Australia's Suspension Systems Market to Grow at a Modest CAGR of +0.3% Over the Next Decade - 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.

Driven by rising demand, the suspension systems market in Australia is forecasted to see a slight growth in both volume and value over the period from 2024 to 2035, with a CAGR of +0.3%. By the end of 2035, the market is expected to reach significant milestones in terms of both volume and value.

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. In general, the total consumption indicated a strong increase from 2013 to 2024: its volume increased at an average annual rate of +6.3% over the last eleven-year period. 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 maximum volume at 107K tons in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The size of the suspension system market in Australia shrank notably to $710M in 2024, waning 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, posted a buoyant expansion. Over the period under review, the market attained the peak level at $972M in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

In 2024, approx. 84K tons of suspension systems were produced in Australia; growing by 1.7% compared with the year before. Overall, the total production indicated strong growth 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 pace of growth appeared the most rapid in 2014 when the production volume increased by 64%. Over the period under review, production attained the peak volume at 86K tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, suspension system production reached $756M in 2024 estimated in export price. Over the period under review, production enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2020 when the production volume increased by 65% against the previous year. Suspension system production peaked at $793M in 2022; however, from 2023 to 2024, production remained at a lower figure.

In 2024, purchases abroad of suspension systems decreased by -96.4% to 824 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a dramatic slump. The pace of growth appeared the most rapid in 2017 with an increase of 38% against the previous year. Over the period under review, imports hit record highs at 26K tons in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In value terms, suspension system imports soared to $267M in 2024. In general, imports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 44%. Over the period under review, imports hit record highs in 2024 and are expected to retain 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, together comprising 49% 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 biggest increases were recorded for Vietnam (with a CAGR of +108.6%), while purchases 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), together comprising 50% of total imports. Germany, Thailand, Japan, Taiwan (Chinese), Vietnam, India and South Korea lagged somewhat behind, together accounting for a further 38%.

Vietnam, with a CAGR of +107.7%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, flattening at the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 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 countries with the highest prices were 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; increasing by 19% compared with the previous year. Over the period under review, total exports indicated a pronounced 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 most prominent rate of growth was recorded in 2021 when exports increased by 75% against the previous year. The exports peaked in 2024 and are likely to see steady growth in the immediate term.

In value terms, suspension system exports soared to $48M in 2024. In general, exports enjoyed a measured expansion. The most prominent rate of growth was recorded in 2021 with an increase of 51% against the previous year. The exports peaked in 2024 and are likely to see steady 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 comprising a further 37%.

Papua New Guinea, with a CAGR of +26.0%, saw 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.

In 2023, the average suspension system export price amounted to $9,729 per ton, surging by 1.9% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 20%. Over the period under review, the average export prices reached the peak figure in 2023 and is likely to see steady growth in years to come.

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

The Largest Import Supplying Countries

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The Largest Producers on The Market and Their Profiles