Australia's Suspension Systems Market to Grow at a CAGR of +0.3% to Reach $736M by 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Australia - Suspension Systems - Market Analysis, Forecast, Size, Trends And Insights.

The suspension systems market in Australia is set to experience steady growth with an anticipated CAGR of +0.3% from 2024 to 2035. By the end of 2035, the market volume is projected to reach 83K tons, with a corresponding market value of $736M. This growth is mainly driven by increasing demand for suspension systems in the country.

Driven by increasing demand for suspension systems in Australia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market volume to 83K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.3% for the period from 2024 to 2035, which is projected to bring the market value to $736M (in nominal wholesale prices) by the end of 2035.

In 2024, consumption of suspension systems decreased by -21.2% to 80K tons, falling for the second year in a row after three years of growth. Over the period under review, the total consumption indicated a prominent increase from 2013 to 2024: its volume increased at an average annual rate of +6.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -25.0% against 2022 indices. Over the period under review, consumption attained the peak volume at 107K tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The revenue of the suspension system market in Australia fell rapidly to $710M in 2024, which is down by -19% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, saw a prominent increase. Over the period under review, the market reached the maximum level at $972M in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

Suspension system production in Australia amounted to 84K tons in 2024, rising by 1.7% against 2023. Overall, the total production indicated a strong expansion from 2013 to 2024: its volume increased at an average annual rate of +9.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.7% against 2022 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 64% against the previous year. Over the period under review, production hit record highs at 86K tons in 2022; however, from 2023 to 2024, production remained at a lower figure.

In value terms, suspension system production expanded notably to $756M in 2024 estimated in export price. Over the period under review, production posted a prominent increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 65%. Over the period under review, production attained the maximum level at $793M in 2022; however, from 2023 to 2024, production remained at a lower figure.

In 2024, supplies from abroad of suspension systems decreased by -96.4% to 824 tons, falling for the second consecutive year after two years of growth. Overall, imports showed a precipitous slump. The most prominent rate of growth was recorded in 2017 with an increase of 38%. Imports peaked at 26K tons in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In value terms, suspension system imports surged to $267M in 2024. In general, imports, however, recorded buoyant growth. The pace of growth was the most pronounced in 2021 when imports increased by 44% against the previous year. Imports peaked in 2024 and are likely to continue growth in the immediate term.

The United States (4.9K tons), China (4K tons) and Mexico (2.4K tons) were the main suppliers of suspension system imports to Australia, with a combined 49% share of total imports. Germany, Thailand, Japan, Taiwan (Chinese), Vietnam, India and South Korea lagged somewhat behind, together comprising a further 39%.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +108.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest suspension system suppliers to Australia were the United States ($44M), China ($38M) and Mexico ($22M), with a combined 50% share of total imports. Germany, Thailand, Japan, Taiwan (Chinese), Vietnam, India and South Korea lagged somewhat behind, together comprising a further 38%.

In terms of the main suppliers, Vietnam, with a CAGR of +107.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2023, the average suspension system import price amounted to $9,112 per ton, approximately mirroring the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 10% against the previous year. As a result, import price reached the peak level of $10,787 per ton. From 2015 to 2023, the average import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from China ($9,609 per ton) and India ($9,383 per ton), while the price for South Korea ($8,634 per ton) and Japan ($8,788 per ton) were amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by India (+8.0%), while the prices for the other major suppliers experienced more modest paces of growth.

In 2024, approx. 4.9K tons of suspension systems were exported from Australia; jumping by 19% compared with the year before. Overall, total exports indicated a perceptible increase from 2013 to 2024: its volume increased at an average annual rate of +2.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 75% against the previous year. The exports peaked in 2024 and are expected to retain growth in the immediate term.

In value terms, suspension system exports surged to $48M in 2024. In general, exports showed measured growth. The most prominent rate of growth was recorded in 2021 when exports increased by 51%. Over the period under review, the exports attained the peak figure in 2024 and are expected to retain growth in the immediate term.

Japan (730 tons), the United States (492 tons) and New Zealand (475 tons) were the main destinations of suspension system exports from Australia, with a combined 41% share of total exports. Papua New Guinea, Germany, South Africa, the United Arab Emirates, Saudi Arabia, Indonesia, Singapore, China and Belgium lagged somewhat behind, together comprising a further 37%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Papua New Guinea (with a CAGR of +37.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for suspension system exported from Australia were Japan ($7.1M), the United States ($4.8M) and New Zealand ($4.6M), with a combined 41% share of total exports. Papua New Guinea, Germany, South Africa, the United Arab Emirates, Saudi Arabia, Indonesia, Singapore, China and Belgium lagged somewhat behind, together accounting for a further 37%.

Papua New Guinea, with a CAGR of +26.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

The average suspension system export price stood at $9,729 per ton in 2023, increasing by 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2017 an increase of 20% against the previous year. Over the period under review, the average export prices attained the maximum in 2023 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2023, amid the top suppliers, the countries with the highest prices were China ($9,730 per ton) and Papua New Guinea ($9,729 per ton), while the average price for exports to Singapore ($9,729 per ton) and Saudi Arabia ($9,729 per ton) were amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the suspension system market in Australia. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

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The Latest Trends and Insights into The Industry

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