advanced suspension systems are opening up new paths in the coming years.
Struts segment to maintain its dominant share during the forecast period
Based on components, the strut segment accounted for the highest market share in 2019, contributing nearly one-third of the global automotive suspension market, and is expected to maintain its dominant share over the period. forecast. This is attributed to the advantages of balancing the entire weight of the vehicles and the large increase in the production of technically advanced components. However, the air compressor segment is expected to witness the highest CAGR of 5.3% from 2020 to 2027.
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COVID-19 Scenario in Automotive Suspension Market:
Manufacturing activities have been halted due to a shortage of raw materials, a disrupted supply chain and the government-imposed lockdown.
Research and development activities resumed due to lack of access to resources and new product launches were postponed by manufacturers.
Auto shows and other auto industry events have been postponed to avoid social gatherings.
With the lifting of lockdown restrictions in many countries, production plants have been started with minimal manpower. Social distancing and other safety and hygiene rules have been observed in the factories.
The Hydraulic Suspension Segment to Maintain Its Leading Status During the Forecast Period
Based on suspension type, the hydraulic suspension segment held more than half of the global automotive suspension market in 2019 and is expected to maintain its leading status during the forecast period. This is due to its use as a traditional type of suspension system in the automotive industry. However, the air suspension segment would register the fastest CAGR of 4.3% from 2020 to 2027, thanks to a shockless and smooth ride on rough surfaces.
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Asia-Pacific, followed by North America, to maintain its leading position by 2026
Based on region, Asia-Pacific, followed by North America, held nearly two-fifths of the global automotive suspension market in 2019 and is expected to maintain its leading position by 2027. Additionally, this segment is expected to maintain the highest CAGR of 4.1% from 2020 to 2027. This is attributed to a well-developed automotive industry in the region as well as various developments related to vehicle components. The research also analyzes regions including Europe and LAMEA.
Market players grab the biggest pie
Fox Factory, Inc.
Gabriel India Limited
Hendrickson USA, LLC
air suspension market Key players such as Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension and others hold a major share of the air suspension market.
Automotive Advanced High Strength Steel Market: Major players include AK Steel Holding Corporation, ArcelorMittal SA, Baoshan Iron & Steel Co. Ltd., Kobe Steel Ltd., Nucor, POSCO, SSAB AB, Tata Steel Ltd., ThyssenKrupp AG and United Steel Corporation represent a major automotive group Share in AHSS (advanced high strength steel).
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