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South Korea Automotive Suspension Market Share, Size, Growth, Analysis, Forecast: By System: Passive System, Semi-Active/Active System; By Suspension Type: Hydraulic Suspension, Air Suspension; By Component: Spring, Shock Dampener, Air compressor, Struts, Others; By Vehicle Type; By Provinces; Competitive Landscape; 2023-2028
South Korea Automotive Suspension Market Outlook
The South Korea automotive suspension market is expected to grow at a CAGR of 3.3% between 2023 and 2028. Technological advancements and the rising demand for electric vehicles are anticipated to propel market growth during the forecast period.
The Demand for High-Range Segment and Mid-Range Segment Cars is Bolstering in South Korea, leading to the Development of the Automotive Suspension Market
The increase can be due to independent suspensions, which provide automobiles with additional stability. The front suspension of passenger vehicles is independent, whereas the rear suspension is dependent. Consequently, the rear wheel has both independent and dependent suspension. Another form of independent suspension that offers improved comfort, performance, and road holding is the double wishbone. Double wishbone suspensions are typically seen in high-end automotive models since their manufacturing costs are high. However, because of technological developments, double wishbone suspensions are now being used in mid-segment cars and SUVs. This rise in sales of high-segment and mid-segment vehicles is driving the growth of the automotive suspension market in South Korea.
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Market Segmentation
A suspension operates on the force dissipation concept, which includes transforming force into heat and thereby lessening the effect that force would have caused. This is accomplished by the use of springs, dampers, and struts. The energy is stored in a spring and is then transformed into heat via a damper. A spring's function in a suspension system is to absorb the energy created when a bump is encountered by the vehicle.
Any kind of force may be converted into energy by a spring or coil by compressing their size. Numerous variables affect how much energy a spring can store. Including, but not restricted to, the spring's length, material, and spring coefficient. The material is mentioned because while certain springs might be able to store more energy, a non-durable substance could cause the spring to break.
Based on system, the South Korea automotive suspension market can be segmented into:
- Passive System
- Semi-Active/Active System
On the basis of suspension type, the automotive market of South Korea can be bifurcated into:
- Hydraulic suspension
- Air suspension
Based on component, the automotive market of South Korea can be divided into:
- Spring
- Shock Dampener
- Air Compressor
- Struts
- Others
Based on vehicle type, the South Korea automotive suspension market can be classified into:
- Passenger Vehicle
- Two-Wheeler
- Commercial Vehicle
- Others
On the basis of provinces, the automotive suspension market of South Korea can be segmented into:
- North Chungcheong
- South Chungcheong
- Gangwon
- Gyeonggi
- North Gyeongsang
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju Special Self-Governing Province
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Continuous Research and Revolutionary Innovations are Helping in Gaining Customers’ Attention
The firm Hyundai has taken the lead in the worldwide market after launching its innovative e-corner module technology that allows the four wheels to move independently. The e-corner module, developed by Hyundai Mobis, is a pioneering mobility innovation that combines an electric motor on each of a car's four wheels with braking, steering, and suspension systems.
The advanced rear-wheel steering system, created by Hyundai Mobis , enables the left and right rear wheels to independently pivot at an angle of no more than 10 degrees in each direction. The technology may cut the turning radius by up to 25%, which will increase comfort and stability when the car turns quickly. It is anticipated to be helpful, especially on routes with little parking area. Rear-wheel steering solutions are also becoming more and more in demand for electric cars with longer wheelbases. The purchase of an electric cars is increasing in South Korea due to a variety of benefits and consumer awareness, thus propelling the country's automotive suspension market.
Due to the shutdown of several manufacturers and the global scarcity of automotive chips, South Korea's vehicle output, exports, and sales all fell during the first month of 2022. However, exports have exceeded approximately $4 billion for three consecutive months due to robust sales of environmentally efficient cars. The suspension of operations at the Asan, Changwon, and Bupyeong plants of Hyundai Motor, GM Korea, and GM Europe had an impact on the output decline. According to an analysis by the Ministry of Industry, the shutdown of the factories of Hyundai Motor and GM Korea, which together produce nearly 53% of all domestic automobiles, had a significant impact on the output reduction. Such supply chain problems and global issues such as the Russia-Ukraine conflict pose challenges to automotive suspension market growth. Also, the industry is currently in its revival stage following the COVID-19 pandemic.
Demand for automotive suspension systems is strongly correlated with the production of new vehicles since they are one of the most crucial components of a vehicle that links the wheel to the chassis. The automobile industry is expanding as a result of escalating urbanisation, advancements in technology, rising disposable incomes, a high standard of living, and shifting customer tastes.
Updates to the automotive suspension systems of current vehicles are being made at a costlier rate in order to enhance ride comfort and road holding. Although the market for vehicle suspension is expanding gradually, a significant barrier to market growth may be the absence of standards and the high cost of independent suspension systems.
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Key Players in the South Korea Automotive Suspension Market
The report gives a detailed analysis of the following key players in the South Korea automotive suspension market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Mando Corp.
- HYUNDAI TRANSYS Inc.
- Hyundai Mobis Co., Ltd.
- ZF Friedrichshafen AG
- Continental AG
- ThyssenKrupp AG
- Marelli Holdings Co., Ltd.
- Benteler International AG
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by System |
|
| Breakup by Suspension Type |
|
| Breakup by Component |
|
| Breakup by Vehicle Type |
|
| Breakup by Provinces |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Regional
7 Industry Opportunities and Challenges
8 South Korea Automotive Suspension Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Automotive Suspension Historical Market (2018-2022)
8.3 South Korea Automotive Suspension Market Forecast (2023-2028)
8.4 South Korea Automotive Suspension Market by System
8.4.1 Passive System
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Semi-Active/Active System
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 South Korea Automotive Suspension Market by Suspension Type
8.5.1 Hydraulic Suspension
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Air Suspension
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.6 South Korea Automotive Suspension Market by Component
8.6.1 Spring
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Shock Dampener
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Air compressor
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
8.6.4 Struts
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2022)
8.6.4.3 Forecast Trend (2023-2028)
8.6.5 Others
8.7 South Korea Automotive Suspension Market by Vehicle Type
8.7.1 Passenger Vehicle
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Two-Wheeler
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Commercial Vehicle
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
8.7.4 Others
8.8 South Korea Automotive Suspension Market by Provinces
8.8.1 North Chungcheong
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 South Chungcheong
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Gangwon
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Gyeonggi
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 North Gyeongsang
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
8.8.6 South Gyeongsang
8.8.6.1 Market Share
8.8.6.2 Historical Trend (2018-2022)
8.8.6.3 Forecast Trend (2023-2028)
8.8.7 North Jeolla
8.8.7.1 Market Share
8.8.7.2 Historical Trend (2018-2022)
8.8.7.3 Forecast Trend (2023-2028)
8.8.8 South Jeolla
8.8.8.1 Market Share
8.8.8.2 Historical Trend (2018-2022)
8.8.8.3 Forecast Trend (2023-2028)
8.8.9 Jeju Special Self-Governing Province
8.8.9.1 Market Share
8.8.9.2 Historical Trend (2018-2022)
8.8.9.3 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.1.1 Strengths
9.1.2 Weaknesses
9.1.3 Opportunities
9.1.4 Threats
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Mando Corp.
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.1.4 Certifications
10.2.2 HYUNDAI TRANSYS Inc.
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.2.4 Certifications
10.2.3 Hyundai Mobis Co., Ltd.
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.3.4 Certifications
10.2.4 ZF Friedrichshafen AG
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.4.4 Certifications
10.2.5 Continental AG
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.5.4 Certifications
10.2.6 Mando Corporation
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.6.4 Certifications
10.2.7 ThyssenKrupp AG
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
10.2.7.4 Certifications
10.2.8 Marelli Holdings Co., Ltd.
10.2.8.1 Company Overview
10.2.8.2 Product Portfolio
10.2.8.3 Demographic Reach and Achievements
10.2.8.4 Certifications
10.2.9 Benteler International AG
10.2.9.1 Company Overview
10.2.9.2 Product Portfolio
10.2.9.3 Demographic Reach and Achievements
10.2.9.4 Certifications
10.2.10 Others
11 Industry Events and Developments
List of Key Figures and Tables
1. South Korea Automotive Suspension Market: Key Industry Highlights, 2017 and 2021
2. South Korea Automotive Suspension Historical Market: Breakup by System (USD Million), 2018-2022
3. South Korea Automotive Suspension Market Forecast: Breakup by System (USD Million), 2023-2028
4. South Korea Automotive Suspension Historical Market: Breakup by Suspension Type (USD Million), 2018-2022
5. South Korea Automotive Suspension Market Forecast: Breakup by Suspension Type (USD Million), 2023-2028
6. South Korea Automotive Suspension Historical Market: Breakup by Component (USD Million), 2018-2022
7. South Korea Automotive Suspension Market Forecast: Breakup by Component (USD Million), 2023-2028
8. South Korea Automotive Suspension Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
9. South Korea Automotive Suspension Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
10. South Korea Automotive Suspension Historical Market: Breakup by Provinces (USD Million), 2018-2022
11. South Korea Automotive Suspension Market Forecast: Breakup by Provinces (USD Million), 2023-2028
12. South Korea Automotive Suspension Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 3.3% between 2023 and 2028.
The growing demand for electric vehicles, research and innovations, and demand for luxury vehicles is increasing, changing consumer preferences, high disposable income and high standard of living are the key industry drivers.
The rise in the sales of high-segment and mid-segment vehicles and the use of double wishbone suspension in mid-range vehicles are the key trends in the South Korea automotive suspension market.
The dominant types of automotive suspension in the industry are passenger vehicle, two-wheeler, and commercial vehicle, among others.
The major players in the industry 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.
Analyst Review
Driven by the rising demand for SUVs and luxury vehicles, aided by the growing technological advancements, the south korea automotive suspension market is expected to witness growth in the forecast period of 2023-2028, growing at a CAGR of 3.3%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on vehicle types, the South Korea automotive industry can be segmented into passenger vehicle, two-wheeler, and commercial vehicle, among others. On the basis of suspension type, the automotive suspension market of South Korea can be bifurcated into hydraulic suspension and air suspension. The key players in the above market include 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.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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