Automotive Double Wishbone Suspension System Market to Grow by USD 192.2 Million (2024-2028) as SUV and Pickup Truck Demand Rises, with AI Driving Market Transformation- Technavio

NEW YORK, Oct. 15, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Automotive Double Wishbone Suspension System Market size is estimated to grow by USD 192.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.27% during the forecast period. Growing demand for SUVs and pick-up trucks is driving market growth, with a trend towards development of multi-material chassis construction. However, fluctuating costs of raw materials poses a challenge - Key market players include American Star Manufacturing LLC, ANAND Group, Benteler International AG, BorgWarner Inc., CCYS Hi Tech International Ltd, Cheng Ching Yong Sheng, DRiV Automotive Inc., GESTAMP AUTOMOCION SA, Hendrickson Holdings LLC, HL Mando Co. Ltd., Marelli Holdings Co. Ltd., Mobex Global, Musashi Seimitsu Industry Co. Ltd., Schaeffler AG, Sogefi Spa, TAHIKO Co. Ltd., Tenneco Inc., thyssenkrupp AG, YOROZU Corp., and ZF Friedrichshafen AG.

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Key Market Trends Fueling Growth

The automotive industry is experiencing a shift towards weight reduction in response to regulatory pressure and customer demand. Advanced materials, such as aluminum, carbon fiber, and magnesium, are increasingly used in chassis manufacturing due to their lighter weight and durability. Audi's industry-first multi-material chassis, which combines aluminum, magnesium, carbon fiber reinforced polymer (CFRP), and steel, is a prime example. The Audi A8's spaceframe chassis, which accounts for 58% aluminum, demonstrates the benefits of this approach, including significant weight reduction and product differentiation. BMW and Mercedes-Benz also employ carbon fiber and conventional chassis construction, respectively. The adoption of multi-material chassis construction will continue to drive the growth of the global automotive double wishbone suspension system market, as this technology enables weight reduction, compact packaging, and increased performance. 

The Automotive Double Wishbone Suspension System market is experiencing significant growth due to increasing trends in SUVs and pickup trucks. Non-independent suspension systems are being replaced with double wishbone for better vehicle performance, ride comfort, and handling characteristics. The market is also driven by racing events and off-road competitions, where high-performance vehicles require advanced suspension technologies. Urbanization, rising living standards, and purchasing capacity are fueling the demand for luxury cars and sports cars, further boosting the market. Automakers are investing in suspension technologies to comply with regulatory hurdles and standards compliance. Lightweighting strategies, fuel efficiency, and carbon emissions are also key considerations. Control arm geometry, material composition, and damping characteristics are critical factors in suspension design. Electric vehicles and powertrains, including battery packs, are driving the development of active suspension systems and predictive analytics. Despite challenges, the future of the Automotive Double Wishbone Suspension System market looks promising. 

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Market Challenges

• The profitability of automotive double wishbone suspension system vendors is significantly influenced by the cost of raw materials. Primary raw materials for manufacturing these systems include metals like steel and alloy blocks, and alloys of aluminum, copper, magnesium, zinc, and silica. The global market for these metals is subject to price fluctuations due to the interplay of resource availability and demand from various industries. The COVID-19 pandemic and the Russia-Ukraine war crisis have caused a sharp increase in the prices of steel and aluminum, key raw materials for suspension systems. For instance, the price of steel in India has escalated since the war began in February 2022 and is projected to rise further if the conflict persists, currently at USD135 per ton in the international market. These raw material price fluctuations negatively impact the growth of the global automotive double wishbone suspension system market during the forecast period.
• The Automotive Double Wishbone Suspension System market faces several challenges for automakers in implementing this suspension technology. In the realm of sports cars, there's a constant push for improved performance enhancement and stability. However, vehicle safety, emissions, and lightweighting strategies are crucial considerations. Suspension technologies must comply with regulatory hurdles and standards, including those related to electric vehicles and their powertrains, battery packs, and active suspension systems. Suspension design involves intricacies like control arm geometry, material composition, and damping characteristics. Solid axle and beam axle suspensions are alternatives, but independent suspension, such as double wishbone, offers superior comfort and durability. For MPVs and heavy commercial vehicles, suspension systems must balance safety, comfort, and cost-effectiveness. Automotive engineering faces challenges in optimizing suspension systems for various vehicle types, including high-performance cars, ATVs, and heavy commercial vehicles. Suspension springs, wheels, chassis, knuckles, dual arms, and suspension springs all play essential roles. Predictive analytics can aid in optimizing suspension performance, ensuring durability and meeting the evolving demands of the automotive industry.

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Segment Overview 

This automotive double wishbone suspension system market report extensively covers market segmentation by

1. Application 
• 1.1 SUVs
• 1.2 MPVs and pickup trucks
• 1.3 High performance vehicles
• 1.4 ATVs
2. Geography 
• 2.1 North America
• 2.2 APAC
• 2.3 Europe
• 2.4 South America
• 2.5 Middle East and Africa

1.1 SUVs- The Automotive Double Wishbone Suspension System market is growing due to its effectiveness in providing stable and responsive vehicle handling. This suspension system's design allows for precise control of wheel movement, enhancing ride comfort and safety. Manufacturers value its durability and cost-effectiveness, making it a popular choice for various vehicle applications. The market's growth is driven by increasing demand for improved vehicle performance and consumer preference for a smoother ride.

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Research Analysis

The Automotive Double Wishbone Suspension System is a popular suspension design used in various vehicles, including high-performance cars, luxury cars, sports cars, ATVs, and heavy commercial vehicles. This system features an arm structure consisting of two arms connected to the chassis and the wheel via suspension springs and a knuckle. The dual arms provide excellent stability, durability, and performance enhancement, improving vehicle handling characteristics, ride comfort, and safety. Double wishbone suspension systems are essential for vehicle performance, offering precise steering and control, especially in high-speed maneuvers. They are also used in fleet management to ensure optimal vehicle operation and maintenance. The system's design allows for easy integration with various suspension technologies, contributing to vehicle safety, emissions reduction, lightweighting strategies, and improved fuel efficiency. Double wishbone suspension systems have become a staple in the automotive industry due to their versatility, reliability, and ability to cater to diverse vehicle applications. They are a critical component in enhancing the overall driving experience, making them an essential element in the development of advanced automotive technologies.

Market Research Overview

The Automotive Double Wishbone Suspension System is a popular independent suspension design, characterized by its arm structure consisting of two arms connected to the chassis and the wheel spindle. The system utilizes suspension springs to absorb shocks and maintain contact between the tire and the road. The wheel is connected to the lower arm, while the upper arm is connected to the chassis. This suspension system enhances vehicle performance by improving stability, durability, and handling characteristics. It is commonly used in high-performance cars, sports cars, luxury cars, SUVs, pickup trucks, ATVs, and heavy commercial vehicles. The system's ability to provide independent suspension for each wheel improves ride comfort and vehicle safety. The design of the control arm geometry and material composition plays a significant role in the system's performance. The damping characteristics can be adjusted to suit various driving conditions, from racing events and off-road competitions to urbanization and fleet management. The automotive industry continues to innovate, with advancements in suspension technologies, such as active suspension systems, predictive analytics, and electric vehicles, influencing the market. Regulatory hurdles and standards compliance, including vehicle performance, ride comfort, handling characteristics, high-performance vehicles, luxury cars, automakers, and emissions, also impact the market. Lightweighting strategies, fuel efficiency, and carbon emissions are also driving factors in the development of new suspension systems. The future of the market includes advancements in solid axle and beam axle suspensions, MPVs, automotive engineering, and powertrains, including battery packs.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• SUVs
• MPVs And Pickup Trucks
• High Performance Vehicles
• ATVs
• Geography
• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio