Suspension Tuning Market Global Industry Trends, Growth, Share, Size and Forecast Research Report 2030
According to the most recent analysis by Emergen Research, the Global Suspension Tuning Market size was USD 42.90 billion in 2021 and is anticipated to grow at a revenue CAGR of 3.1% during the projected period. Rapid improvements in already-existing vehicle technology and sizable expenditures made by well-known market players are the main factors fueling industry revenue growth.
The most likely scenario taken into account is the gradually increasing production levels throughout the world as global automobile sales recover from the pandemic’s effects. The supply chain, workforce availability, and government preventive recommendations will face fewer difficulties once the lockdowns are released. The market for automobile suspension is expected to increase steadily and have a moderate impact in this scenario. On the other hand, low-riders typically have hydraulic suspensions installed, which enable fast adjustments to the height of each wheel. Another approach to adjust a vehicle’s suspension to create better balance is by installing stiffer and sway bars, which operate like stiffer springs to improve cornering and handling.
Additionally, strut bars can be included to increase body rigidity and help maintain proper suspension when cornering. Further modifying the suspension can be accomplished by independently changing the front and rear axles.
Key companies operating in the Suspension Tuning Market include:
Continental AG, FOX Factory, Inc., ANAND Group India, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi SpA, Tenneco Inc., ZF Friedrichshafen, Duroshox, Hitachi Astemo Americas, Inc., and Marelli Holdings Co., Ltd.
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Driver: Increasing demand for improved suspension systems is being driven by the sales of SUVs and luxury automobiles.
Due to the numerous benefits they provide, the use of independent suspensions has grown over time. The increase is attributable to independent suspensions, which provide vehicles better stability. An independent suspension system is preferred for heavier trucks because it is lighter in weight. In general, passenger cars have an independent front suspension and a dependent rear suspension. Therefore, suspensions that are both independent and dependent are necessary.
Restraint: The absence of independent suspension system standards.
As there will be distinct suspension types for each model, the standardisation of suspension systems with regard to vehicle type is anticipated to lower overall production costs, enabling Tier 1 and component manufacturers to build suspension systems in large volumes. OEMs and suspension providers can develop independent suspension standards with regard to key characteristics during supply contract discussions, potentially benefiting both sides.
Possibilities exist for the ATV suspension industry to grow as a result of rising off-road recreational activities worldwide.
ATVs are four-wheeled or more motorised vehicles with more than four wheels that are typically used for off-road activities but can also be used for on-road activities. A suspension system is used by almost all ATVs since it is one of the most important functional parts of the vehicles, which go across a variety of rough and challenging terrain. Globally, rising GDP and rising disposable incomes have encouraged consumers to spend more on leisure activities. The 4% increase in tourist arrivals to tourist destinations around the world in 2019 was responsible for the overall growth in the tourism industry’s earnings.
Lack of substitute materials makes it difficult to reduce the overall suspension weight.
Autonomous, connected, electric, and sharing (ACES) vehicles are expected to dominate transportation in the future, changing how users interact with automobiles. Automakers view a lightweight car as a key component of sustainable transportation since it reduces both fuel consumption and CO2 emissions. Automotive vehicle electrification presents additional issues because the increased electrical components or batteries make the vehicles heavier than those with conventional internal combustion engines (ICEs).
The suspension system type with the quickest growth is active suspension.
A prominent driver propelling the market for active suspension systems is the rising demand to enhance ride quality and occupant comfort. Active suspension systems are mostly used in high-end luxury and sports automobiles, some medium-range vehicles, and a select few commercial vehicles. Although it is expensive, the active suspension system is the most sophisticated and comfortable.
For front wheel suspension, the MacPherson strut commands the biggest market share.
The MacPherson strut decreases the weight and cost of the architecture by doing away with the requirement for a separate upper control arm. Due to the advantage that the architecture provides, OEMs around the world have adopted it widely. Over the course of the projection period, Asia Pacific will be both the largest and fastest-growing market for MacPherson strut in terms of value.
The Asia Pacific region will command the worldwide market for vehicle suspension.
Due to shifting consumer preferences, rising middle-class per capita income, and cost benefits for OEMs, the Asia Pacific has recently been a centre for the production of automobiles. Due to the existence of automotive OEMs with significant vehicle production capacity, increased vehicle sales, and a sizable customer base, the Asia Pacific is anticipated to have the biggest market share for automotive suspension, in terms of value, in 2022.
Emergen Research has segmented the global suspension tuning market based on architecture, component, vehicle type, distribution channel, and region:
- Architecture Outlook (Revenue, USD Billion; 2019-2030)
- Double Wishbone Suspension
- Multi-Link Suspension
- Rigid Axle Suspension
- Macpherson Suspension
- Air Suspension
- Component Outlook (Revenue, USD Billion; 2019-2030)
- Shock Absorber
- Control Arm
- Rubber Bushing
- Leaf Spring
- Sway Bar
- Ball Joint
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
- Luxury Cars
- Commercial Vehicles
- Sports Cars
- Passenger Vehicles
- Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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