The global automotive suspension industry witnessed a revenue generation of $61,566.0 million in 2022 and is expected to expand to $96,562.1 million by 2032, reflecting a Compound Annual Growth Rate (CAGR) of 4.7% from 2023 to 2032, according to a recent report published by Allied Market Research.
The prime determinants of this growth include technological advancements and increased vehicle production, but the high maintenance cost of advanced suspension systems could potentially hinder market growth. On the other hand, there is a growing demand for lightweight suspension systems and the development of advanced systems, which are anticipated to offer potential growth opportunities for the global market.
The pandemic has underscored the importance of safety and hygiene within vehicles, leading to an increased demand for advanced suspension systems. Manufacturers have expedited the integration of automation and digitalization in manufacturing processes to enhance efficiency and maintain production continuity during unforeseen disruptions.
The shock dampener segment is expected to retain its dominance, while the air compressor segment is projected to witness the highest CAGR. The commercial vehicle segment is anticipated to maintain its leadership status, with the two-wheeler segment projected to display the highest CAGR. The dependent geometry segment is expected to witness the largest CAGR, owing to its relatively less complex and cheaper manufacturing compared to independent suspension setups. The air suspension segment is set to maintain its dominance, offering a superior ride quality compared to traditional coil or leaf spring suspensions.
Prominent companies in the market include Continental AG, FOX Factory Inc, Gabriel India, Hendrickson USA LLC, KYB Corporation, Mando Corporation, Sogefi SpA, Tenneco Inc, ZF, and Thyssenkrupp.
Geographically, Asia-Pacific held the highest market share in terms of revenue in 2022 and is projected to witness the highest CAGR from 2023 to 2032. Factors such as increased income, rise in purchasing power, changes in lifestyle due to rapid urbanization, and heightened awareness about automotive suspension systems contribute to the region's dominance.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: Hendrickson.
Also Read
Air Suspension Compressor Market To Reach $ 3.9 Billion By 2030