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The global automotive suspension system market is set to reach US$ 89.212 BN by 2032, at a 5.50% CAGR between years 2023-2032. The market is a highly volatile industry that has significantly contributed to the improvement of vehicle performance, safety, and comfort. There are several forces influencing the market dynamics in this industry, mainly due to changes taking place across automotive technology as well consumer tastes and policies.
A significant factor driving the dynamics of this market is constant innovation in suspension system technology. In an attempt to distinguish their products and satisfy discerning customers, automotive manufacturers spend a lot of money on research and development in order to develop innovative suspension systems. Such developments usually aim at making improvements in terms of ride quality, handling, and general vehicle dynamics.
Increasingly a trend, the use of electronic parts, smart sensors and adaptive damping systems enables real-time adaptation of driving conditions as they vary.
The consumer preferences also play an important role in determining the trends of market for automotive suspension systems. The more the consumers get aware of safety and comfort features, they tend to go for vehicles laden with advanced suspension systems.
This has resulted in the rising need for sophisticated suspension technologies like air suspension and magnetic ride control, that provide superb comfort. Moreover, suspension system design is also being shaped by the shift towards electric and autonomous cars that bring specific needs. Global economic status and regulatory policies have a major effect on automotive suspension system’s market dynamics.
Demand for suspension systems is dependent on changes in the economy because such factors affect consumer purchasing power and overall demand for cars. From a regulatory perspective, strict emissions, and safety regulations force automakers to invest in lightweight materials as well as compact suspension designs intended at augmenting fuel efficiency while being compatible with environmental guidelines.
The automotive suspension system market is also impacted by competitive dynamics. Leading automotive component producers and suppliers compete fiercely to win contracts with top-tier vehicle manufacturers. This competition promotes innovation and cost effectiveness, encouraging technological advancements in suspension system technologies.
The phenomenon of strategic collaborations, mergers and acquisitions is common in this industry through which companies have their product portfolio enhanced as well as a wider global presence. The geographical factors also play a role in shaping the market dynamics. Regional differences in the quality of roads, driving practices, and weather contribute to demands for certain types of suspension systems. For instance, rugged terrain or harsh climate markets might focus on the strength and flexibility of suspension systems while urban ones would entail comfort as well precision handling.
Automotive Suspension System Market Highlights:
Automotive Suspension System Market Overview
Automotive Suspension System Market Size was valued at USD 58.13 billion in 2023. The Automotive Suspension System market is projected to grow USD 89.21 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2024 - 2032). Increased safety regulations,introduction of innovative suspension systems, and rising demand for commercial and passenger vehiclesare the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Suspension System Market Trends
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Increased safety regulations are driving the market growth
COVID-19 has changed the way we live and travel in cities, as well as in society as a whole. It is believed that a new way of life would arise. Governments worldwide have required that public transit and ride-sharing firms limit the number of passengers per car, citing social separation as the strongest defense against COVID-19. People appear hesitant to use public transportation as their reliance on personal mobility continues to rise as nations 'unlock,' and businesses reopen in various countries. The necessity for personal mobility is anticipated to rise as customers seek to ensure their own safety. Although other external causes drove this increase in the past, as the demand for social separation and preventative measures grows, these numbers will continue to rise. This factor drives the market CAGR.
Additionally, the automotive suspension system market mainly relies on manufacturing and selling automobiles. As a result, fluctuations in automotive demand have an impact on the market. The market for automotive suspension systems is fueled by rising demand for sedans, SUVs, and off-road vehicles. To reduce the high cost of production of these systems, the Chinese and Indian governments are investing in the aftermarket through direct engagement with tier 1 suppliers. The presence of automotive suspension manufacturers in the aftermarket, such as ZF Friedrichshafen AG and Dorman Products, is projected to boost demand for advanced suspension systems.
Furthermore, the automotive suspension system market is expected to be driven by the European Union's reviving automotive industry. Sales were held back by limited inventory and fewer incentives during the pandemic, but the relaxation in the lockdown is expected to boost the automotive market growth. Thus, the rising demand for commercial and passenger vehicles is expected to drive the Automotive Suspension System Market revenuegrowth during the forecast period.
Automotive Suspension System Market Segment Insights
Automotive Suspension System Insights
The Automotive Suspension System Market segmentation, based on suspension systems, includes active suspension systems, semi-active suspension systems, and passive suspension systems. The passive suspension system segment is expected to have the highest CAGR and dominate the market share during the forecast period. A passive suspension system is machine-driven and relies on dampers and coil springs to work. This suspension system is comparable to the semi-active one, but the damping coefficient and constant spring values differ. The properties of the components (springs and dampers) are fixed in a passive suspension system.
Automotive Suspension System damping type Insights
Based on damping type, the Automotive Suspension System Market segmentation includes hydraulic, electromagnetic. The hydraulic segment is expected to have the highest CAGR and dominate the market share during the forecast period. In the global automotive industry, hydraulic damper suspension systems are widely employed. This device not only provides self-leveling and height adjustment capabilities but also aids in increasing a vehicle's aerodynamic performance when traveling at high speeds.
Figure1: Global Automotive Suspension System Market, by Damping Type, 2022&2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Automotive Suspension System Vehicle Type Insights
The Automotive Suspension System Market segmentation, based on vehicle type, includes passenger, commercial, electric, and Two-wheelers. The passenger cars segment is expected to have the highest CAGR and dominate the market share during the forecast period. A passenger automobile is a road vehicle designed to transport passengers and has a maximum seating capacity of nine people. If the total number of seats is less than ten, microcars, taxis, and other hired passenger cars are included in the term passenger car.
December 2020 loan launched two new faucet and soap dispenser pairings that are part of its Clark and Rush Street Collections. Its new pairings of sensor-operated faucets and soap dispensers provide hygienic, touch-free solutions.
May 2020 REE Automotive (REE) and KYB Corporation (KYB) announced a strategic partnership to develop suspension capabilities for future electric vehicle (EV) platforms. As an automotive Tier 1 supplier, KYB Corporation's unparalleled semi-active and active suspension systems will boost REE's next-generation EV platform, which delivers complete design freedom and cost-effective, scalable solutions in e-mobility.
Automotive Suspension System Sales Channel Insights
Based on sales channels, the Automotive Suspension System Market segmentation includes OEM and Aftermarket. The OEM segment is expected to have the highest CAGR and dominate the market share during the forecast period. This is due to the increasing demand for advanced suspension systems in commercial vehicles and passenger cars.
October 2022: GMC is set to provide customers with good news, waiting for a more affordable, smaller electric truck from the brand, and it comes in the form of the all-new 2024 GMC Sierra EV. But sadly, according to the website, reservations for the truck are currently full.
Automotive Suspension System Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American automotive suspension system market will dominate; increased safety regulations, the introduction of innovative suspension systems, and rising demand for commercial and passenger vehicles will boost the market growth in this Region.
Further, the major countries studied in the market report areThe U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Automotive Suspension System market accounts for the second-largest market share due to the rising demand for suspension systems, parts, and components from premium German OEMs such as Mercedes, Audi, and BMW, prompting global market participants to expand and improve their European operations. Further, the German Automotive Suspension System market held the largest market share, and the UK Automotive Suspension System market was the fastest-growing market in the European Region.
The Asia-Pacific Automotive Suspension System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe expanding vehicle manufacturing business in this Region. Moreover, China’s Automotive Suspension System market held the largest market share, and the Indian Automotive Suspension System market was the fastest-growing market in the Asia-Pacific region.
Automotive suspension system Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive suspension system market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive suspension system industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Automotive Suspension System industry to benefit clients and increase the market sector. In recent years, the Automotive Suspension System industry has offered some of the most significant medical advantages. Major players in the Automotive Suspension System market, including Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Continental AG (Germany), Magneti Marelli SpA (Italy), Tenneco Inc. (US), KYB Corporation (Japan), BENTELER International AG (Austria), Sogefi SpA (Italy), Mando Corp. (South Korea), NHK Spring Co, Ltd. (Japan), Parker Hannifin Corporation (US), Rassini (Mexico)., and others, are attempting to increase market demand by investing in research and development operations.
REE is an automotive technology leader whose mission is to empower companies to build any size or shape of an electric or autonomous vehicle – from Class 1 through Class 6 – for any application and target market. REE aims to serve as the underpinning on which EVs and AVs will be built and envisions a future where EVs and AVs will be 'Powered by REE.Headquartered in Israel, REE has an Engineering Center in the UK and subsidiaries worldwide, including Japan and Germany, and plans to open its U.S. headquarters and first Integration Center in Austin, Texas. REE's unique CapEx-light manufacturing model leverages Tier-1 partners' existing production lines; the company's extensive partner ecosystem encompasses leading names, including Hino Motors (a truck arm of Toyota), Magna International, JB Poindexter, Navya, and American Axle & Manufacturing to provide a full turnkey solution.REE Automotive (REE) and KYB Corporation (KYB) announced a strategic partnership to develop suspension capabilities for future electric vehicle (EV) platforms. As an automotive Tier 1 supplier, KYB Corporation's unparalleled semi-active and active suspension systems will boost REE's next-generation EV platform, which delivers complete design freedom and cost-effective, scalable solutions in e-mobility.
GMC is an American automotive manufacturer of General Motors for trucks and utility vehicles. GMC currently makes SUVs, pickup trucks, vans, and light-duty trucks. In the past, GMC also produced fire trucks, ambulances, heavy-duty trucks, military vehicles, motorhomes, transit buses, and medium-duty trucks.: GMC is set to provide customers with good news, waiting for a more affordable, smaller electric truck from the brand, and it comes in the form of the all-new 2024 GMC Sierra EV. But sadly, according to the website, reservations for the truck are currently full.
Key Companies in the automotive suspension system market include
- Schaeffler AG (Germany)
- ZF Friedrichshafen AG (Germany)
- ThyssenKrupp AG (Germany)
- Continental AG (Germany)
- Magneti Marelli SpA (Italy)
- Tenneco Inc. (US)
- KYB Corporation (Japan)
- BENTELER International AG (Austria)
- Sogefi SpA (Italy)
- Mando Corp. (South Korea)
- NHK Spring Co, Ltd. (Japan)
- Parker Hannifin Corporation (US)
- Rassini (Mexico)
Automotive suspension system Industry Developments
In November 2023, Porsche introduced two unique high-performance sedans - the newly designed Panamera third generation with a powerful hybrid engine and the fully electric Taycan. Indeed, there is still a high level of demand for the Panamera with a combustion engine. Although Porsche refers to this as a new vehicle, the third generation is not entirely new. Nevertheless, notable modifications have been implemented to the chassis, including the introduction of a completely redesigned suspension system. Additionally, the vehicle now features powerful hybrid engines, and both the inside and exterior have undergone comprehensive updates. According to Porsche experts, the significant advancement of this new model lies in its ability to simultaneously provide improved levels of dynamic performance and enhanced levels of dynamic comfort. Furthermore, it is abundantly filled with cutting-edge technology, designed to cater to the needs of luxury car consumers, and possesses the necessary capabilities to provide an exceptional driving experience. Although the car's low-slung silhouette remains identical to the previous model, the most noticeable feature are the headlights, which resemble the eyes of a frog. This wide intake is positioned both above and below the bumper line, contributing to the Panamera's distinctive new appearance. Equally intriguing are the vertical blades positioned behind the headlights, which effectively manipulate the airflow.
In March 2024, Li Auto revealed that the 2024 versions of the L7 and L8 will incorporate continuous damping control (CDC) sports suspension systems, following the naming convention of the Air models. The L7 would be priced at RMB 301,800 (USD 42,000) and the L8 at RMB 321,800 (USD 44,760). Both new models are slated to be released in May of this year and will commence delivery. Concurrently, modifications will be implemented to the 2024 L7 and L8 model series, changing their designations from Air, Pro, and Max to Pro, Max, and Ultra, correspondingly. The designation of the 2024 L9 Max will be changed to L9 Ultra to reflect the adjustment. According to insiders at Li Auto, during the preparation for the upgraded models last year, the CDC suspension configuration was already adjusted to achieve a greater price reduction without causing a major decrease in the brand's value. Despite Li Auto's updated setups and major improvements, their prices are not competitive in the current market when automotive manufacturers are generally adding features and cutting prices for new cars.
February 2021 Magneti Marelli SpA expanded its suspension products range with the addition of air suspension. The new range includes air springs, hydraulic-gas shock absorbers, and air struts for key SUVS and car applications covering the high-end and premium segments of the European market.
Automotive Suspension System Market Segmentation
Automotive suspension system Outlook
- Active suspension system
- Semi-active suspension system
- Passive suspension system
Automotive suspension system damping type Outlook
- Hydraulic
- Electromagnetic
Automotive suspension system vehicle type Outlook
- Passenger cars
- Commercial vehicle
- Electric vehicle
- Two-wheelers
Automotive suspension system sales channel Outlook
- OEM
- Aftermarket
Automotive suspension system Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
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Middle East
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Africa
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Latin America
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