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The automotive suspension member market size is estimated to grow at a CAGR of 6.46% between 2023 and 2028. The market size is forecast to increase by USD 4,148.61 million. The growth of the market depends on several factors such as the rising penetration of high-performance vehicles, increasing focus on improving vehicle handling, and the development of electric vehicles.
This automotive suspension member market report extensively covers market segmentation by distribution channel (OEM and aftermarket), application (PC, LCV, and M and HCVS), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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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.
Increasing focus on improving vehicle handling is notably driving the market growth. Vehicle comfort, ride handling, and safety are among the major parameters considered by car buyers. The increased focus on improving vehicle stability is driving all major vehicle manufacturers to equip passenger car models with independent suspension systems, which require a specifically built suspension member to handle body roll and reduce the amount of road shock that reaches the vehicle cabin. The suspension member setup further filters away significant amounts of the road shock from reaching the vehicle cabin.
However, softer suspension and the action of the suspension member improve ride quality by allowing each individual wheel to absorb road shock without affecting the vertical motion of the other front wheel. It ensures the safety of vehicle occupants as very little shock will be transferred to vehicle occupants, leading to less build-up of fatigue. Such factors are expected to drive the growth of the global automotive suspension member market during the forecast period.
The development of lightweight vehicle suspension systems is an emerging trend shaping the market growth. Vehicle makers have been focusing on developing lightweight vehicles that produce less emissions and require less fuel to operate. Vehicle manufacturers have been striving to decrease the curb weight of vehicles by replacing heavier systems and components with lightweight electronic systems and components made of lightweight materials, such as composite plastic. Lightweighting is a major automotive trend that is driving certain technological changes in various automotive systems.
However, it is mainly used in light-duty vehicles due to its lower weight-bearing capabilities. Also, automotive engines have been undergoing significant amounts of downsizing to reduce weight and offer increased fuel efficiency. Automotive trends regarding changing engine size will positively influence the automotive suspension member market during the forecast period.
The sharp decline in automobile production and sales is a significant challenge hindering market growth. All passenger cars and commercial vehicles have a suspension system. Therefore, the overall production and sales of automobiles will have an impact on the global automotive suspension member market. According to the Association of European Businesses (AEB), new automobile sales in Russia decreased 10.6% year over year in March 2023 to 48,414 vehicles. Sales in the first quarter fell by 44.7% as the sector continued to be negatively impacted by Western sanctions against Russia as a result of its military campaign in Ukraine. The sector has been one of those most severely impacted by Western sanctions in 2022.
Similarly, in July 2023, Honda Cars India Ltd. sold 4,864 units domestically, a decrease of 1,920 vehicles from the same month in 2022. In comparison to the 2,104 units exported in July 2022, Honda Cars exported 1,112 units in July 2023. This compelled automotive OEMs to temporarily stop production. Such factors that adversely affect automotive sales and production are reducing the demand for automotive components and parts in the global automotive market and are hampering the growth of the global automotive suspension member market during the forecast period.
The market research 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 growth strategies.
Global Automotive Suspension Member Market 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.
Benteler International AG - The company offers automotive suspension members such as front suspension, rear twist beam, and powertrain.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market 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 OEM segment is estimated to witness significant growth during the forecast period. The original equipment manufacturer (OEM) segment in the global automotive suspension member market denotes the producers of suspension parts for initial installation in new vehicles. These OEMs provide control arms, stabilizer bars, torsion bars, and other suspension components to automakers across the world.
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The OEM segment was the largest segment and was valued at USD 6,911.46 million in 2018. Automotive manufacturers work with OEMs to integrate these cutting-edge suspension systems into their cars, improving ride quality and vehicle dynamics. With several well-known OEMs operating globally, the global automobile suspension member market is quite competitive. The OEM category is anticipated to develop significantly during the forecast period as a result of the automobile industry's ongoing expansion and advancements in suspension technology. Thus, the OEM distribution channel will increase the demand for the automotive suspension member and will drive the growth of the global automotive suspension member market during the forecast period.
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APAC is estimated to contribute 58% 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 automotive sector in APAC is highly price-sensitive. Manufacturers of automotive components localize production to reduce production costs and offer components at competitive prices to automotive manufacturers. Emerging countries, primarily India and China, account for a major share of automotive sales in APAC. The production of automotive suspension members in APAC largely depends on the type of vehicles preferred by buyers in a particular country. Vehicle buyers in APAC mostly prefer vehicles with high fuel efficiency.
Consequently, vehicle makers offer models with lightweight components that reduce overall curb weight and increase fuel efficiency. Even so, vehicle manufacturers ensure additional productional costs are not incurred so as to impact vehicle prices. Such factors are expected to drive the market growth during the forecast period.
The outbreak of COVID-19 in 2020 across the region has slowed down the growth of the automotive industry, which has hindered the growth of the market in APAC. However, the initiation of vaccination drives by several governments in 2021 helped in the reduction of COVID-19 cases, which further helped in the manufacturing and supply chain operations. This revived demand for the automotive suspension member, which will drive the growth of the regional automotive suspension member market during the forecast period.
The automotive suspension member market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Automotive Suspension Member Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.46% |
Market Growth 2024-2028 |
USD 4,148.61 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.05 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Benteler International AG, BWI Group, Continental AG, Datson Engineering, Duroshox Pvt. Ltd., Endurance Technologies Ltd., F and P America, Futaba Industrial Co. Ltd., GESTAMP AUTOMOCION SA, Hwashin Co. Ltd., Hyundai Motor Group, Kalyani Forge Ltd., Magna International Inc., Marelli Holdings Co. Ltd., Multimatic Inc., Press Kogyo Co. Ltd., Tata Sons Pvt. Ltd., thyssenkrupp AG, Yorozu Corp., and ZF Friedrichshafen 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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