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

Automotive Suspension System Market was valued at US$ 63.81 Bn. in 2022. Automotive Suspension System Market size is expected to grow at a CAGR of 6% through the forecast period.
Automotive Suspension System Market Overview:
An Automotive suspension system is a group of mechanical parts that connect the wheel to the frame or body . There are three basic types of suspension components: Linkage, spring, and shock absorbers. Linkages are rods and brackets that support the wheel, spring, and shock absorber. Spring protects the vehicle by absorbing impact loads from road bumps and holes. Shock absorbers use hydraulic pistons and cylinders to protect the vehicle from impact loads. They also help dampen the vibrations of the springs, allowing the vehicle to quickly return to a neutral position after being affected by road obstacles. Suspension is responsible for ride quality and control of vehicle handling. A car with a solid suspension can improve control of body movements and respond faster. Ambulances need to improve the vehicle suspension to prevent further injuries to already sick passengers.

All modern vehicles are equipped with a hightech suspension system as a mechanism to reduce shock and provide a smooth driving experience. The tightening of safety regulations and the emergence of new and innovative suspension systems by developing country governments could boost demand for passenger and commercial vehicles, which are several factors driving the growth of the automotive suspension system market. These factors have increased the demand for improved ride quality and have a positive impact on the growth of the air suspension market. The increasing use of lightweight materials in suspension systems is expected to generate demand for remanufactured systems for hybrid and electric vehicles and drive market growth for vehicle suspension systems.To know about the Research Methodology :- Request Free Sample Report
Automotive Suspension System Market Dynamics:
Market Trends:

The demand for commercial vehicles is rising owing to the growing logistics market as well as increasing usage of light commercial vehicles, such as vans etc. One of the main drivers of light commercial vehicles is the preference for pickup trucks and light commercial vehicles over heavy trucks and rail vehicles for logistics.

Due to growing environmental concerns, electric buses and trucks are widely used in various regions such as Asia Pacific, Europe, and North America, and the demand for advanced vehicle suspension systems will increase through the forecast period. The electric utility vehicle market is in the growth stage, and the market is expected to grow exponentially during the forecast period. Government and private sector officials in the region are taking important initiatives, such as the requirements and expansion of the charging infrastructure for long-haul intercity buses.

Government and automaker initiatives to introduce commercial electric vehicles are expected to drive the vehicle suspension market during the forecast period. In recent years, the electric utility vehicle market has witnessed major automakers embarking on an e-mobility strategy, which has helped boost the automotive suspension market.

In May 2020, BYD Europe announced plans to launch the e-Truck series in the European market. Plans are underway to launch a full range of battery-powered electric vehicles (BEVs) in the commercial vehicle segment, including panel vans and 7.5-ton and 19-ton rigid distribution trucks.

Market Drivers:

Increasing demand in the global market is related to the production of new cars, where the suspension system connects the vehicle frame to the wheels and is one of the most important parts of the vehicle. Increasing technological advances, increasing urbanization, and individual purchasing behavior are contributing to the growth of the automotive market. It contributes to the improvement of ride quality and improves the road surface retention of the vehicle.

Market Opportunities:

The rise in numbers of construction and e-commercial activities has created opportunities for material transportation, and successively, it'll increase the sales of economical vehicles across the globe. This is often the most important factor for the expansion of the commercial vehicle segment within the global market within the coming years, which can simultaneously create demand for the worldwide automotive suspension value during the forecast period.
Challenges:

Changing customer lifestyles and electric passenger car preferences to reduce CO2 emissions to the environment is a major challenge for the automotive suspension system market. In addition, the decline in motorcycle acceptance in a few countries is due to the fact that motorcycles are not considered a safe means of transportation and are expected to impede market growth during the forecast period. Declining passenger car sales in the United States are expected to weaken the automotive suspension system market.
Automotive Suspension System Market Segment Analysis:
Based on Suspension Type, The hydraulic suspension segment held the largest market share in 2022 with 36% due to its high adoption rate in the automotive industry. Hydraulic suspensions react faster than their corresponding suspensions. Therefore, they produce a tighter ride quality compared to others. Air suspension segment is expected to grow fast in upcoming years. It is adopted in commercial trucks, buses, and military vehicles. Air suspension is also used in luxury cars. Air suspension is an affordable option than hydraulic suspension. The high affordability of air suspension will boost the segment growth in upcoming years.

Based on the System, Passive segment is the largest segment in market with 83.73% share in 2022. It is one of the most commonly used suspension system which present in almost every conventional passenger cars. It is highly utilise in all affordable vehicle. Additionally passive segment is easily available which improves the convenience for placement and maintenance related activity. It is highly prefer method for low and mid-range automotive.

Active suspension system is expected to grow at a CAGR of 4.3% through the forecast period. Active suspension system controls the vertical movement of vehicle wheels relative to the vehicle body. Active suspension system reduces transmitted vibration to the driver's body resulting in enhanced comfort and safety. It provides high comfort and high safety than passive and semi-active system. Hence it is mostly preferred in advanced and luxury automobiles
Automotive Suspension System Market Regional Insights:
The Asia Pacific region dominated the market with a 24.86 % share in 2022. The Asia Pacific region is expected to witness significant growth at a CAGR of 4.2% through the forecast period. Asia Pacific region is leading due to rocketing automotive sales and rising electric vehicle production. In addition, the availability of raw materials and the established automotive market will drive market growth. It accounts for 49.6% of the automotive suspension system market revenue.

North America will bring significant profits to global contributors due to increased technological advances and increased demand for active suspension systems.

The objective of the report is to present a comprehensive analysis of the global Automotive Suspension System 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 has 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 System Market dynamic, structure by analyzing the market segments and projecting the Automotive Suspension System 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 System Market make the report investor’s guide.
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Automotive Suspension System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 63.81 Bn.


Forecast Period 2023 to 2029 CAGR:
6%
Market Size in 2029:
US$ 95.94 Bn.


 Segments Covered:
by System
Passive
Active
Semi-Active


by Component Type
Shock Dampener
Struts, Control Arm
Ball Joint
Air Compressor
Others


by Suspension Type
Hydraulic Suspension
Air Suspension
Leaf Spring


by Vehicle Type
Two Wheelers
Passengers Cars
Commercial Vehicles



Automotive Suspension System 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 System Market Key Players are:
1. Continental AG
2. FOX Factory, Inc.
3. Gabriel India Limited
4. Hendrickson USA, LLC
5. KYB Corporation
6. Mando Corporation
7. Sogefi SpA
8. Tenneco Inc.
9. WABCO
10.ZF TR
11.Thyssenkrupp AG
12.NHK Spring
13.Schaeffler AG
14.Benteler

Frequently Asked Questions:

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

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

3] What is the market size of the Global Automotive Suspension System Market by 2029?
Ans. The market size of the Automotive Suspension System Market by 2029 is expected to reach US$ 95.94 Bn.

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

5] What was the market size of the Global Automotive Suspension System Market in 2022?
Ans. The market size of the Automotive Suspension System Market in 2022 was valued at US$ 63.81 Bn.