December 5, 2023

Automotive Suspension Parts Market Size and Share: A Comprehensive Study

Automotive suspension components are playing an increasingly vital role in enhancing the driving experience and ensuring the safety of drivers and passengers. Key components such as struts, springs, shock absorbers, and other kinetic parts are integral to maintaining optimal control over vehicles. The global market for automotive suspension parts is experiencing robust growth due to the integration of high-performance features, evolving consumer preferences, sustainability trends, and regulatory updates within the automotive industry.

Rapid Technological Advancements Drive Market Growth

Europe, as a major automotive industry hub, exhibits a high rate of technological adoption. European auto component manufacturers have pioneered innovations such as active damping control and progressive hydraulic cushioning, which have been incorporated by major automakers into their luxury vehicles. These innovations are gradually making their way into mid-segment vehicles, increasing the demand for advanced suspension parts. Manufacturers in the suspension component space are placing strong emphasis on improving suspension system functionality, leading to the development of continuous damping control units, anti-roll body monitors, air suspension cushioning parts, and auto auxiliary suspension components. The market is witnessing a surge in the adoption of active suspension systems featuring advanced components like continuously damping control valves, electric motors, and pumps.

Growing Vehicle Miles Traveled and Aftermarket Sales

Increased vehicle mileage contributes to extra wear and tear, boosting aftermarket sales of suspension parts. Rising disposable income in both developed and developing nations, coupled with the launch of high-safety-rated special utility vehicles, is driving demand for automotive suspension parts. Emerging economies are witnessing increased vehicle purchases, which bodes well for the global automotive suspension parts market.

Lifestyle Changes Fuel Growth in Asia Pacific

Changing lifestyles, including weekend excursions and daily commutes from suburban areas, are driving increased vehicle demand. The rising spending capacity of consumers in developing economies, along with extended vehicle lifespans, is creating opportunities for the automotive suspension parts market. The rapid expansion of the middle-class population in Asia Pacific is expected to unlock new opportunities, making the region lucrative for exports. India, China, South Korea, and Japan have become major exporting hubs in the automotive industry.

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Two-Wheelers Remain a Key Segment

The two-wheeler segment continues to dominate as a key consumer segment for automotive suspension parts. Manufacturers in the two-wheeler industry are capitalizing on targeted product launches to gain a competitive edge. Increasing disposable income, higher consumer spending power, and greater affordability of two-wheelers are driving the growth of this segment.

Hydraulic and Gas-Charged Suspension Systems

Hydraulic suspension systems remain popular in mid-range and entry-level vehicles, and their increasing volume share in these segments is contributing to market growth. Premium vehicles, known for their soft suspension systems, typically feature gas-charged suspension parts. The focus on high-performance luxury vehicles is fueling the growth of gas-charged suspension systems.

Complex Suspension Systems and Market Growth

Complex suspension systems, which include struts, springs, axles, control arms, and dampers, are commonly found in mid and premium segment vehicles. These systems aim to minimize the use of heavy components and enhance fuel efficiency. The growing demand for original equipment (OE) and aftermarket sales, driven by rising consumer spending in developing countries, is boosting market growth.

Competitive Landscape

Key players in the global automotive suspension parts market include Tenneco Inc., ZF Friedrichshafen AG, BWI Group, Continental AG, Duroshox, Datsons Engineering Works Pvt. Ltd., DMA Sales, Inc., Samavardhana Motherson Group, KYB, FCS Auto, Halla Holdings Corp., Hitachi Automotive Systems, Ltd., Kobe Suspension, LEACREE Company, Magneti Marelli S.p.A., QBAutomotive, Ride Control, LLC, Robert Bosch GmbH, Brinn Inc., and Endurance Technologies Limited.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad