Suspension System Market

The suspension system market is expected to see continued growth, with a projected CAGR of +7.2% in volume and +10.0% in value from 2022 to 2030. Consumption, production, imports, and exports trends are analyzed, highlighting significant growth in various regions such as China, the United States, and Turkey. The article provides a detailed overview of the market performance, key countries involved, and price trends over the past decade.

Market Forecast

Driven by increasing demand for suspension systems worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +7.2% for the period from 2022 to 2030, which is projected to bring the market volume to 9.9M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +10.0% for the period from 2022 to 2030, which is projected to bring the market value to $88.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Suspension Systems

After two years of decline, consumption of suspension systems increased by 8.3% to 5.7M tons in 2022. Overall, consumption enjoyed a strong expansion. Global consumption peaked at 8.4M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global suspension system market size reached $41.3B in 2022, rising by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw strong growth. Global consumption peaked at $63.5B in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (1.1M tons), the United States (722K tons) and India (522K tons), together comprising 41% of global consumption. Turkey, Japan, Russia, Brazil, France, Mexico, Italy, Poland, Thailand and Canada lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +11.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($8.7B), Turkey ($4.7B) and China ($4.6B) were the countries with the highest levels of market value in 2022, with a combined 44% share of the global market.

The United States, with a CAGR of +11.3%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of suspension system per capita consumption in 2022 were Turkey (5.3 kg per person), Poland (2.7 kg per person) and Japan (2.6 kg per person).

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +11.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Suspension Systems

In 2022, after two years of decline, there was significant growth in production of suspension systems, when its volume increased by 8.2% to 6M tons. Over the period under review, production enjoyed a strong expansion. The pace of growth appeared the most rapid in 2017 when the production volume increased by 24% against the previous year. Over the period under review, global production reached the peak volume at 8.5M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, suspension system production contracted modestly to $44.8B in 2022 estimated in export price. In general, the total production indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -8.1% against 2019 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by 21% against the previous year. Global production peaked at $48.7B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (1.9M tons) remains the largest suspension system producing country worldwide, comprising approx. 32% of total volume. Moreover, suspension system production in China exceeded the figures recorded by the second-largest producer, India (550K tons), fourfold. Turkey (518K tons) ranked third in terms of total production with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +7.3%. The remaining producing countries recorded the following average annual rates of production growth: India (+9.0% per year) and Turkey (+12.0% per year).

Imports

World Imports of Suspension Systems

In 2022, the amount of suspension systems imported worldwide stood at 2.7M tons, increasing by 7.2% compared with 2021. The total import volume increased at an average annual rate of +3.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, suspension system imports rose notably to $23B in 2022. The total import value increased at an average annual rate of +4.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

The United States (423K tons) and Germany (313K tons) represented roughly 27% of total imports in 2022. Mexico (202K tons) ranks next in terms of the total imports with a 7.5% share, followed by Canada (4.6%) and Poland (4.6%). The following importers - the UK (96K tons), China (79K tons), Brazil (69K tons), Slovakia (68K tons), Spain (68K tons), France (67K tons), Belgium (66K tons) and Russia (65K tons) - together made up 21% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Poland (with a CAGR of +10.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($5.5B) constitutes the largest market for imported suspension systems worldwide, comprising 24% of global imports. The second position in the ranking was taken by Germany ($2.4B), with a 10% share of global imports. It was followed by Mexico, with an 8.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to +5.5%. In the other countries, the average annual rates were as follows: Germany (+8.1% per year) and Mexico (+4.8% per year).

Import Prices By Country

The average suspension system import price stood at $8,552 per ton in 2022, picking up by 1.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 9.9%. Global import price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($13,224 per ton), while Russia ($5,318 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Suspension Systems

In 2022, overseas shipments of suspension systems increased by 7.3% to 3.1M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 24%. Over the period under review, the global exports hit record highs in 2022 and are likely to see steady growth in years to come.

In value terms, suspension system exports expanded markedly to $23.2B in 2022. The total export value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the near future.

Exports By Country

China represented the key exporting country with an export of about 925K tons, which recorded 30% of total exports. Germany (348K tons) took the second position in the ranking, followed by Mexico (264K tons), Poland (167K tons) and the Czech Republic (141K tons). All these countries together took approx. 30% share of total exports. Spain (115K tons), Japan (115K tons), Turkey (112K tons), Canada (106K tons), South Korea (98K tons), France (79K tons), Slovakia (70K tons) and the UK (57K tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to suspension system exports from China stood at +8.2%. At the same time, Turkey (+17.7%), Mexico (+10.8%), the Czech Republic (+10.7%), Poland (+7.7%), Slovakia (+5.3%), Spain (+1.8%), the UK (+1.6%), South Korea (+1.5%) and Germany (+1.1%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.7% from 2012-2022. Canada and France experienced a relatively flat trend pattern. By contrast, Japan (-3.1%) illustrated a downward trend over the same period. While the share of China (+10 p.p.), Mexico (+4.1 p.p.), Turkey (+2.6 p.p.), the Czech Republic (+2.2 p.p.) and Poland (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-3.6 p.p.) and Japan (-3.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($4.3B), Germany ($3.7B) and Mexico ($2.2B) appeared to be the countries with the highest levels of exports in 2022, with a combined 44% share of global exports. Poland, Japan, Canada, Spain, Slovakia, South Korea, the Czech Republic, Turkey, the UK and France lagged somewhat behind, together accounting for a further 31%.

Turkey, with a CAGR of +14.5%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average suspension system export price amounted to $7,564 per ton, with an increase of 2.5% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average export price increased by 7.6%. The global export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($10,546 per ton), while the Czech Republic ($4,218 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+4.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform