According to the report, the global automotive suspension parts market is projected to surpass ~US$ 13 Bn by 2030, 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.
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Expansion of Automotive Suspension Parts Market
The expansion of the automotive industry in East Asia and Latin America is driving the global automotive suspension parts market. The automotive industry in East Asia has been expanding since the last decade. The auto industry in Japan is highly mature; however, China and South Korea have made rapid advances in terms of volume production of vehicles and subsequently, drive the global automotive suspension parts market. Improvement in infrastructure and easy availability of finance in East Asia and Latin America are likely to boost sales of vehicles and consequently, drive the global automotive suspension parts market. Increase in average age of vehicles, globally, is boosting the aftermarket demand for suspension parts. Average age of vehicles in the U.S. has reached 11.8 years. Owning of vehicles for prolonged periods is set to boost the demand for maintenance and thereby, boost the sales of suspension parts.
Segmentation of Automotive Suspension Parts Market
In terms of technology, the hydraulic segment dominated the global automotive suspension parts market in 2019. Hydraulic technology is a conventional technology and is highly popular among entry and mid-range vehicles, which is attributable for its higher market share in the automotive suspension parts market. Increasing trends toward utility vehicles and luxury vehicles in conjunction with a rise in the demand for comfort and luxury among consumers globally is anticipated to propel the global automotive suspension parts market.
Regional Analysis of Automotive Suspension Parts Market
In terms of region, the global automotive suspension parts market has been segregated into North America, Europe, East Asia, South Asia Pacific, Middle East & Africa, and Latin America. East Asia held a significant share of the global automotive suspension parts market in 2019, owing to high production of vehicles and rising demand for premium and luxury vehicles among rapidly developing economies in the region. The global automotive suspension parts market is directly influenced by vehicle production and sales. Europe followed East Asia, in terms of revenue, in the global automotive suspension parts market, while Europe was followed by North America in terms of share of the global market.
Prominent players operating in the global automotive suspension parts market include 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., and ZF Friedrichshafen AG.
Global Automotive Suspension Parts Market: Segmentation
- Automotive Suspension Parts Market, by Technology
- Gas Charged
- Automotive Suspension Parts Market, by Product Type
- Shock Absorber
- Automotive Suspension Parts Market, by Sales Channel
- Automotive Suspension Parts Market, by Vehicle
- Passenger Vehicle
- Commercial Vehicle
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