Automotive Suspension Systems Global Market Report 2024

Automotive suspension systems play a crucial role in enhancing the ride quality and maintaining control of vehicles. These systems work to optimize the friction between tires and the road, ensuring a smoother vehicle movement. A typical suspension system comprises tires, tire air, springs, shock absorbers, and linkages that connect the vehicle to its wheels, contributing to both road handling and ride quality.

The primary types of automotive suspension systems include passive suspension systems, semi-active suspension systems, and active suspension systems. Passive suspension systems react to changes in the road using basic springs and shock absorbers to prevent undesired excess motion in the vehicle. The key components of automotive suspension systems encompass coil springs, leaf springs, air springs, shock absorbers, and various other elements, catering to applications in both passenger vehicles and commercial vehicles.

The automotive suspension systems market research report is one of a series of new reports that provides automotive suspension systems market statistics, including automotive suspension systems industry global market size, regional shares, competitors with automotive suspension systems market share, detailed automotive suspension systems market segments, market trends and opportunities, and any further data you may need to thrive in the automotive suspension systems industry. This automotive suspension systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automotive suspension systems market size has grown steadily in recent years. It will grow from $62.96 billion in 2023 to $65.99 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed during the historic period can be attributed to various factors, including increased consumer demand for comfort and safety in vehicles, government regulations addressing safety and environmental concerns, economic conditions influencing automotive sales, and environmental regulations promoting fuel efficiency. These factors collectively contributed to the dynamics of the automotive suspension systems market during the historic period.

The automotive suspension systems market size is expected to see steady growth in the next few years. It will grow to $79.13 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period can be attributed to several factors, including increased demand for electric and autonomous vehicles, a growing focus on sustainability and emissions reduction, changes in consumer preferences towards more versatile and adaptable vehicles, and government regulations and safety standards related to autonomous vehicles. Major trends expected during this period include the electrification of suspension systems, the development of adaptive and semi-active suspension systems, the integration of smart sensors for predictive maintenance, the use of lightweight materials for improved efficiency, and customization of suspension systems for different driving modes. These trends are poised to shape the evolution of the automotive suspension systems market in the forecast period.

The projected surge in the demand for motor vehicles is anticipated to be a primary driver behind the growth of the automotive suspension systems market in the forecast period. These suspension systems are vital components integrated into vehicles to optimize tire-road friction, ensuring steering stability, superior handling, and safeguarding against damage. According to data sourced from the International Organization of Motor Vehicle Manufacturers, the global production of vehicles witnessed a notable increase from 52.1 million units in 2020 to 57.2 million units from January to September 2021. This escalating worldwide demand for vehicles is expected to significantly propel the automotive suspension systems market forward.

The increasing market demand for luxury and high-performance vehicles serves as a significant catalyst driving the need for advanced suspension systems. These vehicles, characterized by their amalgamation of cutting-edge engineering, premium materials, advanced technology, and superior performance capabilities, aim to deliver elevated driving experiences. They often encompass premium features, superior comfort, and top-tier amenities, necessitating suspension systems that offer a smooth ride while ensuring exceptional handling and stability. Notably, the luxury vehicle market in the US witnessed a rise to 18% of total new vehicle sales in the second quarter of 2023, up from 14% in 2020. Similarly, in India, industry estimates revealed a 38% surge in luxury vehicle sales, reaching approximately 20,000 units between January and June 2023 compared to 14,500 units during the same period in 2022. Consequently, the heightened sales of luxury and high-performance vehicles are anticipated to drive the growth trajectory of the advanced suspension systems market in the foreseeable future.

A key trend gaining momentum within the automotive suspension systems market is the advent of new technological developments. The automotive industry increasingly emphasizes the integration of smarter and safer suspension systems into vehicles to enhance performance across diverse terrains and conditions. For instance, in November 2021, Tenneco, an American automotive components company, introduced an innovative electronic suspension technology (CVSAe) on the ZEEKR 001 premium electric shooting brake in China. This cutting-edge technology promises superior ride comfort and dynamic vehicle handling, surpassing the capabilities of conventional suspension systems. This trend signifies a pivotal shift towards advancing suspension systems, emphasizing enhanced performance and comfort for modern vehicles.

Prominent entities within the automotive suspension systems market are directing their focus towards the development of innovative products, particularly active suspension systems, in response to the escalating demand for advanced suspension technologies. These new active suspension systems leverage cameras and sensors to dynamically adjust the vehicle's suspension in real-time, promising a smoother ride and superior handling. An illustrative instance occurred in December 2022 when Mercedes-Benz, a renowned German luxury and commercial vehicle automotive brand, introduced the E-ACTIVE BODY CONTROL - an electrohydraulic suspension system featuring variable damping aimed at enhancing driving comfort. This sophisticated system dynamically adjusts suspension settings based on road conditions, vehicle load, and the selected driving program. Notably, the system automatically lowers the vehicle at higher speeds to bolster driving safety and decrease energy consumption, showcasing Mercedes-Benz's commitment to cutting-edge suspension technologies.

In July 2021, the KW automotive Group, a Germany-based automotive manufacturer, executed the acquisition of the damping technology business unit from AL-KO Vehicle Technology Group. This strategic acquisition enables KW automotive to elevate its technological capabilities within the suspension systems domain. AL-KO Vehicle Technology Group, known for its expertise in manufacturing shock absorbers, was the source of this business unit acquisition. This move signifies KW automotive's proactive approach to enhancing its suspension system offerings through technological advancements, aligning with the evolving market demands and emphasizing their commitment to innovation within the automotive suspension systems landscape.

Major companies operating in the in the automotive suspension systems market report are Continental AG, ZF Friedrichshafen AG, Tenneco Inc., Magneti Marelli SpA, ThyssenKrupp Automotive Systems, WABCO Vehicle Control Systems, Mando Corporation, BeijingWest Industries International Limited, KYB Corporation, Hitachi Astemo Americas Inc., TRW Automotive Holdings Inc., LORD Corporation, Porsche AG, Mercedes-Benz AG, Multimatic Inc., Sanluis Corporacion S. A. B. de C. V., Hyundai Mobis Co. Ltd., Sogefi SpA, Skyjacker Suspensions, HSD Co. Ltd., Eibach GmbH, KW automotive GmbH, GReddy Performance Products Inc., Fabtech Motorsports, Koni BV, Dorman Products Inc., Öhlins Racing AB, TEIN Inc., Yellow Speed Racing Inc., Gabriel India Limited

Asia-Pacific was the largest region in the automotive suspension systems market in 2023. The regions covered in the automotive suspension systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the automotive suspension systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The automotive suspension systems market consists of sales of multi-link suspension, rigid axle suspension, independent suspension, and rigid suspension. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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