The global automotive suspension market is projected to experience a highly remunerative period of growth over the forthcoming years owing to increasing disposable incomes and technological advancements in the automotive industry.
The purpose of an automotive suspension system is to facilitate maximum friction between the vehicle tires and the surface of the road. This is to enable steering stability when the vehicle is being driven, allowing for good handling and ensuring that the passenger comfort is maintained at a higher standard.
The overall automotive suspension market is categorized into different segments such as architecture, type, technology, distribution channel, vehicle type, and regional landscape.
Based upon architecture, the market is divided into four-wheeler suspension, and two-wheeler suspension. The four-wheeler suspension segment is further divided into MacPherson strut, rigid axle, double wishbone, twist beam, multi-link, and others. Among these, Rigid axle segment will grow at a steady rate due to its low operational efficiency and flexibility. These are generally preferred by heavy commercial vehicles.
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Twist beam suspension is a semi-independent suspension and its growth is likely to be triggered by rising demand from rear axle applications. In fact, this segment will account for nearly 13% of volume share by 2026.
The others segment include trailing arm, semi trailing arm, and air suspension among others. Increasing popularity of air suspensions within heavy commercial vehicles will augment this segment's market growth.
Based on type, the market landscape is again bifurcated into two-wheeler suspension, and four-wheeler suspension. The four-wheeler suspension segment is further divided into dependent, semi-independent, and independent. Likewise, the two-wheeler suspension segment is divided into front telescopic suspension, rear dual shock suspension, other front suspension, and rear monoshock suspension. Among these, Front telescopic suspension segment is likely to register considerable gains as they are widely preferred due to their low cost and less maintenance requirements. This segment will witness around 8.5% CAGR over the span of the forecast period.
The other front suspension is expected to register appreciative gains over the coming years. This segment includes upside down fork, and telelever front suspension among others. These suspensions are generally used on higher end bikes for achieving high operational performance.
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In 2019, rear dual shock suspension segment held around 7% share of the overall market. These suspensions are cost effective and easy to manufacture.
With regards to vehicle type, the market is classified into light commercial vehicles, passenger cars, heavy commercial vehicles, and two-wheelers. Among these, Increasing population and high disposable income levels will catapult the sales of passenger cars by 2026. This will trigger the sales of suspension systems for passenger cars in future.
Heavy commercial vehicles segment will grow at a CAGR over 8.0% over the projected timeframe. Increasing demand of heavy commercial vehicles for goods transportation will spur the growth of automotive suspensions within this segment.
From a regional perspective, Europe automotive suspension market will witness around 7% CAGR through the forecast time period. The regional growth will be driven by technological developments associated with automotive suspension systems.
Latin America automotive suspension market will account for around 7% share over the study timeframe. Favorable trends associated with two-wheeler industry will propel the region's growth in future.
Middle East & Africa will witness steady growth owing to increasing sales of luxury vehicles.