Automotive Suspension Market: Global Industry Analysis and Forecast (2023-2029)

Automotive Suspension Market was valued at US$ 43.47 Bn. in 2022. Global Automotive Suspension Market size is expected to grow at a CAGR of 3.5 % through the forecast period.
Automotive Suspension Market Overview:
The components of an automotive suspension system—springs, shock absorbers, struts, control arms, and ball joints—connect the car to the wheel and allow for relative motion between the two. The wheel's camber, the hub's castor, the vehicle's toe, and the king pin inclination of the control arms all affect the geometry and system utilised to construct the suspension. In order to lessen road shocks when driving and safeguard the vehicle and its cargo from any damage or wear, suspensions help maintain the vehicle's tyres in contact with the pavement during the journey. It also isolates the car from high-frequency vibrations caused by tyre excitation. Automotive suspension systems are used as the need for mobility with improved comfort rises. This technology is crucial for improving vehicle handling and ride comfort. It efficiently distributes the energy from uneven and rough road conditions to eliminate vibration shocks from the passenger compartment.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis especially with the impact of lockdown by region.
Automotive Suspension Market COVID 19 Insights:
The COVID-19 epidemic is still having a detrimental effect on the growth of the automobile sector. Additionally, travel limitations brought on by a government-ordered lockdown and the suspension of a number of transportation services have had a detrimental effect on market growth. For instance, decreased market growth was caused by supply chain disruption and a stop in vehicle production. Because of the elimination of limitations and a return to pre-pandemic levels of market growth, the sector is forecast to recover after the pandemic.

Furthermore, it is forecast that the disruption of the world's public transportation systems as a result of governmental limits on public transportation will boost vehicle sales and raise demand for these systems. Due to the COVID-19 pandemic, major automotive companies, including Fiat, Volkswagen, PSA Group, General Motors, and BMW, were forced to halt production throughout the first and second quarters of 2020, which had an impact on the sector's overall growth. Due to the direct correlation between the growth of this market and vehicle production, this situation had an influence on the automobile suspension market, particularly in European and North American nations.
Automotive Suspension Market Dynamics:
The rapid uptake of e-mobility in rich nations and the transformation of the automotive sector in developing nations are forecast to increase demand for vehicle suspension systems globally. The new generation of electric vehicles being introduced by manufacturers and featuring cutting-edge suspension systems is forecast to fuel market growth. Additionally, it is forecast that the market will grow during the forecast period due to the rising usage of these cutting-edge technologies for more effective functioning and improved safety. For instance, BMW debuted the BMW 14 M50, an electric car that has model-specific adaptive M suspension, in June 2022. Global sales of electric vehicles have increased dramatically in recent years. Technology improvements in automobile suspension systems in the coming years will be influenced by the quick rise in the use of EVs as future transportation options.

The need for sophisticated multilink suspensions is being driven by the increasing tendency of end consumers in established and emerging countries to switch to SUVs and compact SUVs. Additionally, the market would be positively impacted by rising car sales globally as a result of rising disposable income and living standards among the populace.

In order to improve riders' comfort and safety during transportation, the working suspension system dampens shocks and vibration on uneven roads. The public's growing worries about road safety and comfort are what are causing the market to grow. The preference of end users for premium vehicles with cutting-edge suspension systems is forecast to fuel market growth in the years to come. It is forecast that rising demand for small, lightweight systems for new cars will drive market growth.

It is forecast that the rapid use of electric and autonomous cars for public and private transportation will open up new potential for revenue development for automotive suspension systems. In several industrialised and developing nations, rocky roads necessitate the use of vehicles with effective suspension systems. As a result, the market's growth is further fueled by their growing demand.

As there will be distinct suspension types for each model, it is forecast that the standardisation of suspension systems with regard to vehicle type will assist Tier 1 and component manufacturers build suspension systems in large numbers. When establishing supply agreements, OEMs and suspension providers can standardise independent suspension with regard to important characteristics. OEMs and suspension suppliers may benefit from this in a win-win situation. Because of this lack of uniformity, producers must keep track of shifts in consumer tastes between nations in order to compete in the market. Manufacturers' investments must fluctuate in response to any shift in consumer choice or the installation of new regulations, which makes the market unpredictable for them.

In addition, Tesla, a leading EV maker, outsold Volkswagen in sales during the first quarter of 2022 with more than 88,000 electric car deliveries. Despite the pandemic, worldwide BEV sales in Asia-Pacific rose by 11% in 2022, compared to a 4% increase in North America. It is forecast that BEV sales will rise in the near future and total around 42 million by 2029. Electric vehicle adoption is being sped up by developments in EV charging technology and significant expenditures from manufacturers on EVs. It is forecast that electric car sales will rise.

Air suspension requires expensive maintenance. For instance, replacing an active suspension air spring might run between $1,000 and $1,500. The high initial cost has prevented suspended vendors from making a profit off of their goods. Due to the exorbitant expense of sophisticated systems, Bose's electromagnetic suspension system, for instance, was never able to reach the manufacturing stage. It may forecast impending road humps and shield the vehicle from their effects. It makes it possible for a car to always be flat and offer a smooth ride. Advanced suspension system innovations are being made by Tier-1 producers including Tenneco, Active ACOCAR, and Kinetic H2 CES. High-end and luxury passenger automobiles presently have these cutting-edge features fitted.
Automotive Suspension Market Segment Analysis:
Based on System, With 83.73%, the passive segment led the market in 2022. The majority of conventional passenger automobiles have this suspension system, which is also the most widely used suspension system. All economical automobiles make extensive use of this passive mechanism. Furthermore, accessibility enhances the practicality of replacement and maintenance-related tasks. Additionally, this system's affordability makes it a top choice for low and mid-range automobiles.

The market for active suspension systems is forecast to grow at the quickest rate between 2022 and 2029. This mechanism regulates how vertically the wheels of the vehicle may travel in relation to the body or chassis of the vehicle. There are several different active suspension systems on the market that are regularly fitted in luxury automobiles.

Active systems further improve comfort and safety by reducing transmitted vibrations to the driver's body. Compared to passive and semi-active systems, active suspension is more comfortable and safer. As a result, it is quite popular in high-end and sophisticated vehicles. In order for the system to function, changes in the road surface must be actively sensed. An ECU then relays this information to remote components. The system is expensive and sophisticated, so industrialised nations like North America and Europe have a high adoption rate.



Based on the Component, In 2022, the shock dampener market share was the greatest and is forecast to remain dominant going forward. Shock absorbers improve ride quality by reducing vibrations caused by diverse road conditions. Therefore, it is forecast that the market will develop as a result of their rising demand for a variety of applications, including commercial transportation, military vehicles, and others. Shock dampeners are expected to develop as a result of increased manufacturer attention to enhancing the dampening capability of the car suspension system.

In 2022, the struts segment held the second-largest market share. The vehicle's suspension system receives vertical support from the strut. The shock absorber, which dampens vibrations on uneven roads and absorbs bumps, makes up the majority of the strut assembly together with the coil spring, which supports the height, weight, and stability of the car. As a result, it is forecast that the category would rise throughout the forecast period due to rising demand for comfort and safety in areas lacking an effective transportation infrastructure.

Based on the Suspension Type, Due to its widespread use in the automobile sector, the hydraulic suspension category had the biggest market share in 2022. In comparison to its alternatives, hydraulic suspensions respond more quickly. As a result, they create a firmer ride than others. Additionally, the technology provides separate shocks so that customers may completely personalise their experiences. Additionally, the MacPherson Strut is presently found in practically all passenger vehicles and is the most popular automobile suspension system. On rough roads, it dissipates absorbed vibration energy via a hydraulic mechanism.

Over the forecast period, the air suspension category is forecast to see an impressive CAGR. Commercial trucks, buses, and military vehicles all employ air suspension. They are furthermore used in high-end automobiles. Their widespread use in commercial vehicles is what drives the segment's growth. Additionally, air suspension is a more cost-effective choice than hydraulic suspension. Consequently, it is forecast that their great affordability will accelerate the segment's growth in the next few years. Air suspension technology has largely supplanted leaf springs in recent years due to improved ride comfort, which is difficult to match with steel springs.

Based on the Vehicle Type, In 2022, the passenger car category held the biggest market share, and it is forecast that it will maintain supremacy throughout the forecast period. Sales of passenger automobiles are growing faster than those of two-wheelers and business vehicles. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that 54 million passenger automobiles and 24 million commercial vehicles were sold globally. Additionally, the growing electrification of passenger automobiles around the globe is promoting category growth. Additionally, it is forecast that increased manufacturer focus on introducing new, high-end electric passenger vehicles with an innovative suspension system will fuel category development in the years to come.
Over the forecast period, the two-wheeler category is forecast to see the quickest CAGR. Segment development is forecast to be fueled by the rising popularity of adventure activities like dirt biking, motorbike racing, and others. Furthermore, the category is expected to grow due to the growing demand for affordable transportation in developing and impoverished regions such as Asia Pacific.
Automotive Suspension Market Regional Insights:
The APAC region dominated the market with 35 % share in 2022. With the quickest CAGR, it is forecast to maintain its supremacy in the years to come. The market is growing as a result of rising car sales in China. For instance, China sold more automobiles than any other nation, 25 million units, according to the International Organization of Motor Vehicle Manufacturers (OICA). During the forecast period, rising electric vehicle production and sales in China will also contribute to the market's growth. Important regional businesses also contribute to the market's growth. The availability of raw resources, a mature automotive sector, a growing population, and cheap production costs are key factors driving market growth in APAC.

The European region is expected to witness significant growth at a CAGR of 3.5 % through the forecast period. The robust automotive industries in Germany, France, the United Kingdom, Italy, and other nations in Europe are forecast to drive market growth. The market is also expected to increase as a result of major companies like Continental AG, ThyssenKrupp AG, and ZF Friedrichshafen, as well as luxury manufacturers like BMW, Audi, and others. The high rate of electric car adoption in Europe also contributes to an increase in demand for automobile suspension systems. For instance, the International Council on Clean Transportation reports that over 560,000 electric car registrations have already been made in Europe, and that figure is forecast to rise in the years to come.

The objective of the report is to present a comprehensive analysis of the global Automotive Suspension Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Automotive Suspension Market dynamic, structure by analyzing the market segments and projecting the Automotive Suspension Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Suspension Market make the report investor’s guide.
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Global Automotive Suspension Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 43.47 Bn.


Forecast Period 2023 to 2029 CAGR:
3.5%
Market Size in 2029:
US $55.31 Bn.


 Segments Covered:
by System
Passive
Active
Semi-Active


by Component
Shock Dampener
Struts
Control Arm
Ball Joint
Air Compressor


by Suspension Type
Hydraulic Suspension
Air Suspension
Leaf Spring


by Vehicle Type
Two Wheelers
Passenger Cars
Commercial Vehicles



Automotive Suspension Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Automotive Suspension Market Key Players
1. ZF Friedrichshafen AG (Germany)
2. Continental AG (Germany)
3. Mando Corporation (South Korea)
4. Thyssenkrupp AG (Germany)
5. Morelli Corporation (Japan)
6. KYB Corporation (Japan)
7. Tenneco Inc. (U.S.)
8. BENTELER (Austria)
9. NHK Spring (Japan)
10. Sogefi S.P.A (Italy)
11. WABCO (France)
12. FOX Factory, Inc. (U.S)

Frequently Asked Questions:

1] What segments are covered in the Global Automotive Suspension Market report?
Ans. The segments covered in the Automotive Suspension Market report are based on System, Component, Suspension Type and Vehicle Type.

2] Which region is expected to hold the highest share in the Global Automotive Suspension Market?
Ans. The Asia-Pacific region is expected to hold the highest share in the Automotive Suspension Market.

3] What is the market size of the Global Automotive Suspension Market by 2029?
Ans. The market size of the Automotive Suspension Market by 2029 is expected to reach US$ 55.31 Bn.

4] What is the forecast period for the Global Automotive Suspension Market?
Ans. The forecast period for the Automotive Suspension Market is 2023-2029.

5] What was the market size of the Global Automotive Suspension Market in 2022?
Ans. The market size of the Automotive Suspension Market in 2022 was valued at US$ 43.47 Bn.