Automotive suspension consists of a system of spring, shock absorbers, struts, control arms, and ball joints that connect the vehicle to the wheel and subsequently enable relative motion between the two. The type of geometry and system used to build suspension depends on the camber of the wheel, castor of the hub, toe of the vehicle, and king pin inclination of the control arms. Suspensions keep the tires of vehicle in contact with road. They are used in vehicles to prevent shocks associated with during driving, thus making the ride more comfortable. In addition, they protect vehicles and their cargo from any damage or wear, and provide isolation to vehicles from high-frequency vibrations from tire excitation.
Technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort boost the growth of the global automotive suspension market. In addition, increase in global safety regulations and rise in disposable income are the other factors that propel the market growth. However, continuously strengthening global vehicle standards and high maintenance cost of advanced suspension systems hamper the market growth. Conversely, rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers are expected to create huge opportunities for the growth of market in the coming years.
The increasing emphasis on electric vehicles (EVs) and hybrid vehicles presents a significant growth avenue for the suspension market. EVs, with their unique weight distribution and characteristics, require specialized suspension systems to ensure optimal handling and ride comfort. This burgeoning segment offers opportunities for suspension system manufacturers to develop innovative solutions that cater to the specific needs of electric and hybrid vehicles. Furthermore, the rising popularity of autonomous vehicles has led to a demand for advanced suspension systems capable of delivering a superior ride experience. Autonomous vehicles place a premium on passenger comfort, as occupants become more focused on in-car activities rather than driving. As a result, the development of adaptive and precision-controlled suspension technology is becoming paramount, offering opportunities for suppliers to provide cutting-edge solutions to automakers.
The global automotive suspension market is segmented into system, component, geometry, suspension type, vehicle type, and region. On the basis of system, the market is categorized into passive system and semi-active/active system. Depending on component, it is classified into spring, shock dampener, struts, control arms, ball joint, air compressor, and leaf spring. By geometry, it is categorized into dependent, semi-independent, and independent suspension. According to suspension type, it is fragmented into hydraulic, air, and electro-magnetic suspension. Depending on vehicle type, it is categorized into two-wheelers, passenger cars, and commercial vehicles. The market is analyzed on the basis of four regions, North America, Europe, Asia-Pacific, and LAMEA.The key players analyzed in the global automotive suspension market include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.P.A., Tenneco INC., Wabco, and ZF TRW.
Technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort boost the growth of the global automotive suspension market. In addition, increase in global safety regulations and rise in disposable income are the other factors that propel the market growth. However, continuously strengthening global vehicle standards and high maintenance cost of advanced suspension systems hamper the market growth. Conversely, rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers are expected to create huge opportunities for the growth of market in the coming years.
The increasing emphasis on electric vehicles (EVs) and hybrid vehicles presents a significant growth avenue for the suspension market. EVs, with their unique weight distribution and characteristics, require specialized suspension systems to ensure optimal handling and ride comfort. This burgeoning segment offers opportunities for suspension system manufacturers to develop innovative solutions that cater to the specific needs of electric and hybrid vehicles. Furthermore, the rising popularity of autonomous vehicles has led to a demand for advanced suspension systems capable of delivering a superior ride experience. Autonomous vehicles place a premium on passenger comfort, as occupants become more focused on in-car activities rather than driving. As a result, the development of adaptive and precision-controlled suspension technology is becoming paramount, offering opportunities for suppliers to provide cutting-edge solutions to automakers.
The global automotive suspension market is segmented into system, component, geometry, suspension type, vehicle type, and region. On the basis of system, the market is categorized into passive system and semi-active/active system. Depending on component, it is classified into spring, shock dampener, struts, control arms, ball joint, air compressor, and leaf spring. By geometry, it is categorized into dependent, semi-independent, and independent suspension. According to suspension type, it is fragmented into hydraulic, air, and electro-magnetic suspension. Depending on vehicle type, it is categorized into two-wheelers, passenger cars, and commercial vehicles. The market is analyzed on the basis of four regions, North America, Europe, Asia-Pacific, and LAMEA.The key players analyzed in the global automotive suspension market include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.P.A., Tenneco INC., Wabco, and ZF TRW.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automotive suspension market analysis from 2022 to 2032 to identify the prevailing automotive suspension market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automotive suspension market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automotive suspension market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Geometry
- Dependent geometry
- Semi Independent
- Independent geometry
By Suspension Type
- Hydraulic Suspension
- Air Suspension
- Leaf Spring Suspension
By System
- Passive System
- Semi Active/Active System
By Component
- Spring
- Shock Dampener
- Struts
- Control Arms
- Ball Joint
- Air compressor
- Leaf spring
By Vehicle Type
- Two-wheeler
- Passenger Cars
- Commercial Vehicle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- WABCO Holdings Inc.
- HL Mando Corp.
- Sogefi SpA
- Hendrickson USA LLC
- Tenneco Inc.
- ThyssenKrupp AG
- Continental AG
- Gabriel India Ltd (ANAND Group)
- KYB Corporation
- FOX Factory, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE SUSPENSION MARKET, BY COMPONENT
CHAPTER 5: AUTOMOTIVE SUSPENSION MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE SUSPENSION MARKET, BY GEOMETRY
CHAPTER 7: AUTOMOTIVE SUSPENSION MARKET, BY SUSPENSION TYPE
CHAPTER 8: AUTOMOTIVE SUSPENSION MARKET, BY SYSTEM
CHAPTER 9: AUTOMOTIVE SUSPENSION MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the automotive suspension market was valued at $61.6 billion in 2022, and is estimated to reach $96.6 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032 due to the increase in demand for luxury & comfort in vehicles.Automotive suspension is used to assist vehicles for safe and comfortable driving and easy maneuverability on roads. Automotive suspension plays a vital role in improving the dynamics of a vehicle by increasing its road-holding capability. Moreover, as safety standards and regulations continue to evolve, suspensions play a pivotal role in enhancing vehicle stability and reducing the risk of accidents. Thus, automakers are continuously investing in research and development to incorporate advanced safety features within suspension systems, making them a fundamental aspect of vehicle safety.
In addition, the use of lightweight materials, such as aluminum and composite materials, in suspension components has gained traction to enhance fuel efficiency and reduce emissions, aligning with the industry's focus on sustainability. Additionally, advancements in automation and digitalization have streamlined production processes, enabling manufacturers to produce suspension components with higher precision and consistency.
Rapid development of the passenger car market is expected to fuel the growth of the global automotive suspension market in the near future. Developing countries such as India and China hold tremendous potential in the automotive suspension market. This is attributed to the fact that government agencies have mandated the use of air suspension in heavy commercial vehicles, which significantly contributes toward the growth of the global market. Furthermore, various companies have expanded their penetration in the Asia-Pacific region for the development of advanced automotive suspension systems.
Furthermore, the rising popularity of autonomous vehicles has led to a demand for advanced suspension systems capable of delivering a superior ride experience. Autonomous vehicles place a premium on passenger comfort, as occupants become more focused on in-car activities rather than driving. As a result, the development of adaptive and precision-controlled suspension technology is becoming paramount, offering opportunities for suppliers to provide cutting-edge solutions to automakers. Moreover, the increasing consumer demand for enhanced safety features, connectivity, and comfort in vehicles provides ample room for the expansion of the suspension market. This includes the integration of electronic systems, adaptive damping, and air suspension to improve ride quality, vehicle stability, and passenger safety, creating opportunities for suppliers to develop and provide advanced solutions.
Automotive suspension possesses high potential to change the global safety scenario in terms of comfort while driving and increasing the safety of vehicles, thus making it reliable for vehicles. Automotive suspension systems are being increasingly deployed in passenger cars and commercial vehicles, due to implementation of stringent vehicle safety norms and standards by various transport authorities globally. U.S. and European Union have issued various standards related to the safety of the vehicle along with increasing the comfort level of the passenger, and automobile manufacturers are advised to make their vehicles in complaint with these safety standards.
The passenger vehicles industry segment is expected to maintain its dominance, due to increase in sales of vehicles and the advent of new technologies. Moreover, the sale of advanced suspension systems in the two-wheeler industry has increased in recent years, owing to stringent safety laws ensuring the safety of the passenger and vehicle, need for lightweight components to be installed in vehicles to reduce the overall weight of vehicle, and increase in disposable income. Moreover, increase in demand for safe and lightweight suspension technologies in commercial vehicles have boosted the market growth in developed economies of North America.
The global automotive suspension market is segmented into system, component, geometry, suspension type, vehicle type, and region. On the basis of system, the market is categorized into passive system and semi-active/active system. By component, it is classified into spring, shock dampener, struts, control arms, ball joint, air compressor, and leaf spring. Depending on geometry, it is segregated into dependent, semi-independent, and independent suspension. According to suspension type, it is fragmented into hydraulic, air, and electro-magnetic suspension. As per vehicle type, it is divided into two-wheelers, passenger cars, and commercial vehicles. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in the automotive suspension market include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.p.A., Tenneco INC., Wabco Holding Inc., and Thyssenkrupp AG.
Key Market Insights
By component, the air compressor segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.By vehicle type, the two-wheeler segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
By geometry, the dependent geometry segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
By suspension type, the air suspension segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
By system, the semi-active/active system segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Companies Mentioned
- WABCO Holdings Inc.
- HL Mando Corp.
- Sogefi SpA
- Hendrickson USA LLC
- Tenneco Inc.
- ThyssenKrupp AG
- Continental AG
- Gabriel India Ltd (ANAND Group)
- KYB Corporation
- FOX Factory, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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