Automotive Suspension Member Market to grow at a CAGR of 6.46% during 2024-2028
The Automotive Suspension Member Market is expected to grow at a CAGR of 6.46% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4148.61 million. In the automotive industry, there is a growing emphasis on producing lightweight vehicles that reduce emissions and improve fuel efficiency. Vehicle manufacturers are achieving this by replacing heavier systems and components with lighter, electronic alternatives and materials such as composite plastics, carbon fiber, and glass-reinforced plastics. The suspension system is a significant contributor to a vehicle's curb weight. Consequently, automakers are utilizing these lightweight materials to design suspension components, including suspension members, to decrease overall vehicle weight and enhance performance. This trend towards lightweighting is driving advancements in various automotive systems, including suspension technology.
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Technavio analysts predict that the OEM subsegment will lead the Distribution Channel segment during 2024 and 2028 The OEM segment in the global automotive suspension member market refers to manufacturers supplying suspension components for original installation in new vehicles. These OEMs supply control arms, stabilizer bars, torsion bars, and other suspension elements to automakers worldwide. The burgeoning global automobile industry is the primary growth driver for automotive suspension members, as automakers seek high-quality components from OEMs to enhance vehicle performance, safety, and comfort. Factors fueling the expansion of the OEM segment include increasing passenger and commercial vehicle production, stringent government regulations on vehicle safety and emissions, and escalating consumer demand for advanced suspension systems.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rising penetration of high-performance vehicles
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The automotive suspension market encompasses various types of systems designed to provide comfort, stability, and control in vehicles. These systems include passive suspensions like leaf springs and coil springs, semi-active suspensions such as air springs and magnetic ride, and active suspensions that use advanced technologies like double wishbone, independent suspensions, and ball joints connected to struts and shock absorbers. Passive suspensions are commonly used in commercial vehicles and ICE (Internal Combustion Engine) passenger cars. However, the trend is shifting towards lightweight suspension systems and advanced suspension systems for improved luxury and comfort in mid-high segment vehicles and premium models. Active and semi-active suspensions are gaining popularity in the automotive industry due to their ability to adjust to road conditions in real-time. They are used in various applications, from passenger cars and Battery Electric Vehicles (BEVs) to off-road activities and All-Terrain Vehicles (ATVs). The tourism industry also benefits from advanced suspension systems, ensuring a smooth ride for travelers. Key components of suspension systems include shock absorbers, struts, and springs. Shock absorbers help control the oscillation of the vehicle's body during motion, while struts support the vehicle's weight and provide structural rigidity. Springs, such as coil springs and air springs, store and release energy to maintain contact between the tires and the road. In summary, the automotive suspension market is diverse and continually evolving, with a focus on improving ride quality, handling, and safety in various vehicle applications. From passive suspensions to active and semi-active systems, components like shock absorbers, struts, and springs play a crucial role in ensuring a comfortable and enjoyable driving experience.
The global automotive suspension member market is a segment of the broader automotive parts and equipment market, which encompasses organizations producing components and accessories for various automotive applications, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the global automotive components and equipment market size is determined by the consolidated revenue of manufacturers in this sector. Key growth drivers for this market include the escalating demand for electronic components in automobiles, fueled by the rising sales of EVs, motorcycles, and PCs over the last decade. This trend has significantly boosted the requirement for electronic control units (ECUs) and other electrical components.
The Automotive Suspension Member Market is experiencing significant growth, fueled by the rising penetration of high-performance vehicles. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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