ASEAN: Suspension System Market 2025

Suspension System Market Size in ASEAN

In 2022, the ASEAN suspension system market increased by 5.5% to $X for the first time since 2019, thus ending a two-year declining trend. In general, consumption continues to indicate strong growth. As a result, consumption attained the peak level of $X; afterwards, it flattened through to 2022.

Suspension System Production in ASEAN

In value terms, suspension system production reached $X in 2022 estimated in export price. Over the period under review, production, however, posted strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 35% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Suspension System Exports

Exports in ASEAN

In 2022, exports of suspension systems in ASEAN shrank to X tons, falling by -10.7% against 2021 figures. In general, exports, however, showed a strong expansion. The pace of growth appeared the most rapid in 2021 with an increase of 56% against the previous year. As a result, the exports reached the peak of X tons, and then shrank in the following year.

In value terms, suspension system exports plummeted to $X in 2022. Overall, exports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2021 when exports increased by 68%. As a result, the exports attained the peak of $X, and then reduced notably in the following year.

Exports by Country

Thailand was the key exporting country with an export of around X tons, which recorded 56% of total exports. It was distantly followed by Malaysia (X tons), Indonesia (X tons), Vietnam (X tons) and Singapore (X tons), together generating a 44% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to suspension system exports from Thailand stood at +6.0%. At the same time, Malaysia (+28.3%), Vietnam (+11.6%), Singapore (+10.2%) and Indonesia (+8.1%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +28.3% from 2012-2022. While the share of Malaysia (+12 p.p.) and Vietnam (+2.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-15.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest suspension system supplier in ASEAN, comprising 60% of total exports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total exports. It was followed by Vietnam, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to +7.2%. In the other countries, the average annual rates were as follows: Malaysia (+31.8% per year) and Vietnam (+11.5% per year).

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, with a decrease of -4.9% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 7.7% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+2.7%), while the other leaders experienced mixed trends in the export price figures.

Suspension System Imports

Imports in ASEAN

In 2022, purchases abroad of suspension systems increased by 17% to X tons, rising for the second year in a row after two years of decline. Total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.5% against 2020 indices. The growth pace was the most rapid in 2013 when imports increased by 42% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, suspension system imports surged to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.4% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 36% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Indonesia (X tons) and Thailand (X tons) were the key importers of suspension systems in 2022, reaching approx. 35% and 29% of total imports, respectively. It was distantly followed by Malaysia (X tons), Vietnam (X tons) and Singapore (X tons), together comprising a 33% share of total imports. The following importers - Myanmar (X tons) and the Philippines (X tons) - each accounted for a 3.2% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Myanmar (with a CAGR of +40.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest suspension system importing markets in ASEAN were Thailand ($X), Indonesia ($X) and Vietnam ($X), with a combined 79% share of total imports. Malaysia, Singapore, the Philippines and Myanmar lagged somewhat behind, together accounting for a further 20%.

Among the main importing countries, the Philippines, with a CAGR of +21.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, standing approx. at the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of 11%. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+20.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform