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The automotive double wishbone suspension system market size is forecast to increase by USD 192.2 million and is estimated to grow at a CAGR of 3.27% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing demand for SUVs and pick-up trucks, which account for a substantial share of vehicle sales worldwide. This trend is fueled by consumers' preference for vehicles that offer superior handling, stability, and comfort. Another growth factor is the development of multi-material chassis construction, which enables manufacturers to reduce vehicle weight and improve fuel efficiency. However, the market is also facing challenges from fluctuating costs of raw materials, particularly aluminum and steel, which can impact the affordability of suspension systems. Additionally, the increasing adoption of electric and autonomous vehicles may disrupt the market dynamics, as these vehicles require different suspension systems to accommodate their unique features. Overall, the double wishbone suspension system market is expected to continue its growth trajectory, driven by these trends and challenges.
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The Market is driven by the increasing demand for improved vehicle performance, stability, and ride comfort in various vehicle segments. This suspension system, which consists of an arm structure connected to the chassis via two arms or legs, is widely used in high-performance vehicles, luxury cars, sports cars, ATVs, and heavy commercial vehicles. Suspension springs play a crucial role in absorbing shocks and maintaining contact between the wheel and the road. The double wishbone suspension system offers superior handling characteristics, making it a popular choice for automakers. The system's durability and stability contribute to vehicle safety and fleet management. Performance enhancement is a significant factor driving the market's growth. Automakers are continually investing in suspension technologies to improve vehicle performance, handling, and ride comfort. Lightweighting strategies, fuel efficiency, and reducing carbon emissions are also key trends influencing the market. In conclusion, the Market is expected to grow significantly due to the increasing demand for high-performance vehicles, improved ride comfort, and safety features. The market is competitive, with several key players, including automakers and suspension component manufacturers, constantly innovating to meet the evolving demands of consumers. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for SUVs and pick-up trucks is notably driving market growth. The automotive suspension system market is witnessing significant growth due to the increasing demand for vehicles with enhanced driving dynamics and improved comfort. One of the most commonly used suspension systems in the automotive industry is the double wishbone suspension system.
Moreover, this system, which includes a lower control arm and an upper control arm connected by a steering knuckle, offers excellent damping characteristics and precise handling. While solid axle and beam axle suspensions have traditionally been used in commercial vehicles and off-road applications, the double wishbone suspension system is increasingly being adopted in passenger vehicles, including MPVs and compact cars. Thus, such factors are driving the growth of the market during the forecast period.
Development of multi-material chassis construction is the key trend in the market. The automotive industry is experiencing a shift towards advanced materials and suspension systems to reduce vehicle weight and ensure regulatory compliance. Traditional suspension systems, such as solid axle and beam axle, are being replaced with more sophisticated systems like the double wishbone suspension.
Moreover, this suspension system offers improved damping characteristics, making the ride more comfortable and stable. Multi-material chassis, which combine materials like aluminum, magnesium, and carbon fiber reinforced polymers (CFRP), are gaining popularity in automotive engineering. Thus, such trends will shape the growth of the market during the forecast period.
Fluctuating costs of raw materials is the major challenge that affects the growth of the market. The market is a significant segment of automotive engineering, particularly in the manufacturing of passenger vehicles, including MPVs. The market's profitability relies on the cost of raw materials, primarily metals and alloy blocks, used in the production of these systems.
Moreover, fluctuations in raw material prices or increased costs can negatively impact the market, as they directly influence the cost of the end product. Alloys of steel and aluminum are the primary raw materials used in the fabrication of double wishbone suspension systems. These materials offer desirable damping characteristics, contributing to the system's ability to absorb shocks and maintain vehicle stability. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BorgWarner Inc: The company offers automotive double wishbone suspension systems such as control arms and wishbones.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The SUVs segment is estimated to witness significant growth during the forecast period. The market encompasses the production and application of this suspension technology in various vehicle segments, including high-performance cars, ATVs, heavy commercial vehicles, SUVs, and pickup trucks.
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The SUVs segment was the largest segment and valued at USD 832.30 million in 2018. This system, characterized by its arm structure consisting of upper and lower arms connected to the chassis via suspension springs and a steering knuckle, offers significant performance enhancement and stability. Dual arms work in unison to provide independent suspension, ensuring superior ride comfort and handling characteristics. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses the production and supply of this suspension technology for various vehicle types, including high-performance cars, ATVs, heavy commercial vehicles, SUVs, and pickup trucks. This suspension system is characterized by its arm structure, consisting of dual arms connected to the wheel and suspension springs, and a knuckle that attaches to the chassis. Hence, such factors are driving the market in APAC during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market is driven by the demand for enhanced vehicle performance, stability, and comfort in various automotive applications. This suspension system, characterized by its arm structure consisting of two arms connected to a chassis via suspension springs and a steering knuckle, is widely used in high-performance cars, SUVs, pickup trucks, ATVs, and heavy commercial vehicles. Independent suspension systems, including double wishbone, offer improved handling characteristics and ride comfort. The system's durability and ability to handle high loads make it suitable for heavy-duty applications. Safety is another significant factor driving the market, as double wishbone suspension systems contribute to vehicle stability and control during racing events and off-road competitions. Urbanization, increasing living standards, and purchasing capacity are key factors influencing the growth of the market. Automakers continue to invest in suspension technologies to meet the evolving demands of consumers, focusing on vehicle performance, ride comfort, handling characteristics, high-performance vehicles, luxury cars, and vehicle safety. Lightweighting strategies, fuel efficiency, and reducing carbon emissions are also crucial considerations in the development of suspension systems. The control arm geometry and material composition are essential factors affecting the performance and durability of double wishbone suspension systems.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.27% |
Market growth 2024-2028 |
USD 192.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.13 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Germany, Japan, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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, HL Mando Co. Ltd., Marelli Holdings Co. Ltd., Mobex Global, Musashi Seimitsu Industry Co. Ltd., Schaeffler AG, Sogefi Spa, TAHIKO Co. Ltd., Tenneco Inc., thyssenkrupp AG, YOROZU Corp., and ZF Friedrichshafen AG |
Market dynamics |
Parent market analysis, market report , market forecast , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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