Automotive Suspension Parts Market Size, Share, Growth, Trends, Company Analysis, Regional Insights and Forecast 2020 - 2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Automation and Transport

The global automotive suspension parts market size is expected to surpass around US$ 11 billion by 2027, expanding at a CAGR of 3%, owing to an increase in affordability for vehicles among consumers and transition of people into middle and upper middle income groups. The global automotive suspension parts market is mature; however, developments on improving performance of shock absorbers are still boosting the market worldwide.

The market growth can be primarily attributed to the growing focus on maximizing the efficiency of vehicles, minimize carbon footprint, improving performance, durability, and handling of vehicles, and growing focus on innovations and research. As new suspension technologies continue to make inroads, market players are expected to focus on launching innovative concepts and the design aspects of their suspension parts to optimize vehicle performance.

Drivers of Automotive Suspension Parts Market

  • Rapid rise in the middle class population in Asia Pacific is estimated to drive the automotive industry and subsequently boost the demand for suspension parts. Asia Pacific is a dynamic region given the large domestic consumer base and low manufacturing cost, making it a lucrative region for export supplies. China, India, Japan, and South Korea have attracted auto manufacturing that was earlier concentrated in Western countries. High rate of vehicle production in East Asia is the primary driver of the global suspension parts market.
  • Increased penetration of advanced shock absorbers, such as active shock absorbers and shock absorbers with electric motor and pump and continuous damping control valves, is further boosting the automotive suspension parts market
  • Total vehicle miles traveled (VMT) is increasing at a steady pace, globally. Per capita VMT is rising as well. A vehicle is prone to wear & tear, especially shock absorbers, which leads to the replacement of automotive suspension parts at regular intervals and fuels the VMT and boosts the kilometers covered by the vehicle. This, in turn, is anticipated to increase the replacement of automotive suspension parts around the globe.

Segmentation of Automotive Suspension Parts Market

  • Based on technology, the hydraulic segment is anticipated to be a key segment of the market. Hydraulic technology is a conventional technology and is highly popular among entry and mid-range vehicles, which can be attributed to the high market share held by the segment in the automotive suspension parts market.
  • Gas charged shock absorbers are continuously gaining popularity, which in turn is propelling the penetration of gas charged shock absorbers among vehicles. Moreover, rising focus toward the development of high performance vehicles and automotive components is likely to drive the gas charged shock absorbers segment during the forecast period.
  • Based on product type, the strut segment has been a prominent segment for the automotive suspension parts market, in terms of value; while in terms of volume, the shock absorber segment accounted for a higher share of the market in 2019, owing to higher cost of struts. Moreover, modern vehicles are moving toward the adoption of struts instead of conventional shock absorbers, thus driving the automotive suspension parts market
  • Penetration of struts among vehicles is likely to increase during the forecast period, owing to their high strength and high suitability for integration in front suspension system of the vehicle. Furthermore, integration of strut helps reduce the weight of the vehicle and improves the handling of the vehicle; consequently, its integration is likely to increase in front wheel drive vehicles.
  • In terms of sales channel, the OEM segment accounted for a notable share of the market in 2019. It likely to maintain its dominance during the forecast period. In developing countries, the demand for automotive suspension parts in the aftermarket is lower as compared to that witnessed in developed countries owing to low awareness among people about distorted suspension parts.
  • Rising production of vehicles and penetration of shock absorbers and struts that are more complex suspension systems for vehicles, as compared to other suspension system such as parabolic and leaf spring suspension system, is driving the OEM segment of the market. Furthermore, research and development in shock absorber & struts technology to improve vehicle comfort and luxury is fueling the OEM segment of the global automotive suspension parts market.
  • Based on vehicle, increase in preference for utility vehicles and luxury vehicles, in conjunction with a rise in the demand for comfort and luxury vehicles among consumers globally, is anticipated to propel the global automotive suspension parts market
  • Passenger vehicles are majorly utilized for transportation, while commercial vehicles are utilized in different industrial verticals, including healthcare, mining, logistics, and construction. Passenger vehicles dominated global vehicle sales in 2019; additionally, the penetration of shock absorbers and struts is significantly high in passenger vehicles as compared to that in commercial vehicles.
  • In terms of region, East Asia is anticipated to lead the global automotive suspension parts market by the end of the forecast period. East Asia accounted for nearly 35% share of the global market in 2019. Expansion of the auto industry in Japan, China, and South Korea has contributed to the strong position of East Asia in the global market. China is a prominent aftermarket for the automotive industry and has well-established network of suppliers.
  • Europe is expected to follow East Asia, in terms of revenue, in the global automotive suspension parts market. Presence of major automakers in Europe in conjunction with agreements between OEMs and automakers for uninterrupted supply is creating a sophisticated supply chain in the region. All these factors are anticipate to propel the automotive suspension parts market in Europe.

Key Players

  • Brinn Inc.
  • BWI Group
  • Continental AG
  • Datsons Engineering Works Pvt. Ltd.
  • DMA Sales, Inc.
  • Duroshox
  • Endurance Technologies Limited
  • FCS Auto
  • Halla Holdings Corp.
  • Hitachi Automotive Systems, Ltd.
  • Kobe Suspensions
  • KYB
  • LEACREE Company
  • Magneti Marelli S.p.A.
  • QBAutomotive
  • Ride Control, LLC
  • Robert Bosch GmbH
  • Samavardhana Motherson Group
  • Tenneco Inc.,
  • ZF Friedrichshafen AG

Market

Segmentation

  • Automotive Suspension Parts Market, by Technology
    • Hydraulic
    • Gas Charged  
  • Automotive Suspension Parts Market, by Product Type
    • Shock Absorber
    • Conventional
    • Regenerative
    • Strut   
  • Automotive Suspension Parts Market, by Sales Channel
    • OEM
    • Aftermarket
  • Automotive Suspension Parts Market, by Vehicle
    • Passenger Vehicle
    • Entry
    • Mid
    • Premium/Luxury
    • Commercial Vehicle
  • Automotive Suspension Parts market, by Region
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • East Asia
      • China
      • Japan
      • South Korea
    • South Asia Pacific
      • India
      • ASEAN
      • ANZ
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

The Automotive suspension parts market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Automotive suspension parts market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Automotive suspension parts market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive suspension parts market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive suspension parts market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Automotive suspension parts capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Automotive suspension parts by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive suspension parts market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive suspension parts market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive suspension parts market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Automotive suspension parts industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Automotive suspension parts market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive suspension parts market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive suspension parts market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive suspension parts market. These factors have benefited the growth of the global market for Automotive suspension parts. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive suspension parts. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Automotive suspension parts are as follows:

  • History Year: 2016-2019
  • Base Year: 2019
  • Estimated Year: 2020
  • Forecast Year 2020 to 2027

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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