The automotive sector is no stranger to continual innovations and technological advancements. While trends and key areas of interest continue to evolve at a rapid pace within the automotive sector, at present, the scenario is relatively different from a couple of decades ago. Over the past few decades, automotive suspension technologies have taken giant strides in tune with ongoing trends, stringent regulatory norms, and consumer demands. Automotive suspension systems play an imperative role in enhancing the driving experience and maintaining the safety of passengers, offers exceptional handling capabilities, and optimum control of vehicles. Some of the most extensively used automotive suspension components include kinetic parts, shock absorbers, auxiliary devices, and springs.
Over the past decade, a great number of resources have been invested in research activities to improve design capabilities of suspension technologies. In addition, a great amount of research has been carried out on automotive suspension components to ensure improved stability and controllability. Several new patents have been registered by players operating in the automotive suspension parts market over the past couple of decades, and the trend is likely to continue during the forecast period.
At present, one of the current trends within the automotive sector that has gained considerable momentum is minimizing the weight of vehicles to augment efficiency and minimizing carbon emission. The impact of this trend on the automotive suspension parts market can be observed, as market players continue to seek new materials to produce lightweight automotive suspension parts. At the back of these factors, the global automotive suspension parts market is expected to attain a market value of ~US$ 13 Bn by the end of 2030.
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Suspension technologies have taken giant strides over the past few decades, and have evolved from mechanical springs to cutting-edge modern air suspensions integrated with hydraulic shocks. At present, manufacturers operating in the current automotive suspension parts market are increasingly focusing on enhancing suspension systems by introducing new technologies and innovations, including continuous damping control, automatic auxiliary suspensions, body roll control monitors, and air spring ride height sensors. As consumers continue to opt for vehicles that require minimum maintenance and improved lifecycle, next-generation of automotive suspension parts are primarily developed to improve vehicle handling and safety.
Over the past couple of decades, new patents and innovative concepts have hit the automotive suspension parts market. Market players are increasingly focusing on optimizing designs of their automotive systems to improve performance. The recent patent in the current market landscape primarily focuses on design and applications pertaining to roll stabilization mechanisms in vehicle suspension systems in modern vehicles. Another patent was filed that focuses on the air ride suspension system, particularly for light-duty trailers. While current trends are expected to focus on improving the performance of vehicles, shock absorbers that make use of electrorheological (ER) fluid and magnetorheological (MR) fluid are expected to gain considerable traction during the forecast period.
Amidst COVID-19 Pandemic, Automotive Sector Marred by Supply Chain Challenges
The COVID-19 pandemic is expected to deeply impact the growth of the automotive suspension parts market particularly in 2020 and the initial months of 2021. While the production lines across the world are largely hit due to the containment measures taken government and regulatory authorities, the sales of automotive vehicles are projected to decline in 2020 due to which, the automotive suspension parts market is likely to witness a sluggish growth until the pandemic subsides. Market players should focus on their business continuity plans and trigger the contingency strategies to minimize losses. While innovations and research are anticipated to remain the focal point for leading players in the automotive suspension parts market, mergers & acquisitions are likely to gain momentum once normalcy is restored worldwide.
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- Rapid rise in the middle class population in Asia Pacific is estimated to drive the automotive industry and subsequently boost the demand for suspension parts. Asia Pacific is a dynamic region given the large domestic consumer base and low manufacturing cost, making it a lucrative region for export supplies. China, India, Japan, and South Korea have attracted auto manufacturing that was earlier concentrated in Western countries. High rate of vehicle production in East Asia is the primary driver of the global suspension parts market.
- Increased penetration of advanced shock absorbers, such as active shock absorbers and shock absorbers with electric motor and pump and continuous damping control valves, is further boosting the automotive suspension parts market
- Total vehicle miles traveled (VMT) is increasing at a steady pace, globally. Per capita VMT is rising as well. A vehicle is prone to wear & tear, especially shock absorbers, which leads to the replacement of automotive suspension parts at regular intervals and fuels the VMT and boosts the kilometers covered by the vehicle. This, in turn, is anticipated to increase the replacement of automotive suspension parts around the globe.