Suspension Lift Kits Market Outlook
The global suspension lift kits market size was valued at USD 194.0 Million in 2020 and is projected to reach USD 246.5 Million by 2028, expanding at a CAGR of 3.3% during the forecast period.
Several emerging trends in the automobile industry have fueled the demand for shackle suspension lift kits, which in turn, is creating opportunities in the global market. Key players in the market are engaged in increasing acquisitions of regional players to expand their sales portfolio across multiple countries in the world.
Mergers and partnerships help companies boost production hubs and increase distribution outlets pertaining to suspension lift kits. The market is growing significantly as the installation of suspension lift kits bring a number of benefits. The installation of suspension lift kits provides jerk-free drives off roads. Moreover, increasing product penetration in numerous developing countries across the globe is expected to fuel the market during the forecast period.
Suspension Lift Kits Market Dynamics
Increase in the Demand for Better Visibility
Lifted vehicle aid increase the distance between its undercarriage and the road surface. The installation of suspension lift kits promotes smooth and safe drive over bumpy roads and damaged streets. The possibility of visualizing more road is very useful for off road areas and crowded urban zones. This helps to notice potential dangers sooner and have a better view of various areas, thereby driving the demand for suspension lift kits.
Growth in Preference of Bigger Tires
Bigger tires helps in better performance of vehicles, as they can move easily over the snow and sludge. They are precisely designed to be used for off-roads. Big tires increase the space between the deep or dense snow and the automobile makes it easy for the driver to drive over it, which in turn, fuels the demand for suspension lift kits.
High Maintenance and Replacement Costs
The installation of suspension lift kit is time consuming and expensive. Often, supporting hardware used in suspension lift kits of trucks need to be replaced. Such expenditure on the replacement of parts can hinder the market.
For instance, the coil suspension lift kit can be easily corroded by water, snow, or road temperatures. The coil suspension cannot be mended and needs to be replaced. The leaf suspension kits sag over time and require replacement, as welding cannot bring back the smoothness of suspension, thereby, hampering the segment of the market.
Rise in Demand for Innovation in Racing Cars
Jerk-free driving over race tracks requires the installation of suspension lift kits. These kits raise the automobiles by nearly one inch from its original ground level. Light-weight, small, and adjustable coilovers attract the drivers of low profile racing automobiles. Rising participation in car races is expected to create opportunities in the market.
Suspension Lift Kits Market Segment Insights
Types Segment Analysis
On the basis of types, the suspension lift kits market is divided into spring suspension lift kits, coil suspension lift kits, shackle suspension lift kits and others. The spring suspension lift kits segment held a 41.0% share of the market in 2019, as it is majorly used in automobiles. The coil suspension lift kits segment requires low maintenance costs and is anticipated to expand at a CAGR of 3.6% during the forecast period.
Vehicles Types Segment Analysis
Based on vehicle types, the suspension lift kits market is classified as jeep, SUV, trucks, and others. The trucks segment accounted for 30.1% share of the market in 2019 and is expected to expand at a substantial CAGR during the forecast period. The SUV segment is projected to grow at a significant pace during the forecast period, as they are preferred for traveling by millennials.
In terms of regions, the global market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted a 12.2% share of the global market in 2019. The market in North America is expected to grow due to the presence of major manufacturers.
The market in Latin America is projected to expand at a CAGR of 3.0% during the forecast period, owing to the penetration of players in the region. Increase in the number of small businesses in Latin America and growth of the automobile industry are encouraging key players to increase their marketing campaigns in the region.
The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period due to the rise in demand for suspension lift kits among consumers and increasing product awareness. Key players are engaged in promoting suspension lift kits among consumers in developed economies of Asia Pacific through marketing.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the Global Suspension Lift Kits Market
- Historical, Current and Projected Market Size in terms of Value
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints, and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Suspension Lift Kits Market Performance
- Spring Suspension Lift Kits
- Coil Suspension Lift Kits
- Shackle Suspension Lift Kits
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Rough Country
- Rocky Mountain Suspension
- Supreme Suspensions
- Fulcrum Suspensions
- BDS Suspension
- Pro Comp
- Tuff Country
Top players in the market include Rough Country, Supreme Suspensions, Fulcrum Suspensions, Pro Comp, and ReadyLift. These companies are considered as key manufacturers of suspension lift kits based on their revenue, product offerings, regional presence, and supply chain management system.
The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the suspension lift kits market.