Automotive Electric Suspension Market is predicted to grow from USD 60 billion in 2021 to 97.15 USD billion by 2030, at a CAGR of 5.5% during the forecast period.
A collection of mechanical components known as an automotive suspension system joins the wheel to the body or frame. The linkage, the spring, and the shock absorbers are the three fundamental categories of suspension parts. The wheel, spring, and shock absorber are supported by linkages, which are rods and brackets. By absorbing impact loads from potholes and road bumps, springs shield the car, the hydraulic pistons and cylinders of shock absorbers shield the car from collision loads. They also aid in reducing spring vibrations, after being impacted by road objects. The suspension is in charge of controlling how a vehicle handles and providing a smooth ride.
Modern automobiles come with a high-tech suspension system as a means of absorbing shock and ensuring a comfortable ride. The demand for more comfort and luxury in cars has fueled the expansion of the automotive electric suspension market.
Market Dynamics:
Drivers:
The manufacture of new automobiles is driving an increase in demand for suspension systems. One of the most crucial components of the car connects the frame to the wheels. The automobile market is expanding as a result of rising urbanization, rising technology advancements, and consumer behavior. It enhances the vehicle's ability to retain the road surface and improves ride quality. These factors are driving the growth of the automotive electric suspension market.
The demand for sophisticated multilink suspensions is being driven by the increasing trend of end consumers preferring SUVs. Moreover, the market would be positively impacted by rising car sales globally. Which is a result of rising disposable income and living standards among the populace.
Restraints:
It is difficult for suppliers and manufacturers to deliver suspension systems that are compatible with a variety of vehicle models. It is difficult to meet the architectural requirements since suspension systems are not standardized. It is anticipated that a lack of standardization will impede the automotive electric suspension market expansion
Opportunities:
Construction and e-commerce activity growth has increased prospects for material transportation. Which in turn will boost the sales of affordable vehicles around the world. These are the main factors that will drive the market for automotive electric suspension.
Key Players:
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ZF Friedrichshafen AG
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Tenneco Inc.
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Continental AG
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Morelli Corporation
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KYB Corporation
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Mando Corporation
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NHK Spring
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Sogefi S.P.A
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WABCO
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Marelli Holdings Co., Ltd.
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Tenneco Inc.
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BENTELER International AG
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Parker Hannifin Corporation
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Rassini
Market Segmentation:
Automotive Electric Suspension Market , By System
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Passive
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Active
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Semi-Active
Automotive Electric Suspension Market, By Component
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Shock Dampener
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Struts
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Control Arm
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Ball Joint
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Air Compressor
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Others (Spring, Leaf Spring, Others)
Automotive Electric Suspension Market , By Suspension Type
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Hydraulic Suspension
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Air Suspension
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Leaf Spring
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By Vehicle Type
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Two Wheelers
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Passenger Cars
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Commercial Vehicles
Automotive Electric Suspension Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
Regional Analysis:
Asia-Pacific dominated the automotive electric suspension market. The market is growing as a result of rising automotive sales in China. For instance, China sold 25 million vehicles in 2020, more than any other nation, according to the International Organization of Motor Vehicle Manufacturers. Important regional businesses also contribute to the market's expansion. The region is characterized by the availability of raw resources, a mature automotive sector, and low manufacturing costs. These factors will drive the growth of the market in the region.
North America accounted for the second-largest market share. The region's technological development and rising demand for active suspension systems are expected to promote market expansion. The demand for air suspension technology is accelerated by rising commercial vehicle sales in the US. Future developments in the field of vehicle suspension technology are expected to fuel market expansion.
Scope of the Report:
|
Report Coverage |
Details |
|
Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 60 Billion |
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Forecast market growth |
USD 97.15 Billion |
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