Global Automotive Suspension System Service Equipment Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Complex suspension systems may require specialized training and equipment for repair

The Global Automotive Suspension System Service Equipment Market is estimated to be USD 46.14 Bn in 2023 and is expected to reach USD 62.35 Bn by 2028 growing at a CAGR of 6.21%.

The Automotive Suspension System Service Equipment Market refers to equipment used to maintain and repair automotive suspension systems. Suspension systems are essential to any vehicle, as they help ensure a smooth ride and stable handling. This market includes shock absorber testers, wheel alignment machines, and suspension repair tools. The demand for this market is driven by the increasing number of vehicles on the road and the need for regular maintenance and repair of suspension systems to ensure optimal performance and safety. The market is also influenced by technological advancements in the automotive industry, such as electronic suspension systems. Overall, the Automotive Suspension System Service Equipment Market plays a crucial role in ensuring the safety and performance of vehicles on the road.

An automotive suspension system comprises a mechanical system of springs or shock absorbers connecting the wheels and axles to the chassis of a wheeled vehicle. This system further allows the relative motion between the wheels and axles, thus absorbing the impact from varying road surfaces.

The surging demand for enhanced comfort and safer ride quality in vehicles fuels the global market. Additionally, advancements in suspension systems concerning future mobility, electrification, and autonomous driving technology are expected to drive market growth. However, the high capital investment and suspension component costs and shortage of raw materials hamper market growth.

The global Automotive Suspension System Service Equipment Market is a dynamic industry that plays a crucial role in maintaining the safety and performance of vehicles on the road. This market encompasses a range of equipment used to maintain and repair automotive suspension systems, including shock absorber testers, wheel alignment machines, and suspension repair tools. The market is driven by various factors, such as the surge in demand for electric and autonomous vehicles, the increasing adoption of air suspension systems in buses and trucks, and the need for regular maintenance and repair of suspension systems. However, the market also faces challenges, such as the shortage of raw materials, high capital and suspension costs, lack of standardization of independent suspension systems, and counterfeit suspension products in the aftermarket. Nevertheless, the market also presents opportunities like developing regenerative suspension systems and growing ATV sales due to increased off-road recreational activities globally. Overall, the Automotive Suspension System Service Equipment Market is an essential sector continuously evolving with technological advancements and market trends.

Market Segmentations

• The Global Automotive Suspension System Service Equipment Market (2023-2028) by System analysis, component analysis, vehicle type, and Geography.
• By System Analysis, the market is classified into a passive system, an active system, and a semi-active system. The passive system segment holds a major market share. The passive system segment dominates the market due to its higher integration rate in various automotive vehicles, such as passenger cars, commercial vehicles, and off-roading vehicles.
• By Component Analysis, the market is classified into shock dampeners, struts, control arms, ball joints, air compressors, and others. The shock dampener holds the highest market share. The growth is directly integrated with rising automotive sales worldwide, leading to an increased demand for shock dampers from automotive OEMs and in the aftermarket.
• By Vehicle Type, the market is classified into passenger cars and others. The passenger cars segment holds the largest market share and is the most dominant over the other segments. Passenger cars are the most widely produced and sold vehicle type. Thus, it accounts for most global automotive production and vehicle sales.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Americas has the highest market share as the region has the highest automotive manufacturing.

Recent Development

• Vibracoustic developed a cost-effective ride height and suspension leveling system. The system can allow car manufacturers to experience the height leveling benefits of an air suspension with less complexity and expense. Air suspensions are beneficial to electric vehicles, and developing a new system can help reduce the cost of electric vehicles. The system also helps increase the efficiency of electric vehicles, allowing them to use a smaller battery pack and maintain the same range. -August 2022.
• Rheinmetall developed a unique glass fiber suspension spring. The new glass fiber-reinforced plastic springs provide a weight advantage in the unsprung mass of up to 75% compared to conventional steel coil springs, which is particularly suitable for range-optimized electric vehicles. In addition to the lower weight, the spring provides maximum pitch and roll stability and high inherent damping of the material, assuring optimum noise, vibration, and harshness characteristics. Another type of suspension spring is resistant to corrosion. July 2022.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Benteler International, BWI Group, Continental Ag, ZF Friedrichshafen, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of the Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Automotive Suspension System Service Equipment Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development, and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Automotive Suspension System Service Equipment Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Automotive Suspension System Service Equipment Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market