DUBLIN , Aug. 11, 2022 /PRNewswire/ -- The "Global Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multilink, Twist Beam, Leaf Spring, Air Suspension), System, Actuation, Component, Vehicle (ICE, Electric, Off-Highway, ATV), Aftermarket & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The automotive suspension market is expected to grow from USD 45.3 billion in 2022 and is projected to reach USD 51.6 billion in 2027, at a CAGR of 2.6% during the forecast period. Increasing sales of SUVs, EVs, and luxury vehicles globally are driving the suspension market and the rising adoption of air suspension systems in buses and trucks to drive the advanced suspension systems market.
Global growth in electric vehicle sales estimated to drive the demand for suspension systems
Global EV sales rose from 1.3 million units in 2018 to 4.3 million units in 2021 with a CAGR of ~45%. This trend is expected to continue as customers move away from ICE vehicles and governments around the world implement policies and regulation in the automotive sector to reduce air pollution. Most Electric passenger cars are equipped with MacPherson strut suspension at front and torsion beam/multilink suspension at rear. Multilink suspension is popular in high end EV cars for example BMW i4 EV, Porsche Taycan use multilink suspension in rear while Tesla model 3 and model Y use air suspension. EVs use the front space as a storage unit in the absence of the internal combustion engine. This allows the manufacturers to use the space in the rear to deploy multilink suspension and provide better ride comfort to passengers. Growing demand for EVs globally is expected to drive the demand for multilink suspension system in the future.
Passenger Car is expected to be the largest market of the automotive suspension market by vehicle type
The passenger cars segment is estimated to be the largest growing market in terms of value and volume. The suspension system is one of the essential systems in any vehicle. Hence, the growth of the suspension system is likely to follow the same trend as the growth in the production volume of passenger vehicles. Post pandemic vehicle production in China and India has picked pace to match the growing demand for passenger vehicles. The growing demand for comfort and safety features also has increased the adoption of independent suspension systems in modern cars.
Increased Demand for SUVs, EVs, and Luxury Vehicles Globally
Growing Sales of SUVs and Luxury Vehicles to Drive Demand for Advanced Suspension Systems
Increasing Sales of EVs to Drive Demand for Semi-Active and Active Suspension Systems
Increased Adoption of Air Suspension Systems in Buses and Trucks
Lack of Standardization of Independent Suspension Systems to Hinder Supply Chain Streamlining
Regenerative Suspension System to Drive Advanced Technology Development in Suspension Systems
Growth in ATV Sales due to Increased Off-Road Recreational Activities Globally to Drive ATV Suspension Market
High Initial Cost of Advanced Suspension Systems to Deter Higher Adoption in Passenger Vehicles
Counterfeit Suspension Products in Aftermarket Can Reduce Overall Suspension System Quality
Overcoming Steer Torque Through Technology Challenging for Suspension Manufacturers
Lack of Alternative Materials Poses Challenge for Overall Suspension Weight Reduction
7 Automotive Suspension Market, by Vehicle Type
8 Automotive Suspension Market, by System
9 Automotive Suspension Market, by Architecture
10 Active Suspension Market, by Actuation
11 Automotive Suspension OE Market, by Component
12 Automotive Suspension Aftermarket, by Component
13 Electric & Hybrid Passenger Car Suspension Market, by Architecture & Region
14 Electric & Hybrid HCVs Suspension Market, by Vehicle Type
15 Off-Highway Vehicles Suspension Market, by Application & Region
16 All-Terrain Vehicles Suspension Market, by Region
17 Automotive Suspension Market, by Region
Hendrickson Usa, L.L.C.
For more information about this report visit https://www.researchandmarkets.com/r/bwommd
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
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