The global automotive suspension systems market is anticipated to grow significantly over the forecast period. Automotive suspension systems are an essential part of vehicles; they help in preventing damage to vehicle components and enable safe and comfortable driving. Varying buying behaviours, technological advancements and increasing urbanization have contributed considerably to automotive industry growth. Automotive suspension systems are continuously evolving to enable improved ride quality and better road holding capacity for the vehicle.
Increasing vehicle demand in developing nations is expected to be the key driver for the automotive suspension systems market. Additionally, rising demand for comfort and performance in vehicles is also expected to fuel market growth. High cost of independent automotive suspension systems and lack of standardization may hinder market growth over the next six years. Increasing demand for personal cars and independent suspension systems may provide growth opportunities.
The automotive suspension systems market can be segmented on the basis of vehicle type, system type and damping type. Vehicle types include passenger cars, light commercial vehicles (LCV) and heavy commercial vehicles (HCV). Various types of suspension systems include passive, semi active and active systems. Semi active/active suspension systems are gradually replacing passive systems in the market owing to their performance and efficiency. Currently they are used in passenger cars, LCV and HCV. Different methods of damping include hydraulic and electromagnetic.
Asia Pacific is expected to be key growth region over the forecast period owing to increasing vehicle production in nations such as China, Japan and India. Europe and North America are expected to exhibit steady growth over the next six years.
Key market players include KYB Co., Ltd., ZF Group, Tenneco Inc., Show Corp., MagnetiMarelli S.P.A, Benteler Group, Continental Corp., WABCO, Mando Corp., Schaeffler AG, TRW Automotive Holdings Corp., and BWI Group. Expansion of production capacity and product portfolio may act as a key success factor for industry participants. Additionally, companies operating in the automotive suspension systems market have focused on geographical expansion to leverage growth opportunities.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.