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Automotive Suspension Market Set to reach $51.6 billion by 2027

Automotive Suspension Market Set to reach $51.6 billion by 2027

The global automotive suspension market is expected to grow from $45.3 billion in 2022 and is projected to reach $51.6 billion in 2027, at a CAGR of 2.6% during the forecast period. The demand for automotive suspension is driven by the increase in demand for vehicle comfort and safety and the increasing adoption of air suspension systems in HCVs.

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Active suspension - the fastest growing suspension system type

The growing demand to improve ride quality and occupant comfort is a significant factor driving the market for active suspension systems. The high-end luxury & sports cars and some medium-range cars with few commercial vehicles mainly use active suspension systems. The active system incurs a high cost but is the most advanced and comfortable suspension system. The active systems are available under various brand names, such as Magic Body Control by Mercedes-Benz, MagneRide by Delphi, and PASM Porsche Active Suspension Management by Porsche. The SUV demand is estimated to increase year on year by 3.3 % from 2020 to 2022. The Asia-Pacific market has shown a larger growth in SUVs, where the region has 58.5% of SUVs in 2021. Considering the increase in demand for SUVs, the demand for active suspension is expected to grow globally, and Asia would be the leading market.

MacPherson strut holds the largest market share for front wheel suspension

MacPherson strut eliminates the need for a separate upper control arm, which reduces the cost of components and the weight of the architecture. This advantage offered by the architecture has made the adoption of this architecture widely accepted by OEMs globally. In terms of value, Asia Pacific will be the largest and fastest-growing market for MacPherson strut over the forecast period. The market growth in this region is attributed to the high penetration of the MacPherson strut in the front suspension, which is ~70-75%. The low cost and limited space required for the installation of this architecture make it a preferred choice for compact passenger cars, which have a high demand in the Asia Pacific. Models such as Toyota Camry, Honda Accord, BMW X5, and Subaru XV, among others, are equipped with front axle Macpherson strut.

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Asia Pacific region to dominate the global automotive suspension market

The Asia Pacific has emerged as a hub for automotive production in recent years, owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages for OEMs. The Asia Pacific is estimated to account for the largest share of the automotive suspension market, by value, in 2022, due to the presence of automotive OEMs with large vehicle production capacity, higher vehicle sales, and a large customer base. Increasing demand for better comfort in passenger cars has led to the adoption of multilink and air suspension systems in western countries. However, due to their high cost, these systems are still in their introductory phase in the Asia Pacific region.

China is estimated to remain the largest market within the region, owing to its large population and increased demand for passenger vehicles post-pandemic. The country has resumed production close to pre-pandemic levels. By value, India is expected to be the fasted-growing market due to the increased demand for passenger vehicles as the country's economy recovers from the effects of the pandemic.

Key Market Players:

The automotive suspension market is dominated by global players and comprises several regional players. The key players in the automotive suspension market are ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Continental AG (Germany), ThyssenKrupp AG (Germany), and KYB Corporation (Japan).

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