Automotive Double Wishbone Suspension System Market by Application and Geography - Forecast and Analysis 2022-2026

The automotive double wishbone suspension system market share is expected to increase by USD 187.48 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 3.2%.

This automotive double wishbone suspension system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive double wishbone suspension system market segmentation by application (SUVs, MPVs and pickup trucks, high-performance vehicles, and ATVs) and geography (North America, APAC, Europe, South America, and Middle East and Africa). The automotive double wishbone suspension system market report also offers information on several market vendors, including American Star Manufacturing LLC, ANAND Group, Benteler International AG, BorgWarner Inc., CCYS Hi Tech International Ltd, Cheng Ching Yong Sheng, DRiV Automotive Inc., GESTAMP AUTOMOCION SA, Hendrickson Holdings LLC, Mando Corp., Marelli Holdings Co. Ltd., Mobex Global, Musashi Seimitsu Industry Co. Ltd., Schaeffler AG, Sogefi Spa, TAHIKO Co. Ltd., Tenneco Inc., Yorozu Corp., ZF Friedrichshafen AG, and thyssenkrupp AG among others.

What will the Automotive Double Wishbone Suspension System Market Size be During the Forecast Period?

Download Report Sample to Unlock the Automotive Double Wishbone Suspension System Market Size for the Forecast Period and Other Important Statistics

 

Automotive Double Wishbone Suspension System Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing demand for suvs and pick-up trucks is notably driving the automotive double wishbone suspension system market growth, although factors such as fluctuating costs of raw materials may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive double wishbone suspension system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Double Wishbone Suspension System Market Driver

The growing demand for SUVs and pickup trucks is one of the key factors driving the growth of the global automotive double wishbone suspension system market. Pickup trucks are both commercial vehicles and passenger vehicles. They are also considered light-duty trucks. Full-size pickup trucks are very popular in the US. The US is the major country for the adoption of pickup trucks across the world. For instance, in the US, the top-three selling pickup trucks accounted for about 13% of the 14.5 million vehicles sold in 2020. Also, China is also witnessing growth in the demand for pickup trucks. According to China Passenger Car Association (CPCA), pickup truck sales in China grew by 14% in 2021, reaching approximately 550,000 units. The demand for pickup trucks is increasing rapidly in Europe. Moreover, Vehicles like SUVs are characterized by large platform areas. This implies that these vehicles offer enough space to accommodate double wishbone suspension systems. Hence, the rising preference for SUVs implies a corresponding rising demand for double wishbone suspension systems. This will boost the growth of the global double wishbone suspension systems market during the forecast period.

Key Automotive Double Wishbone Suspension System Market Trend

The development of multi-material chassis construction will fuel the global automotive double wishbone suspension system market growth. The automotive industry is witnessing new ideas related to vehicle weight reduction, primarily as automotive OEMs are facing more pressure from regulators and growing customer demand. Advanced materials like aluminum, carbon fiber, and magnesium are considered more ideal materials for chassis manufacturing than conventional steel, as the former can reduce weight and maintain durability. The latest developments are related to multi-material chassis, where the manufacturing of the chassis does not rely on any single material. Audi adopted this industry-first chassis development method in the automotive industry. Audi A8 is the first production vehicle that adopted the aluminum-based chassis. The Audi A8 spaceframe chassis incorporates magnesium, aluminum, and CFRP, along with conventional steel throughout its structure. Aluminum accounts for the largest part of the chassis, with 58%. The company is deploying the right material at the right place rather than one material for the entire chassis. The use of this smart mix chassis technology has enabled significant weight reduction in the model along with product differentiation. BMW relies on carbon fiber for the construction of its 7-Series, while Mercedes-Benz uses a conventional chassis construction.

Key Automotive Double Wishbone Suspension System Market Challenge

The fluctuating costs of raw materials are a major challenge for the global automotive double wishbone suspension system market growth. Alloys of steel and aluminum are the major raw materials that are used to manufacture double wishbone suspension systems. The raw materials for such systems comprise various metals like copper, magnesium, zinc, and silica. The global market for metals is controlled by the availability of resources and the demand for them from multiple end-user industries. This is partly responsible for the high degree of fluctuations in the prices of metals used in manufacturing automotive double wishbone suspension systems. The outbreak of COVID-19 in 2020 and the ongoing Russia-Ukraine war crisis in 2022 have drastically increased the prices of raw materials, such as steel and aluminum. In developing countries like India, the price of steel has kept increasing since the war began in February 2022 and is expected to increase further if the war continues. The price of steel in the international market reached $135 per ton and has been moving up since the conflict started in the last week of February. Thus, the fluctuations in the prices of raw materials will hamper the growth of the global automotive double wishbone suspension system market during the forecast period.

This automotive double wishbone suspension system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global automotive double wishbone suspension system market as a part of the global auto parts and equipment market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive double wishbone suspension system market during the forecast period.

Who are the Major Automotive Double Wishbone Suspension System Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• American Star Manufacturing LLC
• ANAND Group
• Benteler International AG
• BorgWarner Inc.
• CCYS Hi Tech International Ltd
• Cheng Ching Yong Sheng
• DRiV Automotive Inc.
• GESTAMP AUTOMOCION SA
• Hendrickson Holdings LLC
• Mando Corp.
• Marelli Holdings Co. Ltd.
• Mobex Global
• Musashi Seimitsu Industry Co. Ltd.
• Schaeffler AG
• Sogefi Spa
• TAHIKO Co. Ltd.
• Tenneco Inc.
• Yorozu Corp.
• ZF Friedrichshafen AG
• thyssenkrupp AG

This statistical study of the automotive double wishbone suspension system market encompasses successful business strategies deployed by the key vendors. The automotive double wishbone suspension system market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• BorgWarner Inc. - The company offers a line of steering and suspension products such as ball joints, control arms and wishbones, and link stabilizers among others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The automotive double wishbone suspension system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Automotive Double Wishbone Suspension System Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the automotive double wishbone suspension system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Automotive Double Wishbone Suspension System Market?

For more insights on the market share of various regions Request PDF Sample now!

38% of the market’s growth will originate from North America during the forecast period. The US is the key market for the automotive double wishbone suspension system market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The growing demand for SUVs and pickup trucks will facilitate the automotive double wishbone suspension system market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 in 2020 led to a decline in the growth of the automotive double wishbone suspension system market in the region. The pandemic led to the imposition of lockdowns across the region, which negatively impacted the demand for automotive double wishbone suspension systems. The shutdown of manufacturing units of automobile components resulted in a decline in the demand for automobiles owing to the low disposable income of the population. Also, disruptions in the supply chain hampered the growth of the automotive double wishbone suspension system market in the region in the first three quarters of 2020. However, the initiation of vaccination drives and the resumption of cross-border trading activities revived the growth of the market in the first half of 2021. Moreover, the rising demand for electric vehicles, the growing e-commerce industry, and increasing government investments in the automobile industry are expected to propel the growth of the automotive double wishbone suspension system market in the region during the forecast period. 

What are the Revenue-generating Application Segments in the Automotive Double Wishbone Suspension System Market?

To gain further insights on the market contribution of various segments Request PDF Sample

The automotive double wishbone suspension system market share growth in the SUVs segment will be significant during the forecast period. The demand for SUVs is high in Europe and several emerging markets in APAC, apart from North America. SUVs are considered safe, reliable, and economical. The aforementioned factors have contributed to the growth of the SUV segment. This has contributed to a corresponding increase in the adoption of double wishbone suspension systems in SUVs.

This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive double wishbone suspension system market size and actionable market insights on post COVID-19 impact on each segment.

 

Automotive Double Wishbone Suspension System Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 3.2%
Market growth 2022-2026	$ 187.48 million
Market structure	Fragmented
YoY growth (%)	3.41
Regional analysis	North America, APAC, Europe, South America, and Middle East and Africa
Performing market contribution	North America at 38%
Key consumer countries	US, China, Japan, India, and Germany
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	American Star Manufacturing LLC, ANAND Group, Benteler International AG, BorgWarner Inc., CCYS Hi Tech International Ltd, Cheng Ching Yong Sheng, DRiV Automotive Inc., GESTAMP AUTOMOCION SA, Hendrickson Holdings LLC, Mando Corp., Marelli Holdings Co. Ltd., Mobex Global, Musashi Seimitsu Industry Co. Ltd., Schaeffler AG, Sogefi Spa, TAHIKO Co. Ltd., Tenneco Inc., Yorozu Corp., ZF Friedrichshafen AG, and thyssenkrupp AG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Request PDF sample

What are the Key Data Covered in this Automotive Double Wishbone Suspension System Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive automotive double wishbone suspension system market growth during the next five years
• Precise estimation of the automotive double wishbone suspension system market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the automotive double wishbone suspension system industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of automotive double wishbone suspension system market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch