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Asia Pacific Automotive Suspension Systems Market Report, 2025

Asia Pacific Automotive Suspension Systems Market Analysis Report By System Type, By Component Type, By Vehicle Type, By Damping Type And Segment Forecasts From 2017 To 2025

Report ID: MN17619893  |  Published: July 2020  |  No of Pages: 80
Format: Electronic (PDF)  |  Industry: Automotive and Parts  |  Publisher: Grand View Research

Industry Insights

The Asia Pacific automotive suspension systems market size was accounted for USD 30.5 Billion in 2016. It is anticipated to witness growth with 4.44% CAGR during the forecasted period, 2017 to 2025. This growth can be attributed to the rising production of vehicles, rapid advances being carried out in the vehicle technologies, and boosting the automobile industry across the globe.

Such systems are used for the absorption of shocks cased while driving the vehicles. Also, they maintain required contact between roads and tires which improves the vehicle’s lifespan. They also enhance the driving experience and cornering and braking functions. Moreover, their feature of preventing shock transmission to the frame of vehicles is projected to drive its market demand in the upcoming years.

China automotive suspension systems market

The rising demand for vehicles having comfort features is projected to drive the demand for luxury vehicles. Several vehicle manufacturers like Audi, Mercedes-Benz, BMW, Lamborghini, and MINI are witnessing a significant rise in their sales across the APAC region. Also, increasing disposable income among the working population across countries like India and China is contributing majorly to the demand for luxury vehicles.

The rising awareness about the safety of vehicles against potholes and vibrations is increasing continuously. Thus, technologically advanced products like steel springs, axle systems, and intelligent CDC and PDC damping systems are gaining traction across the globe. Further, stringent governmental regulations for ensuring passenger safety are expected to drive the demand for products like suspension systems in the upcoming years.

Systems Type Insights

The APAC automotive suspension systems market can be segmented into dependent (rigid) and independent systems based on the system types. The independent systems dominated the APAC market in 2016. They are also projected to grow with 4.6% CAGR from 2017 to 2025. This can be attributed to its smooth and stable drive feature with enhanced safety and comfort. Further, the rising demand for luxury vehicles is anticipated to contribute majorly in their market growth.

The dependent systems are largely being used across HCVs like buses and trucks. In these systems, the movement of wheels is independent that can cause loss of control when the speed of the vehicle is high, and even when applying brakes. Moreover, issues related to oscillations, wheel alignment, and heavyweight are anticipated to hinder the market growth of this segment.

Component Type Insights

Based on the component type, the market can be segmented into control arms, springs, ball joints, shock absorbers or dampeners, and others. Springs are majorly used for absorbing shocks on roads and dampeners reduce the oscillations. The control arms help the tires to align with the vehicle frame thereby providing strong and rigid support to the vehicle body.

The segment of ball joints is projected to witness the highest growth during the forecasted years, 2017 to 2025. This can be attributed to its usage for connecting the vehicle with front suspension thereby providing stability to the vehicle. They also enable the movement of suspension and wheel simultaneously.

Vehicle Type Insights

The passenger vehicle segment dominated the APAC market in 2016. This can be attributed to the surging demand for vehicles like luxury cars, vans, sedans, and SUVs having a carrying capacity of not more than 5 passengers. Further, enhanced features like convenience, safety, and comfort to drivers are projected to drive the market demand for suspension systems.

Asia Pacific automotive suspension systems market

The commercial vehicle segment is also projected to show moderate growth in the upcoming years. This segment includes LCVs like vans, pickup trucks, and HCVs such as buses, large trucks, and tractors. As the demand for LCVs and HCVs is increasing on account of the need for luggage carrying, the market for automotive suspension systems is anticipated to grow significantly in the upcoming years.

Damping Type Insights

The automotive suspension systems market can be segmented into hydraulic damping, electromagnetic damping, air suspension, and others based on the damping type. The segment of electromagnetic damping is anticipated to register the fastest growth with highest CAGR in the upcoming years. The hydraulic damping segment enhances the flexibility owing to their usage along with the cushion and springs.

The air suspension segment is projected to register substantial growth from 2017 to 2025. This technology of air suspension is being preferred over the traditional steel rings. It is widely being used across commercial vehicles and passenger car segments.

Regional Insights

The automotive suspension systems market is projected to register substantial growth in the upcoming years. This can be associated with the rising passenger car production coupled with the surging demand for luxury vehicles. For example, in 2016, the sales of vehicles across India and China have surged by 7.1% and 3.3% respectively. This can be associated with the establishment of several assembly and manufacturing plants across this region.

Various initiatives being undertaken by statutory governing bodies like ‘Make in China 2025’ and ‘Make in India’ are expected to create opportunities across the automobile and manufacturing sector. Further, Japan is also expected to launch several safety standards for promoting the growth of the automobile industry.

Asia Pacific Automotive Suspension Systems Market Share Insights

The key players in this market are Tenneco Inc., Continental AG, Multimatic Inc., WABCO Holdings., and F-TECH INC. The availability of skilled labor at lower costs and rising presence of OEM assembly and manufacturing plants are driving these players to expand their business across this region.

These players are also constantly engaged in product development and innovation to gain a competitive advantage over other players. Also, strategies like mergers, acquisitions, and setting up new production plants are being carried out by these players to widen their product portfolio.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Billion & CAGR from 2017 to 2025

Regional scope

Asia Pacific

Country Scope

Japan, India, and China

Report coverage

Revenue forecast, company share, competitive landscape, and growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at the regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 in each of the sub segments. For the purpose of this study, Million Insights has segmented the Asia Pacific automotive suspension systems market on the basis of systems type, component type, vehicle type, damping type, and region:

• System Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Dependent (Rigid) Suspension System
    • Independent Suspension System

• Component Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Springs
    • Control Arms
    • Shock Absorbers/Dampeners
    • Ball Joints
    • Others

• Vehicle Type Outlook (Revenue, USD Billion, 2014- 2025)
    • Passenger Vehicles
    • Commercial Vehicles

• Damping Type Outlook (Revenue, USD Billion, 2014 - 2025)
    • Electromagnetic
    • Hydraulic
    • Air Suspension
    • Others

• Region Outlook (Revenue, USD Billion, 2014 - 2025)
    • Asia Pacific
        • India
        • China
        • Japan

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