Automotive Suspension Market Industry Trends, Business Share , Revenue Growth And Regional Share

5.9.2023: Automotive Suspension Market Expected to Reach USD 43.47 Billion by 2029, with 3.5 % CAGR

Automotive Suspension Market Report Scope and Research Methodology

Report Scope:

The global Automotive Suspension Market plays a pivotal role in ensuring vehicle stability, ride comfort, and safety by connecting various components, including springs, shock absorbers, struts, control arms, and ball joints. These components enable relative motion between the vehicle and its wheels, influencing factors such as wheel camber, hub castor, vehicle toe, and kingpin inclination. The suspension system's primary function is to maintain tire contact with the road, reducing road shocks and protecting both the vehicle and its cargo from wear and damage. Moreover, it isolates the vehicle from high-frequency vibrations generated by tire excitation.

Research Methodology:

The 2022 market size serves as a baseline for forecasting the Automotive Suspension Market from 2023 to 2029. This estimate is derived from real data and insights from key global players. Historical trends over the past five years are considered while projecting market developments for the next seven years, taking into account the exceptional circumstances of 2022, including the regional impact of lockdown measures.

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What are Automotive Suspension Market Dynamics?

Drivers:

The rapid adoption of electric mobility in developed countries and the transformation of the automotive sector in emerging nations are expected to drive global demand for vehicle suspension systems. The introduction of advanced suspension systems in next-generation electric vehicles is projected to boost market growth. Additionally, the market is anticipated to expand as cutting-edge technologies are deployed to enhance functionality and safety in these systems. For example, BMW's introduction of the BMW 14 M50, featuring a model-specific adaptive M suspension in June 2022, demonstrates this trend. Global electric vehicle sales have witnessed significant growth in recent years, with technology improvements in automobile suspension systems expected to follow suit.

The growing preference of consumers in both established and emerging markets for SUVs and compact SUVs is fueling the need for sophisticated multilink suspension systems. Rising global car sales driven by increasing disposable incomes and improved living standards are expected to positively impact the market. Increased emphasis on road safety and ride comfort among consumers is also contributing to market growth, with end-users showing a preference for premium vehicles equipped with cutting-edge suspension systems.

Restraints:

The adoption of air suspension systems faces challenges due to high maintenance costs. Replacing an active suspension air spring can cost between $1,000 and $1,500, which has hindered the profitability of suspension system vendors. The high initial costs associated with advanced systems, such as Bose's electromagnetic suspension system, have prevented them from reaching mass production despite their potential to forecast road humps and protect vehicles from their effects.

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Automotive Suspension Market Segmentation?

Depending on System The passive market category held the top spot in 2022 with 83.73%. This suspension system, which is also the most popular suspension system, is included in the majority of ordinary passenger cars. This passive mechanism is extensively used by all inexpensive cars. Additionally, accessibility improves the viability of jobs associated to replacement and maintenance. This system is also a good pick for low- and mid-range vehicles due to its price.

Between 2022 and 2029, the market for active suspension systems is anticipated to expand at the fastest rate. The vertical motion of the vehicle's wheels in respect to its body or chassis is controlled by this system. Active suspension systems come in a variety of designs and are frequently used in luxury vehicles.

Based on the component, the shock dampener market share was the largest in 2022 and is anticipated to continue to have a monopoly going forward. By minimising vibrations brought on by a variety of driving conditions, shock absorbers enhance ride quality. In light of this, it is anticipated that the market would expand due to the increase in demand for a number of applications, such as commercial transportation, military vehicles, and other ones. The development of shock dampeners is anticipated as a result of increased manufacturer focus on improving the dampening capacity of the vehicle suspension system.

Based on Suspension Type, Hydraulic Suspension had the largest market share in 2022 because of its widespread use in the automotive industry. Hydraulic suspensions respond more swiftly than their substitutes. They consequently produce a stronger ride than others. The technology also offers distinct shocks so that users can entirely customise their experiences. Additionally, the most common automobile suspension system nowadays is the MacPherson Strut, which can be found in almost all passenger cars. It uses a hydraulic mechanism to release absorbed vibration energy on uneven roads.

Who are Automotive Suspension Market Key Players?

1. ZF Friedrichshafen AG (Germany)
2. Continental AG (Germany)
3. Mando Corporation (South Korea)
4. Thyssenkrupp AG (Germany)
5. Morelli Corporation (Japan)
6. KYB Corporation (Japan)
7. Tenneco Inc. (U.S.)
8. BENTELER (Austria)
9. NHK Spring (Japan)
10. Sogefi S.P.A (Italy)
11. WABCO (France)
12. FOX Factory, Inc. (U.S)

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Regional Insights:

APAC: The Asia-Pacific region dominated the market with a 35% share in 2022 and is expected to maintain its leadership in the coming years. Rising car sales, particularly in China, are driving market growth. China alone sold 25 million vehicles in 2022, outpacing all other nations. The growing production and sales of electric vehicles in China will further contribute to market expansion during the forecast period. Favorable factors such as the availability of raw materials, a mature automotive industry, a growing population, and cost-effective production are propelling market growth in the APAC region.

Europe: Europe is forecasted to witness significant growth with a CAGR of 3.5% through the forecast period. Robust automotive industries in Germany, France, the United Kingdom, Italy, and other European countries are expected to drive market growth. Key players like Continental AG, ThyssenKrupp AG, and ZF Friedrichshafen, along with luxury manufacturers like BMW and Audi, will play a crucial role in this growth. The high adoption of electric vehicles in Europe also contributes to increased demand for automobile suspension systems.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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