USD 45.10 billion
Automotive Suspension Market Size, Share, Growth Analysis, By System Type(Passive and semi active/active system), By Suspension Type(Hydraulic, air suspension and leaf spring suspension), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2101 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
60
|Figures:
75
Automotive Suspension Market Insights
Global Automotive Suspension Market size was valued at USD 45.10 billion in 2022 and is poised to grow from USD 46.36 billion in 2023 to USD 57.82 billion by 2031, growing at a CAGR of 2.8% during the forecast period (2024-2031).
The global automotive suspension market has witnessed significant growth and development in recent years. Suspension systems play a crucial role in ensuring vehicle stability, comfort, and handling by absorbing shocks and vibrations from the road surface. This market's growth can be attributed to several factors, including the increasing demand for passenger and commercial vehicles, technological advancements in suspension systems, and the growing focus on vehicle safety and comfort. Manufacturers are continually striving to develop innovative suspension technologies that enhance ride quality, optimize fuel efficiency, and improve vehicle dynamics. The market is characterized by a wide range of suspension types, including independent suspension, semi-independent suspension, and dependent suspension, each catering to specific vehicle segments and performance requirements. Additionally, the adoption of advanced materials, such as lightweight alloys and composites, is gaining traction, contributing to improved suspension performance and reduced vehicle weight. Geographically, Asia Pacific dominated the automotive suspension market, driven by the presence of major automotive manufacturing hubs, increasing disposable income, and expanding transportation infrastructure. However, other regions like North America and Europe also hold significant market shares due to the strong presence of established automobile manufacturers and the increasing demand for luxury and high-performance vehicles. Furthermore, the trend towards electric and autonomous vehicles is also impacting the automotive suspension market. Electric vehicles require specialized suspension systems to accommodate the weight distribution of batteries and ensure optimal handling and stability. Overall, the global automotive suspension market is expected to continue its growth trajectory, driven by ongoing technological advancements, rising vehicle production, and the constant pursuit of enhanced driving comfort and safety.
US Automotive Suspension Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passive
Fastest Growth
Semi active/active
Growth Rate
2.8% CAGR
Global Automotive Suspension Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Suspension Market Segmental Analysis
The Global Automotive Suspension Market is segmented by system type, suspension type, and region. Based on system type, the market can be segmented into Passive and semi active/active system. Based on suspension type, the market is segmented into Hydraulic, air suspension and leaf spring suspension. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by System Type
The dominant segment in the global automotive suspension market is the passive system. Passive suspension systems are the traditional and widely used type, comprising coil springs, shock absorbers, and other mechanical components. These systems provide a reliable and cost-effective solution for vehicle suspension, offering adequate comfort and handling for most driving conditions. The passive suspension segment holds a significant market share due to its established presence in a wide range of vehicles, including economy cars, sedans, and light commercial vehicles.
On the other hand, the fastest-growing segment in the automotive suspension market is the semi-active/active system. Semi-active and active suspension systems utilize advanced technologies, such as electronic sensors, actuators, and control units, to adjust the suspension settings in real-time. These systems can adapt to changing road conditions and driver inputs, providing improved comfort, stability, and dynamic performance. The demand for semi-active/active suspension systems is growing rapidly, particularly in premium and luxury vehicle segments, as they offer enhanced ride quality and precise handling. Moreover, the integration of these systems with advanced driver assistance systems and autonomous driving technologies further accelerates their adoption and drives their market growth.
Analysis by Suspension Type
The dominant segment in the global automotive suspension market is the hydraulic suspension. Hydraulic suspension systems utilize hydraulic fluid to provide dampening and adjustability, allowing for better control over the vehicle's ride height and stiffness. These systems are commonly found in a variety of vehicles, ranging from passenger cars to commercial trucks, as they offer a good balance of comfort, stability, and cost-effectiveness.
On the other hand, the fastest-growing segment in the automotive suspension market is air suspension. Air suspension systems use compressed air to support the vehicle's weight and provide adjustable ride height and stiffness. These systems are particularly favored in luxury and high-end vehicles due to their superior ride comfort, enhanced handling, and the ability to adjust suspension settings based on driving conditions. The demand for air suspension is witnessing significant growth as consumers increasingly prioritize ride quality and seek vehicles with advanced suspension technologies.
Analysis by Application
Passenger automobiles will dominate the market due to the call for passenger automobiles, along with sedans and hatchbacks, which has historically driven the Automotive Suspension market. Consumers often prioritize easy rides and responsive handling, making suspension systems a crucial aspect.
As the car industry shifts towards electric mobility, EVs present unique demanding situations and possibilities for suspension structures. The weight distribution, battery placement, and specific riding characteristics of EVs may additionally lead to innovations in suspension technology tailored for electric-powered structures.
Global Automotive Suspension Market By System Type
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Automotive Suspension Market Regional Insights
The dominant segment in the global automotive suspension market is Asia Pacific. Asia Pacific holds the largest market share due to several factors such as the presence of major automotive manufacturing hubs, increasing disposable income, expanding transportation infrastructure, and a significant demand for vehicles in countries like China, India, and Japan. The region is witnessing robust growth in vehicle production and sales, driving the demand for automotive suspension systems.
The fastest-growing segment in the global automotive suspension market is North America. North America is witnessing significant growth in the automotive suspension market due to various factors. These include the strong presence of established automobile manufacturers, the increasing demand for luxury and high-performance vehicles, and the growing focus on advanced suspension technologies. The region is experiencing advancements in suspension systems that cater to evolving consumer preferences for enhanced ride comfort, improved handling, and superior vehicle dynamics. Furthermore, factors such as favorable economic conditions, technological innovations, and the rising adoption of electric and autonomous vehicles contribute to the rapid growth of the automotive suspension market in North America.
Global Automotive Suspension Market By Region
- Largest
- Fastest
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Automotive Suspension Market Dynamics
Drivers
Increasing demand for enhanced vehicle comfort and safety
- One key driver of the global automotive suspension market is the increasing demand for enhanced vehicle comfort and safety. Consumers are increasingly seeking vehicles with superior ride quality, reduced vibrations, and improved stability. This drives the demand for advanced suspension systems that can absorb shocks and vibrations from the road, providing a smooth and comfortable ride experience. Manufacturers are investing in research and development to develop innovative suspension technologies that offer improved comfort and safety features, thereby driving the market growth.
- The unique characteristics of electric vehicles, inclusive of instantaneous torque and unique weight distributions, necessitate revolutionary suspension answers to optimize performance and ensure a smooth trip. As the automotive enterprise increasingly embraces electrification, the demand for specialised suspension structures tailored to electric-powered structures continues to upward thrust.
Restraints
High cost associated with advanced suspension systems
- One key restraint of the global automotive suspension market is the high cost associated with advanced suspension systems. The development and integration of sophisticated suspension technologies, such as semi-active or active systems, involve higher manufacturing costs. These advanced systems often require complex components, sensors, control units, and advanced materials, leading to increased production expenses. Consequently, the higher cost of advanced suspension systems can limit their adoption, especially in price-sensitive vehicle segments or markets with budget constraints. Price-conscious consumers may opt for vehicles with more basic suspension systems, impacting the growth potential of the market.
- The increased complexity and cost associated with developing an advanced baseline system. The combination of sophisticated technologies such as adaptive damping and air suspension increases overall production costs, and is difficult to gain widespread adoption, especially in low-cost automotive segments.
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Automotive Suspension Market Competitive Landscape
The global automotive suspension market has a competitive landscape characterized by intense competition among key players. They focus on product innovation, research and development, strategic partnerships, and mergers and acquisitions. Collaboration between suspension system manufacturers and automobile manufacturers is common to ensure seamless integration and customization. Sustainability is also gaining importance, with the exploration of lightweight materials and eco-friendly technologies. Overall, the market is dynamic, with players striving to differentiate themselves through technological advancements and meeting evolving consumer demands.
Top Player’s Company Profiles
- Tenneco Inc. (US)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- Schaeffler AG (Germany)
- Sogefi SpA (Italy)
- Magneti Marelli SpA (Italy)
- KYB Corporation (Japan)
- ThyssenKrupp AG (Germany)
- Mondo Corporation (Japan)
- BENTELER International AG (Germany)
- Aisin Seiki Co., Ltd. (Japan)
- Showa Corporation (Japan)
- Hitachi Automotive Systems, Ltd. (Japan)
- NHK Spring Co., Ltd. (Japan)
- Tower International (US)
- Federal-Mogul Motorparts LLC (US)
- Benteler Automotive (Germany)
- Magna International Inc. (Canada)
- Delphi Technologies (UK)
- BWI Group (China
Recent Developments
-
In October 2023, British luxury supercar and hypercar manufacturer McLaren Automotive partnered with Tenneco to name Monroe the Official Intelligent Suspension Supplier for its road car lineup. This partnership represents a pivotal move that highlights the role of cutting-edge technology in shaping the future of high-performance cars.
-
In July 2023, BWI Group, a global company specializing in automotive braking and suspension system technology, partnered with ClearMotion Inc., a global transportation technology company, to supply essential full-active suspension components and subsystems to a Chinese New Energy Vehicle (NEV) manufacturer.
-
In April 2023, ZF invested €39.6 million in Toluca, Mexico chassis plant to establish a new, advanced manufacturing site to produce front and rear axle and corner module suspensions for electric vehicles.
Automotive Suspension Key Market Trends
- One key market trend in the global automotive suspension market is the increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies. These technologies are driving the demand for innovative suspension systems that can adapt to changing driving conditions and provide enhanced stability and comfort. Suspension systems play a critical role in optimizing the performance of ADAS and autonomous vehicles by ensuring precise handling, minimizing body roll, and maintaining stability during various driving scenarios. As the automotive industry moves towards a future with increased automation and connectivity, the integration of advanced suspension technologies becomes crucial to deliver optimal ride quality and safety in vehicles equipped with ADAS and autonomous capabilities.
Automotive Suspension Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Automotive Suspension Market analysis, the market is experiencing significant growth driven by various factors such as increasing demand for vehicle comfort and safety, technological advancements, and the integration of advanced driver assistance systems. The market is highly competitive, with key players focusing on innovation, research and development, and strategic partnerships. Dominated by passive suspension systems, the market is witnessing a shift towards semi-active/active systems and the adoption of lightweight materials for improved performance and fuel efficiency. Geographically, Asia Pacific holds the largest market share, while North America is the fastest-growing region. However, high costs associated with advanced suspension systems pose a restraint to market growth. Overall, the market is characterized by dynamic trends, including the increasing adoption of ADAS and autonomous driving technologies, driving the demand for advanced suspension systems that offer adaptive and precise handling capabilities.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 45.10 billion |
| Market size value in 2031 | USD 57.82 billion |
| Growth Rate | 2.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Suspension Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Suspension Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Suspension Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Suspension Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Suspension Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Suspension Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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