Global Suspension Market

As vehicles evolved from using leaf/coil springs in the early 90’s to the current use of electromagnetic suspension systems, the technology related to suspension systems has been growing rapidly, providing better ride quality and road holding capability to the vehicle. The purpose of suspension systems is to contribute to the vehicle's handling and braking for safe and comfortable driving, keeping the occupants comfortable and reasonably well isolated from road noise, bumps, and vibrations. Another important function of suspensions is to keep the vehicle’s wheel in contact with the road surface as the road or ground forces acting on the vehicle do so through the contact patches of the tires.

Asia-Oceania is estimated to lead the automobile suspension systems market attributed to the growing vehicles production in the emerging countries like China and India. The major automobile suspension systems manufacturers have set up their plants in these countries in order to enjoy the resources offered by these countries along with meeting the growing demand from the consumers for a comfortable ride. This trend is to follow in the coming years as well. The rising safety and comfort requirements of the consumers have made the suspension systems an integral component of a vehicle as it protects the vehicles chassis, provides comfort and safety to the passengers, and also helps in the reducing the emission levels. In order to meet these high expectation and high demand from the buyers’, the automobile manufacturers rely on high performance and highly efficient suspension systems.

The automobile suspension market in the Europe and North American region are still on the path of recovery from the economic turmoil of 2009. Although with the help of significant government grants, other investments and favorable policies, the automobile market in North America is growing at a positive rate. On the other hand the market in the European region is growing at a much slower but steady rate, though is projected to become stable by the end of 2014-2014 according to the forecast made by European Union. Due to the increasing vehicle production in the North American region mainly in light duty vehicles in the U.S, and growing Mexican automobile market, the region will surpass Europe in the coming five years and become the second largest market for automobile suspension systems.

The suspension systems market is valued at $51.26 billion in 2013 and is estimated to grow at 5.7% annually and reach $67.75 billion by 2018.