Automotive Suspension System Market

The growth of the automatic suspension system market is mainly driven by the increasing safety regulations, the arrival of innovative suspension systems, and the rising demand for commercial and passenger vehicles. Moreover, the advancement in lightweight components and demand for regenerative suspension systems for electric and hybrid vehicles present lucrative opportunities for market growth. However, the lack of standardization in automatic suspension systems and the high cost of suspension and its installation in the aftermarket may hamper the growth of the automatic suspension system market during the forecast period.

The automotive sector, similar to many other key industries, is governed by a set of government rules and regulations. The way automobiles look, how their components are designed, the safety features that are included, and the overall performance of any given vehicle are all influenced by government regulations in the automotive industry. As a result, government regulation has a considerable impact on the automotive industry, boosting overall production costs while also restricting how cars are sold and promoted.

Every year, nearly 1.3 million individuals' lives are cut short due to a road traffic accident, according to the WHO. Non-fatal injuries affect between 20 and 50 million more people, with many of them resulting in disability as a result of their injury. Individuals, their families, and nations as a whole suffer significant economic losses as a result of road traffic injuries. The cost of treatment and lost productivity for individuals killed or crippled by their injuries and family members who must take time off work or school to care for the injured contribute to these losses. The majority of countries lose 3% of their GDP due to road accidents. Road traffic deaths account for more than 90% of all mortality in low- and middle-income nations. The African continent has the highest rate of traffic-related deaths. People from poorer socioeconomic origins are more likely to be involved in road traffic accidents, even in high-income countries. Within the UN system, the WHO is the principal agency for road safety, working in partnership with regional commissioners. Furthermore, the WHO chaired the United Nations Road Safety Collaboration and acts as the Decade of Action for Road Safety Secretariat from 2011 to 2020. The Decade of Action was declared by the United Nations General Assembly in 2010 and began in May 2011 in over 110 countries, with a goal of saving millions of lives through the implementation of the Global Plan for the Decade of Action. WHO also plays a vital role in guiding global efforts by advocating for road safety at the highest political levels, compiling and disseminating best practices in prevention, data collection, and trauma care, sharing risk information with the public, and drawing attention to the need for increased funding.

In collaboration with national and international stakeholders from various sectors, the WHO operates in several nations across the spectrum. Its goal is to assist the Member States in developing, implementing, and evaluating road safety policies. The WHO also works with partners to give technical assistance to countries. For example, WHO is partnering with the Bloomberg Initiative for Global Road Safety (BIGRS) to reduce road traffic fatalities and injuries in low- and middle-income nations and cities. The United Nations World Forum for Harmonization of Vehicle Regulations, for example, establishes motor vehicle safety standards and provides a legislative framework that the Member States can use voluntarily. Vehicles that satisfy these standards are less likely to be engaged in traffic accidents and, in the event of an accident, are less likely to inflict significant harm. Only 40 countries, however, presently comply with all priority safety regulations. With the fast expansion of motor vehicle production and adoption around the world, the focus on vehicle safety opens up new technology-based prospects for decreasing road crashes and their consequences. There is compelling evidence that enacting and enforcing car safety laws reduces traffic fatalities, injuries, and associated socio-economic costs. For example, high-quality suspension systems ensure that an automobile's road-handling and braking systems perform admirably. As a result, the suspension system is an integral part of maintaining safety and comfort. Anti-lock brakes keep wheels from locking up during braking. When braking forcefully, they assist motorcyclists in maintaining stability and steering control. Thus, the increasing safety regulations are expected to drive the growth of the global automatic suspension system market during the forecast period.

Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency as it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight might result in a 6% to 8% increase in fuel economy. By replacing cast iron and traditional steel components with lightweight materials, including high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites, a vehicle's body and chassis can be reduced by up to 50%, lowering its fuel consumption. Engineers are progressively using lightweight materials for purposes such as the body, chassis, interior, power train, and under the hood. OEMs and suppliers are focusing on developing multi-material cars using aluminum, carbon-fiber composites, high-strength steel, magnesium, titanium, and various types of foam, plastic, and rubber. Cars can carry more complex pollution control systems, safety devices, and integrated electrical systems without adding to the vehicle's total weight by adopting lightweight structural materials. While lightweight materials can be used in any vehicle, they are particularly crucial in hybrid electric, plug-in hybrid electric, and electric vehicles. The use of lightweight materials in these vehicles can help offset the weight of power components like batteries and electric motors, enhancing efficiency and extending the range of these vehicles.

Lightweight material research and development is critical for lowering their cost, boosting their recycling ability, enabling their integration into vehicles, and maximizing their fuel efficiency benefits. In the short term, replacing heavy steel components with high-strength steel, aluminum, or glass fiber-reinforced polymer composites can reduce component weight by 10% to 60%. The qualities of these materials and the manufacturing procedures that go with them are already well understood by scientists. Researchers aim to cut their costs and enhance the methods for connecting, modeling, and recycling these materials. Advanced materials such as magnesium and carbon fiber reinforced composites could cut the weight of some components by 50–75% in the long run. Engineers and researchers are attempting to improve their understanding of the chemical and physical properties of these materials while also lowering their costs.

In recent years, the auto industry has made enormous advancements in light-weighting, as seen by a few success stories. For example, light-weighting has been a key focus of research & development at automakers such as General Motors (GM). Since 2016, the company has introduced 14 new car models, resulting in a total mass reduction of almost 5,000 pounds, or more than 350 pounds in each vehicle. The majority of the weight reduction is due to material and technology breakthroughs. GM has worked on reducing bulk in sections that are not essential for performance, which, when paired with part consolidation, can result in more interior space, increased range, and improved vehicle performance. This has paved the way for new functionalities and given developers a blank canvas on which to experiment with new forms and shapes. Traditionally, the auto industry's light-weighting efforts have been centered on low-volume sports cars or high-end luxury sedans. Recent initiatives, however, have spread to mass-produced vehicles such as pickup trucks. When Ford Motor Company revealed its all-aluminum F-150 in 2014, it set the bar high for the industry. Since then, its two main competitors have introduced pickup trucks with weight-saving materials. For instance, the 2019 Chevy Silverado 1500 was unveiled by GM in 2019. The new vehicle weighs up to 450 pounds lighter than the previous model because of its extensive use of mixed materials. In addition, the 2019 GMC Sierra truck was designed using lightweight materials by GM engineers. It has a 62-pound lighter carbon fiber composite box than its steel predecessor. To save additional 360 pounds, the vehicle's doors, hood, and tailgate are made of aluminum, while the fenders and top are made of high-strength steel. Thus, the advancements in lightweight components are expected to present lucrative growth opportunities for the players in the global automatic suspension system market.

Regulation's burdens, which affect both new and old products, must be taken into account by all businesses. Government rules, similar to those in any other sector, restrict the manufacturing of automobiles by limiting the ingenuity of engineers and designers. These requirements are primarily intended to improve driver and passenger safety (both on the road and against theft) and vehicle environmental effects. Every country (or region) has its own set of rules and regulations. This means that automakers must change their manufacturing standards to sell their vehicles in various markets throughout the world. Manufacturers must adjust their investments in response to changes in consumer preferences or the implementation of new regulations, making the market volatile for them. As component providers are reliant on demand from tier 1 suppliers, this has a direct influence. As a result of the absence of standardization, it is difficult for suspension system manufacturers to meet the varying architecture specifications of different vehicle types. Thus, the lack of standardization is projected to restrict the growth of the global automatic suspension system market to a certain extent during the forecast period.

As there are particular suspension types for each model, the standardization of suspension systems is anticipated to aid Tier 1 and component manufacturers produce suspension systems in large volumes, lowering overall manufacturing costs. While negotiating supply contracts, OEMs and suspension suppliers can develop standardization for independent suspension in terms of key characteristics. For both OEMs and suspension suppliers, this might be a win-win situation. As a result of the absence of uniformity, producers must keep track of changing preferences in different nations to remain competitive in the market.

In a suspension system, springs, shock absorbers/struts, and linkages (such as ball joints) connect a vehicle to its wheels. Despite bumps or other road abnormalities, the suspension keeps the wheels in proper contact/friction with the ground, resulting in a smooth ride. Investing in a high-quality suspension system provides the driver and passengers with more comfort and a better driving experience.

For example, a typical average suspension costing would as follow:

Replacement of a suspension system can cost anywhere from USD 1,000 to USD 5,000 or more, depending on the type of system and the vehicle's make, model, and year (luxury vehicles typically cost more than standard automobiles). The amount of wear and rust beneath the vehicle also affects the price (making it more difficult and time-consuming to remove the old parts).For an average vehicle, replacing just the four shock absorbers or struts that make up the suspension system can cost between USD 200 and USD 1500, or USD 2,000 to USD 5,000 for luxury vehicles or those with limited access or severe corrosion: do-it-yourself (DIY) shock/strut repair costs between USD 150 and USD 250.Depending on the make, model, and year of the vehicle, as well as the difficulty of access, replacing just the four-ball joints can cost USD 350- USD 2,200 or more; DIY replacement usually costs USD 125 to USD 400 or more.After the suspension is replaced, some vehicles may require a wheel alignment, costing anywhere from USD 20 to USD 400. A recommended service schedule will be included in the vehicle's manual, indicating whether a wheel alignment is required.

The use of advanced technologies in the suspension system increases the cost of the vehicles. The conventional suspension system is complex and involves more wear and tear. In contrast, the advanced suspension system uses advanced fluids, such as rheological fluid, and features newer technologies, such as electric-controlled suspension systems and magic body control systems. These are high-cost technologies, which improve vehicle performance.

The high-cost suspension replacement in the aftermarket will limit the growth of the automotive suspension system, which directly affects the working of the vehicle and the comfort of the passenger. The limited presence of automotive suspension system manufacturers in the aftermarket will increase the replacement price of the unauthorized players, which will hamper the growth of the global automatic suspension system market.