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Global Automotive Suspension System Market size was valued at US$ 44.34 billion in 2023. The market is projected to grow from US$ 47.93 billion in 2024 to US$ 89.37 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period.
Through the automotive suspension systems market, a limited number of major global players, such as Hyundai Mobis, Continental AG, and ZF Friedrichshafen AG, hold a dominant position. Businesses developed due to strong companies because of their wide range of product offerings, technical developments, and strategic collaborations. The major factors of development of this sector is the growing need for environmentally friendly and fuel-efficient automobiles. Modern suspension systems improve overall performance and reduce air resistance, which significantly increases vehicle fuel efficiency. Customers' increasing desire for smooth and comfortable rides has boosted the demand for sophisticated suspension systems in a variety of vehicle types. Worldwide about 80 million motor vehicles were produced in 2023. With around 23.84 million commercial vehicles combined with 3.41 million passenger cars produced, China became the top producer of passenger automobiles globally, surpassing all other countries. The demand for premium cars and the development of active suspension systems are expected to expand fuel market rather than medium term. Also expected to propel the expansion of the market for sensor-based and electronic-based suspension systems is the increasing vehicle autonomy.
The growing complexity of car suspension systems, is a challenge for market which requires for large R&D expenditures to remain competitive. The high cost of modern suspension systems can prevent their general acceptance, especially in developing countries where cost still a major issue. Raw material prices, including steel and aluminium, can have a major influence on suspension system manufacturing costs, so affecting manufacturer margin pressures. Strict legal rules and environmental issues around the manufacturing and disposal of suspension components might provide difficulties for market players in terms of sustainability and compliance.
A number of OEMs are adopted by Modern suspension systems.so as to adapt to changing consumer demands and legal requirements. To increase driving accuracy and offer a more comfortable ride, manufacturers are spending money on research and development to incorporate cutting-edge technologies into suspension systems. These type of developments will drive the market for automobile suspension ahead. EXT created a revised adaptation of the Era fork's innovative dual-positive air chamber design in April 2023 especially to satisfy the particular needs of the Aria application are the best examples. Also, in November 2022, Monroe made its North American debut with new Intelligent Suspension Ride Sense solutions designed especially for high-end European cars with electronic suspensions. These solutions are a direct replacement for the electronic parts that come with original equipment.
Increasing Demand for Sophisticated Suspension Systems by Means of Growing Sales of SUVs and Luxury Cars
Rise in ATV Sales Brought on the Worldwide Off-Road Recreational Activities Aiming at Driving ATV Suspension Market
Lack of Independent Suspension System Standardisation
The report will cover the qualitative and quantitative data on the global Automotive Suspension System Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
By System (Passive System, Active System, Semi-active System), By Component (Shock Dampener, Struts, Control Arm, Ball Joint, Air Compressors, Others), By Suspension Type (Hydraulic Suspension, Air Suspension, Leaf Spring), By Vehicle Type (Passenger Cars, Others)
The market scope is segmented because of by System, by Component, by Suspension Type, by Vehicle Type.
By System
Based on the System of the market is segmented into Passive System, Active System, Semi-active System.
This market has been categorized based on system into passive, active, and semi-active systems. Inactive systems category will hold considerable market share by 2023 The market for inactive systems is predominant because of its increased rate of penetration in a wide range of automotive vehicles including passenger cars, commercial vehicles and off-road vehicle.
Increase in the segment called as active systems is expected to grow at a higher CAGR through 2023. But the evolution of active suspension systems has outlived subsequent fashion in passive ones. This enhances the sales potential in individual markets prodding companies to better active system capacity. At the same time, active suspension systems saw increased use in electric cars. Hence increase in demand for electric vehicles leads to boost the market of segment demented, transit bus mode. For example, in December 2023 Clear motion signed a deal with NIO. The deal involves active suspension products and the enabling actuation technologies - to be supplied for NIO luxury vehicle EV model ET9. The contract covers the supply of 750,000 vehicles on suspension.
By Component
Based on the Component of the market is segmented into Shock Dampener, Struts, Control Arm, Ball Joint, Air Compressors, Others.
This report divides the market based on product category into Shock Absorber, Struts, Control Arm, Ball Joint & Air Compressors and others Zigbee Chip Market.By Others Segment(%), 2023 The others category includes leaf springs, rubber bushings and sway bars—key components for suspension systems. Struts, control arms, air compressors and ball joints also fall under the others category.
With an 8.7% greatest CAGR over the forecast period, the category on struts is expected to expand noticeably.
In 2023, the sector with shock-damping market share holds 21%. The expansion is closely linked with increasing global car sales, which creates great demand for shock dampers both in the aftermarket and from OEMs.
By Suspension Type
Based on the Suspension Type of the market is segmented into Hydraulic Suspension, Air Suspension, Leaf Spring.
The market is divided depending on type of suspension into hydraulic, air and leaf spring in 2023, nearly the entire market was dominated by hydraulic suspension on segments the major players in the car industry focusing on advanced hydraulic suspension for improved handling and ride quality. Considering that hydraulic suspension is mainly applied in various automobiles, it drives the rise of market.
Air suspension and leaf spring also accounted for significant revenue in 2023. Leaf spring segment, on the back of high penetration in both commercial and off-roading vehicles involved determining their specific positions across segments. However, increasing requirement of advanced suspension systems in many upcoming electric as well fossil-based cars is anticipated to drive the air suspension market during next few years.
By Vehicle Type
Based on the Vehicle Type of the market is segmented into Passenger Cars, Others.
Depending on the class of vehicles, the market is represented by passenger and others. The passenger automobiles segment dominated with the largest market share among multiple other segments. The highest selling type of vehicle is passenger vehicles, which also are most often made. This is why it accounts for the majority of global automotive production and automobile sales. Production of passenger cars was up 7.9 per cent by OICA estimates when compared to the previous year in last January-October period these passenger car sales and production increase the pressure on the market.
Others segment will also present a considerable market share by 2023. The other sector includes commercial vehicles, electric cars and two-wheelers. The other segment is expected to grow at significant rate over the forecast period due to rise in vehicle manufacturing.
Regional Snapshots
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. Asia Pacific region dominated the market in the greatest revenue share of 39.39% in 2023. As the world's largest user of construction adhesives, China held a volume share of more than 20.0% of the market in 2023. This in turn, is expected to bolster the utilization of construction adhesives with large investments in infrastructure sector being made by the country. For instance, China's state railway company announced in 2020 that it planned to triple the length of its high-speed rail network over the next fifteen years. The construction adhesives market is driven by the increasing population and disposable income in the region along with government support for building projects. Asia Pacific is a key economic region with vital export-oriented and industrial sectors, which consequently makes it an important market for adhesives used in industries including packaging, electronics and autos.
In 2020, investment in Europe's infrastructure stagnated but the same time a year on it was back up by 1.5%. EU Construction Outlook Report - The EU Construction sector is forecasted to grow by 2.5% in 2022 compared with its level of activity during the year before. Such regions as North America have one of the largest construction industries and provide a large impact on global economy. Low mortgage rates, a strong economic recovery and an increase in household formation are expected to fuel growth for the residential construction sector. Nevertheless, multifamily housing is expected to take a modest hit over the longer term as demand for this kind of real estate erodes some during the span or projection period.
The market for construction adhesives is large in the North America, due to dense building sector and established infrastructure coupled with strict regulations overseeing use of high-performance, eco-friendly adhesive formulations. The construction adhesive industry in the region is dominated by a number of high volume producers who have mostly transitioned to main stream development technology and double down on environmentally focused sustainability. Similarly, North America also is no exception as commercialization depicts a heavy requirement for adhesives in residential, and infrastructure segments triggered by the developed building sector.
In January 2024, Clearmotion, a leading provider of electric drive and active suspension systems, secured a landmark production order for NIO Proactive Suspension Technology. This significant milestone highlights the growing demand for advanced suspension systems in the automotive industry. This production order marks a major achievement for Clearmotion and underscores its position as a key player in the development of next-generation automotive technologies.
In September 2023, Anand Group partnered with South Korea's HL Group to supply various aftermarket components for domestic and international passenger vehicle markets.
Report Scope and Segmentations:
Study Period | 2024-32 |
Base Year | 2023 |
Estimated Forecast Year | 2024-32 |
Growth Rate | CAGR of 8.1% from 2024 to 2032 |
Segmentation | By System, By Component, By Suspension Type, By Vehicle Type, By Region |
Unit | USD Billion |
By System |
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By Component |
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By Suspension Type |
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By Vehicle Type |
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By Region |
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North America accounted for the highest xx% market share in terms of revenue in the Automotive Suspension System market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Automotive Suspension System. The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Automotive Suspension System companies in economies such as Japan and China.
The objective of the report is to present comprehensive analysis of Global Automotive Suspension System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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Automotive Suspension System Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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31 Jul 2024
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