Automotive Suspension Market

The global automotive suspension market is foreseen to grow by 2.2%, from USD 47.85 Billion in 2022 to USD 56.95 Billion in 2030. Increased demand for SUVs, EVs, and luxury vehicles globally, increased adoption of air suspension systems in buses and trucks is to drive the market for the upcoming forecast period. However, lack of standardization of independent suspension systems to hinder supply chain streamlining remains one factor hindering the market growth over the anticipated period.

Market Definition

What Is Automotive Suspension?

The suspension system of a vehicle is crucial for its safety, stability, and comfort. It is responsible for providing a smooth and controlled ride by reducing the effects of bumps and vibrations on the vehicle. Suspension systems are complex, and there are several types of suspensions used in modern vehicles. In this essay, we will explore the different types of automotive suspensions and their components, as well as the benefits and drawbacks of each type.

Market Overview

Types of Suspension Systems

There are several types of suspension systems used in vehicles, including:

·       Independent suspension

·       Dependent suspension

·       Semi-independent suspension

·       Independent Suspension

Independent suspension is a type of suspension system where each wheel of the vehicle is mounted on its own suspension system. This type of suspension allows each wheel to move independently of the others, which results in better handling and a more comfortable ride. Independent suspension is typically found on high-end sports cars, luxury vehicles, and some SUVs.

Dependent Suspension

Dependent suspension is a type of suspension system where the wheels of the vehicle are connected to a single axle. This type of suspension is typically found in older vehicles and some trucks. Dependent suspension is less expensive to manufacture than independent suspension, but it does not provide the same level of handling or comfort.

Semi-Independent Suspension

Semi-independent suspension is a type of suspension system that combines elements of both independent and dependent suspension systems. In this type of suspension, each wheel is connected to the vehicle through a separate suspension system, but the systems are connected to a single axle. This type of suspension is typically found in mid-range vehicles.

Components of Suspension Systems

Regardless of the type of suspension system used in a vehicle, there are several components that are common to all suspension systems, including:

Springs: Springs are the most important component of any suspension system. They absorb shocks and vibrations and provide support for the vehicle's weight.

Shock Absorbers: Shock absorbers work with the springs to reduce the effects of bumps and vibrations on the vehicle. They help to keep the vehicle stable and prevent excessive bouncing.

Struts: Struts are similar to shock absorbers but are more complex. They are typically used in front suspension systems and provide additional support and stability for the vehicle.

Control Arms: Control arms are used to connect the suspension system to the vehicle's chassis. They allow the wheels to move up and down while keeping them in the correct position.

Benefits and Drawbacks of Different Suspension Systems

Each type of suspension system has its own set of benefits and drawbacks. Independent suspension provides the best handling and comfort, but it is also the most expensive. Dependent suspension is less expensive but does not provide the same level of comfort or handling. Semi-independent suspension is a good compromise between the two, providing good handling and comfort at a lower cost.

Conclusion

The suspension system is one of the most important components of a vehicle. It is responsible for providing a smooth and controlled ride, as well as keeping the vehicle stable and safe. There are several types of suspension systems used in modern vehicles, each with its own set of benefits and drawbacks. Understanding the different types of suspension systems and their components is essential for maintaining a vehicle's safety and performance.

It is highly probable that the gradual return of production volumes worldwide will be the most significant factor to consider, as global vehicle sales steadily recover from the impacts of the pandemic. As the various lockdowns are lifted, challenges associated with the supply chain, labor availability, and government-imposed preventive measures are expected to decrease. Under these circumstances, the automotive suspension market is expected to experience moderate effects and a stable growth trend.

Market Dynamics of Automotive Suspension Market

The automotive suspension market dynamics are influenced by various drivers and restraints. The growing sales of SUVs and luxury vehicles are driving the demand for advanced suspension systems, leading to an increase in the adoption of independent suspensions. Independent suspensions offer more stability to vehicles, and their weight is less, making them a preferred choice for heavy vehicles. MacPherson strut is one of the most preferred front independent suspensions in compact passenger cars due to its low manufacturing costs and better stability. Double wishbone suspension, on the other hand, provides superior comfort, dynamics, and road holding but is generally used in premium models due to its high production cost.

Restraints in Automotive Suspension Market

However, the lack of standardization of independent suspension systems is a significant restraint that is affecting the automotive suspension market. Standardization of suspension systems with respect to vehicle type is expected to reduce overall manufacturing costs and help Tier 1 and component manufacturers produce suspension systems in large volumes. Manufacturers have to keep track of preferences in different countries due to a lack of standardization to remain competitive in the market. This volatility in the market affects component suppliers as they are reliant on demand from Tier 1 suppliers, and manufacturers face challenges in catering to diverse architecture demands of different vehicle types. Therefore, the lack of standardization is a significant restraint that is hindering the growth of the automotive suspension market.

Opportunities in Automotive Suspension Market

The ATV suspension market is expected to experience growth due to the increase in off-road recreational activities globally. These all-terrain vehicles are widely used for off-road activities and are equipped with suspension systems, which is a crucial component when navigating rugged terrains. The rise in GDP and disposable incomes have resulted in increased spending on leisure activities, which includes off-road activities involving ATVs. The tourism industry has also seen an increase in revenue due to a 4% increase in tourist arrivals globally in 2019, leading to a high demand for ATVs. Furthermore, off-road competitions and championships involving ATVs, such as the World Off-Road Championship Series (WORCS) held in the US, have increased the demand for these vehicles.

Challenges in Automotive Suspension Market

However, the overall reduction of suspension weight remains a challenge for the industry. The future of transportation is predicted to be dominated by autonomous, connected, electric, and shared (ACES) vehicles, and lightweight vehicles are essential for sustainable mobility, as they improve fuel consumption and reduce CO2 emissions. Electrification of automotive vehicles presents an additional challenge, as the batteries or added electrical components make the vehicles heavier than conventional Internal Combustion Engine (ICE) vehicles. The weight of EVs is typically 125% heavier than ICE equivalents, leading to an increased emphasis on reducing overall vehicle weight to increase driving range from a single battery charge. In this regard, lightweight suspension systems are essential. However, there is a lack of alternative materials to replace the existing heavy material components in suspension modules, especially in EVs, where the requirement to accommodate a large and heavy battery pack at the bottom of the vehicle is a key consideration. This has led the automotive industry back to the design table for the frame arrangement for Battery Electric Vehicles (BEVs), calling for alternative materials to replace heavy components.

The use of composites as a substitute for parts traditionally made of steel is one of the notable advancements in the field of automotive suspension. Carbon-fiber reinforced plastics (CFRP) and Glass-fiber reinforced plastics (GFRP) are particularly promising in reducing the weight of light-duty vehicles. In 2014, Audi made a significant breakthrough by introducing GFRP suspension springs to replace steel springs, resulting in a weight reduction of 2.5 kilograms per spring and a 40% reduction compared to steel springs. Volvo also made a notable advancement in 2015 by replacing the traditional steel springs with leaf springs made of a glass-fiber reinforced composite material in their XC90 model, resulting in a weight reduction of 4.5 kilos. Nonetheless, any changes in suspension design must adhere to existing and future crash safety regulations, and cost-effective mass production remains a challenge due to the limited options for material selection and the high cost of materials such as carbon fiber.

One of the most significant drivers of the automotive suspension market is the increasing demand for improving ride quality and occupant comfort, particularly in high-end luxury and sports cars, as well as some medium-range vehicles and a few commercial vehicles, which predominantly use active suspension systems. Although this system incurs high costs, it is the most advanced and comfortable suspension system available. Various brands offer active suspension systems, such as Magic Body Control by Mercedes-Benz, MagneRide by Delphi, and PASM Porsche Active Suspension Management by Porsche. The demand for SUVs is expected to increase by 3.3% annually from 2020 to 2022, with the Asia-Pacific market showing the most significant growth in SUVs, accounting for 58.5% in 2021. Given the rise in demand for SUVs, the global demand for active suspension is projected to increase, with Asia leading the market.

The MacPherson strut suspension system is widely used by automotive original equipment manufacturers (OEMs) globally, and is the preferred choice for front-wheel suspension due to its cost-effectiveness and lightweight design. This architecture eliminates the need for a separate upper control arm, making it a preferred choice for compact passenger cars. The Asia Pacific region is expected to hold the largest market share for the MacPherson strut suspension system due to its high penetration rate in the front suspension, accounting for approximately 70-75% of vehicles in the region. Models such as Toyota Camry, Honda Accord, BMW X5, and Subaru XV among others are equipped with the front axle MacPherson strut suspension.

The Asia Pacific region has emerged as a hub for automotive production in recent years, due to the increasing per capita income of the middle-class population, changing consumer preferences, and cost advantages for OEMs. The region is expected to dominate the global automotive suspension market, accounting for the largest share of the market by value in 2022. The adoption of advanced suspension systems such as multilink and air suspension systems in western countries has increased demand for better comfort in passenger cars. However, due to their high cost, these systems are still in their introductory phase in the Asia Pacific region.

China is expected to remain the largest market for automotive suspension systems in the Asia Pacific region due to its large population and increasing demand for passenger vehicles post-pandemic. On the other hand, India is expected to be the fastest-growing market for automotive suspension systems due to the increased demand for passenger vehicles as the country's economy recovers from the effects of the pandemic.

Market Segmentation

For the purpose of this report, the global Automotive Suspension market segmented on the basis of component type, vehicle type, electric & hybrid vehicle, geometry, system type, and region:

Component Type Outlook:

On the basis of component type, the market is segmented into coil spring, leaf spring, air spring, shock absorber, control arm, rubber bushing, link stabilizer/sway bar, ball joint strut.

Vehicle Type Outlook:

On the basis of vehicle type, the market is segmented into passenger car, light commercial vehicle (LCV), truck, bus, two wheeler.

Electric & Hybrid Vehicle Outlook:

On the basis of Electric & Hybrid Vehicle, the market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV).

Figure 1 Automotive Suspension Market By Electric & Hybrid Vehicle (Market Size And Forecast By Value - USD Million, 2022 & 2030)