According to the International Organization of Motor Vehicle Manufacturers (OICA), South Korea produced 4.24 billion vehicles including commercial vehicles and cars, in 2023. Automotive production in South Korea increased by 13% in 2023 compared to the previous year. Growing automotive production in the country is anticipated to support the South Korea automotive suspension market. The increased use of independent suspensions in passenger vehicles aids the demand. These independent suspensions provide automobiles with additional stability, by offering improved comfort, performance, and road holding.
Further, with technological developments double wishbone suspensions are being increasingly used in mid-segment cars and SUVs apart from typically being used in in high-end automotive models. This rise in sales of high-segment and mid-segment vehicles is driving the growth of the automotive suspension market in South Korea.
In addition, increasing collaborations between manufacturers and automotive companies, along with technological improvements are positively impacting the market. In March 2021, Mando Corp., South Korea's second-largest auto parts manufacturer, secured a 10-year, USD 1.25 billion contract to supply Volkswagen Group with 50 million suspension systems for its upcoming electric and popular combustion engine vehicles. The deal, spanning from 2022 to 2033, marks the largest order for a single item in Mando's history. Additionally, Mando is exploring partnerships with Volkswagen Group China, leveraging its existing presence in the region to support local carmakers.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Market Breakup by System, Suspension Type, Component, Vehicle Type, and Provinces:
- Based on the system, the market can be segmented into passive system and semi-active/active system.
- The market is divided based on suspension type into hydraulic suspension and air suspension.
- Based on components, the market can be divided into springs, shock dampener, air compressors, and struts, among others.
- The market, by vehicle type, can be classified into passenger vehicles, two-wheelers, and commercial vehicles, among others.
- By provinces, the automotive suspension market in South Korea can be segmented into North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, North Gyeongsang, South Gyeongsang, North Jeolla, South Jeolla, and Jeju Special Self-Governing Province.
Key Findings of the Report:
- Rapid growth in automotive production in South Korea is supporting the market. The country saw a significant 13% increase in automotive production in 2023, reaching 4.24 billion vehicles, according to OICA data, indicating a thriving automotive industry.
- Further, the growing prevalence of electric vehicles is aiding the demand for automotive suspension in South Korea.
- The use of independent suspensions in passenger vehicles is on the rise, contributing to increased stability, comfort, and performance, thereby driving demand in the automotive suspension market.
- Technological developments like double wishbone suspensions are becoming more prevalent, especially in mid-segment cars and SUVs, indicating a trend towards higher-end features in mainstream vehicles.
- Collaborations between leading manufacturers and automotive companies play a crucial role in strengthening the market dynamics and fostering innovation in the South Korean automotive suspension market.
Key Offerings of the Report:
- The EMR report gives an overview of the South Korea automotive suspension market for the periods (2018-2023) and (2024-2032).
- The report also offers historical (2018-2023) and forecast (2024-2032) market information for the system, suspension type, component, vehicle type, and provinces of automotive suspension.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the South Korea automotive suspension market are Mando Corp., HYUNDAI TRANSYS Inc., Hyundai Mobis Co., Ltd., ZF Friedrichshafen AG, Continental AG, ThyssenKrupp AG, Marelli Holdings Co., Ltd., and Benteler International AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Key Highlights of the Report
| REPORT FEATURES |
DETAILS |
| Base Year |
2023 |
| Historical Period |
2018-2023 |
| Forecast Period |
2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
- System
- Suspension Type
- Component
- Vehicle Type
- Provinces
|
| Breakup by System |
- Passive System
- Semi-Active/Active System
|
| Breakup by Suspension Type |
- Hydraulic Suspension
- Air Suspension
|
| Breakup by Component |
- Spring
- Shock Dampener
- Air compressor
- Struts
- Others
|
| Breakup by Vehicle Type |
- Passenger Vehicle
- Two-Wheeler
- Commercial Vehicle
- Others
|
| Breakup by Provinces |
- North Chungcheong
- South Chungcheong
- Gangwon
- Gyeonggi
- North Gyeongsang
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju Special Self-Governing Province
|
| Market Dynamics |
- SWOT Analysis
- Porter's Five Forces Analysis
- Key Indicators for Demand
- Key Indicators for Price
|
| Competitive Landscape |
- Market Structure
- Company Profiles
- Company Overview
- Product Portfolio
- Demographic Reach and Achievements
- Certifications
|
| Companies Covered |
- Mando Corp.
- HYUNDAI TRANSYS Inc.
- Hyundai Mobis Co., Ltd.
- ZF Friedrichshafen AG
- Continental AG
- Mando Corporation
- ThyssenKrupp AG
- Marelli Holdings Co., Ltd.
- Benteler International AG
- Others
|
About Us
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
Contact Us
Expert Market Research
Website: www.expertmarketresearch.com
Email: [email protected]
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790
