According to a recent market study published by Growth Market Reports, titled, “Global Suspension lift kits Market by Types, by Vehicle types, and by Regions: Size, Share, Trends and Opportunity Analysis, 2017-2028”, the market was valued at US$ 194.0 Million in 2020 and is expected to grow at a moderate growth rate of 3.3% by the year 2028. The increasing demand for suspension lift kits due to the associated benefits is boosting its production across the globe. Moreover, increasing product penetration through various retail channels is expected to fuel the market growth during the forecast period.

The global suspension lift kits market is fragmented based on types, vehicle types, and region. Based on the types, the market is classified as spring suspension lift kits, coil suspension lift kits, shackle suspension lift kits and others. In terms of vehicle types the market is segmented as jeep, SUVs, trucks, and others. Based on region the global suspension lift kits market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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The suspension lift kits market is expected to witness a slight decrease its in year-on-year growth for 2020 as compared to for previous year 2019. Interruption in the supply chain of suspension lift kits across the globe due to the spread of COVID-19 has a moderate negative impact on the product sales. Thus, the import and export of suspension lift kits has witnessed a small decline in volume sales across the world in 2020. The partial closing of retail stores and automobile service centers in first and second quadrants of 2020 had a significant impact on the sales of the suspension lift kits. Moreover, inadequate raw material supply and lack of available workforce for production of suspension lift kits in the first and second quadrant of 2020 had hampered the market growth in 2020.

As per Growth Market Reports industry analyst Rajat Verma, “The global suspension lift kits market is anticipated to witness significant growth during forecast period 2020-2028. The suspension lift kits market is registering growth opportunities across the globe, as it is installed in order to raise the height of automobiles aiding in clear and better vision of roads thereby, avoiding the chance of accidents.

The installation of suspension kits in trucks and mini trucks provides hassle free drives over the natural terrain. Internet penetration worldwide has significantly increased the number of people using social media websites and apps. Thus, key players are engaged in advertising their suspension lift kits through social media platforms including Instagram, Facebook, and Twitter.”

The Coronavirus disease 2019 (COVID-19) pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affect businesses causing unanticipated short and long-term effects.

Consequently, epidemics and pandemics are problems for individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services.

Key Takeaways from the Study

  • The players including Rough Country, Supreme Suspensions, Fulcrum Suspensions, Pro Comp, and ReadyLift hold major market share of Global suspension lift kits market in year 2019.
  • Asia Pacific is a promising region for the market. The market in this region is expected to grow in the coming years owing to the rising engagement in desert and beach racing among tourists.
  • In terms of value, the automobile industry segment accounted for substantial share of the market in 2019 and is expected to expand at a substantial CAGR during the forecast period.
  • In terms of value, the leaf spring suspension lift segment held significant share of the market in 2019, as it is significantly used for increasing the height of heavy commercial vehicles.

Report Scope

Report Metric

Details

Market Value in 2020

US$ 194.0 Million

Market Growth Rate (from 2020 to 2028)

3.3%

Historical Data

2017 & 2018

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

by Types, by Vehicle Types and Region

Regional Scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies Profiled

Rough Country, Skyjacker, Rocky Mountain Suspension, Supreme Suspensions, Fulcrum Suspensions, BDS Suspension, ReadyLift, Pro Comp, Bilstein, Eibach, Fabtech, Rancho, Tuff Country, and Kelderman among others.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers, raw material suppliers, and distributors
  • Demand Side: Owners of automobiles such as jeeps, trucks ATVs, UTVs,SUVs and others
  • Regulatory Side: Concerned government authorities, and other regulatory bodies.
  • Associations and Industry Bodies: National Automotive Parts Association (NAPA), Specialty Equipment Market Association (SEMA), National Institute of Standards and Technology (NIST).