South Korea Automotive Suspension Market Report and Forecast 2024-2032

South Korea Automotive Suspension Market Outlook

The South Korea automotive suspension market is expected to grow at a CAGR of 3.3% between 2024 and 2032. 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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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 2023. 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.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

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