South Korea Automotive Suspension Market Introduction and Overview
According to SPER Market Research, the South Korea Automotive Suspension Market is estimated to reach USD XX billion by 2033 with a CAGR of 3.55%.
The report includes an in-depth analysis of the South Korea Automotive Suspension Market, including market size and trends, product mix, applications, and supplier analysis. Automotive suspension is made up of springs, shock absorbers, struts, control arms, and ball joints that connect the vehicle to the wheel, allowing for relative motion between the two. The geometry and system used to design suspension are determined by the wheel camber, hub castor, vehicle toe, and control arm king pin inclination. Suspensions help maintain the vehicle's tires in touch with the road while travelling, reducing shocks and protecting the vehicle and its cargo from damage or wear. Additionally, it isolates the car from high-frequency vibrations caused by tyre excitation.
- Sono Motors debuted its Solar Powered Electric Vehicle in December 2022, which features a MacPherson suspension system.
- BMW and ZF collaborated in August 2022 to design a carbon fibre suspension for the K 1600 GT Duolever. The lightweight material would help BMW decrease weight and study the performance of their superbike, the M 1000 RR.
- August 2022 - Vibracoustic created a low-cost ride height and suspension levelling technology. The method enables car manufacturers to reap the height-leveling benefits of an air suspension with less complexity and expense.
Market Opportunities and Challenges
Opportunities- The automotive suspension device market in South Korea is expected to increase significantly due to technological advancements and a move towards more environmentally friendly practices. Increased automation, digitisation, and AI integration are examples of emerging developments that are predicted to boost productivity and cut expenses. Furthermore, businesses are investing in green technology and circular economy projects, demonstrating the increased emphasis on eco-friendly solutions. The preferences of consumers are also changing, favouring products that are sustainable and innovative. Government incentives and regulatory assistance are probably going to drive the market even farther.
Challenges- The high cost of installing new or upgraded suspension systems raises the cost of automobiles, which is predicted to slow market growth. The prospect of delivering premium features in vehicles incurs additional costs for consumers in the form of hardware, applications, and telecom service charges, hence limiting market growth. Furthermore, due to the number of components and sensors, such cars are difficult to service and require specialised technicians. The complex structure of systems shortens the service life of vehicles. As a result, the high starting cost and complex construction are projected to impede the growth of the vehicle suspension industry.
Market Competitive Landscape
The study provides a detailed analysis of the following important companies in South Korea's automobile suspension market, including their competitive landscape, capacity, and recent activities such as mergers, acquisitions, and investments, capacity expansions, and plant turnarounds. Key Market players are Mando Corp, HYUNDAI TRANSYS Inc, Hyundai Mobis Co., Ltd, ZF Friedrichshafen AG, Continental AG, ThyssenKrupp AG, Marelli Holdings Co., Ltd, Benteler International AG.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By System, By Suspension Type, By Component, By Vehicle Type.
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| Regions covered | Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region).
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| Companies Covered | Mando Corp, HYUNDAI TRANSYS Inc, Hyundai Mobis Co., Ltd, ZF Friedrichshafen AG, Continental AG, ThyssenKrupp AG, Marelli Holdings Co., Ltd, Benteler International AG.
|
COVID-19 Impact on South Korea Automotive Suspension Market
The market was impacted by the COVID-19 epidemic, which resulted in supply chain disruptions and shortages of components and raw materials. The expense of materials and operating while adhering to the safety guidelines provided for the prevention of a coronavirus outbreak resulted in increased manufacturing costs for manufacturers. To increase sales, major firms switched to expanding e-commerce platforms and concentrated on creating suspension systems for hybrid and electric cars.
Key Target Audience:
- Automotive Manufacturers
- Suspension System Suppliers
- Automotive OEMs (Original Equipment Manufacturers)
- Aftermarket Suspension Providers
- Vehicle Component Distributors
- Automotive Repair and Service Centers
- Regulatory Authorities
- Research and Development Institutions
- Automotive Dealerships
Our in-depth analysis of the South Korea Automotive Suspension Market includes the following segments:
| By System: | Passive SystemSemi-Active/Active System |
| By Suspension Type: | Hydraulic suspensionAir suspension |
| By Component: | SpringShock DampenerAir CompressorStrutsOthers |
| By Vehicle Type: | Passenger VehicleTwo-WheelerCommercial VehicleOthers |
Key Topics Covered in the Report:
- South Korea Automotive Suspension Market Size (FY’2024-FY’2033)
- Overview of South Korea Automotive Suspension Market
- Segmentation of South Korea Automotive Suspension Market By System (Passive System, Semi-Active/Active System)
- Segmentation of South Korea Automotive Suspension Market By Suspension Type (Hydraulic Suspension, Air Suspension)
- Segmentation of South Korea Automotive Suspension Market By Component (Spring, Shock Dampener, Air compressor, Struts, Others)
- Segmentation of South Korea Automotive Suspension Market By Vehicle Type (Passenger Vehicle, Two-Wheeler, Commercial Vehicle, Others)
- Statistical Snap of South Korea Automotive Suspension Market
- Expansion Analysis of South Korea Automotive Suspension Market
- Problems and Obstacles in South Korea Automotive Suspension Market
- Competitive Landscape in the South Korea Automotive Suspension Market
- Impact of COVID-19 and Demonetization on South Korea Automotive Suspension Market
- Details on Current Investment in South Korea Automotive Suspension Market
- Competitive Analysis of South Korea Automotive Suspension Market
- Prominent Players in the South Korea Automotive Suspension Market
- SWOT Analysis of South Korea Automotive Suspension Market
- South Korea Automotive Suspension Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the South Korea Automotive Suspension Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. South Korea Automotive Suspension Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in South Korea Automotive Suspension Market
7. South Korea Automotive Suspension Market, By System (USD Million) 2020-2033
7.1. South Korea Automotive Suspension Market Size, Share and Forecast, By System, 2020-2026
7.2. South Korea Automotive Suspension Market Size, Share and Forecast, By System, 2027-2033
7.3. Passive System
7.4. Semi-Active/Active System
8. South Korea Automotive Suspension Market, By Suspension Type (USD Million) 2020-2033
8.1. South Korea Automotive Suspension Market Size, Share and Forecast, By Suspension Type, 2020-2026
8.2. South Korea Automotive Suspension Market Size, Share and Forecast, By Suspension Type, 2027-2033
8.3. Hydraulic suspension
8.4. Air suspension
9. South Korea Automotive Suspension Market, By Component (USD Million) 2020-2033
9.1. South Korea Automotive Suspension Market Size, Share and Forecast, By Component, 2020-2026
9.2. South Korea Automotive Suspension Market Size, Share and Forecast, By Component, 2027-2033
9.3. Spring
9.4. Shock Dampener
9.5. Air Compressor
9.6. Struts
9.7. Others
10. South Korea Automotive Suspension Market, By Vehicle Type (USD Million) 2020-2033
10.1. South Korea Automotive Suspension Market Size, Share and Forecast, By Vehicle Type, 2020-2026
10.2. South Korea Automotive Suspension Market Size, Share and Forecast, By Vehicle Type, 2027-2033
10.3. Passenger Vehicle
10.4. Two-Wheeler
10.5. Commercial Vehicle
10.6. Others
11. South Korea Automotive Suspension Market Forecast, 2020-2033 (USD Million)
11.1. South Korea Automotive Suspension Market Size and Market Share
12. South Korea Automotive Suspension Market, By Region, 2020-2033 (USD Million)
12.1. South Korea Automotive Suspension Market Size and Market Share By Region (2020-2026)
12.2. South Korea Automotive Suspension Market Size and Market Share By Region (2027-2033)
12.2.1. Seoul Capital Area
12.2.2. Yeongnam (Southeastern Region)
12.2.3. Honam (Southwestern Region)
12.2.4. Hoseo (Central Region)
12.2.5. Others
13. Company Profile
13.1. Mando Corp
13.1.1. Financial outlook
13.1.2. Product summary
13.1.3. Recent developments
13.2. HYUNDAI TRANSYS Inc
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. Hyundai Mobis Co., Ltd
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. ZF Friedrichshafen AG
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Continental AG
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. ThyssenKrupp AG
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. Marelli Holdings Co., Ltd
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Benteler International AG
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
