Automotive Suspension Market Expected to Reach New Heights Through 2029

In a recent report, the Global Automotive Suspension Market has been valued at US$ 43.47 billion in 2022, with projections of a robust Compound Annual Growth Rate (CAGR) of 3.5% expected throughout the forecast period. The market's comprehensive analysis encompasses various aspects, including components, market dynamics, COVID-19 insights, and regional insights, providing stakeholders with a clear understanding of the industry landscape.

Report Scope and Research Methodology

The report, considering 2022 as the base year, presents real market numbers and outputs from key players globally. It analyzes the past five years' trends to forecast market growth from 2023 to 2029. The impact of the COVID-19 pandemic on the automotive sector, including supply chain disruptions and production halts, is meticulously examined. The comprehensive report aims to assist decision-makers with valuable insights into market trends, competitive analysis, and potential impacts of micro-economic factors.

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Market Dynamics and Drivers

The components of automotive suspension systems play a crucial role in connecting the car to the wheel, allowing for relative motion. This system is vital for maintaining tire contact with the pavement, reducing road shocks, and enhancing ride comfort. The market dynamics are influenced by the rapid uptake of e-mobility, transformation in the automotive sector, and the increasing demand for sophisticated suspension systems for improved safety and comfort. The growing adoption of electric vehicles (EVs) and autonomous cars is also expected to drive market growth.

COVID-19 Insights

The COVID-19 pandemic has posed challenges to the automotive sector, leading to supply chain disruptions and production stoppages. However, as the world recovers from the pandemic, the automotive suspension market is anticipated to rebound, especially with the increasing demand for private transportation due to limitations on public transport. Major automotive companies faced production halts, impacting the overall growth of the sector.

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Segment Analysis

by System

Passive
Active
Semi-Active

The passive segment led the market in 2022, with 83.73% market share. Passive systems, being widely used and affordable, are the preferred choice for low and mid-range automobiles. The active suspension systems segment is expected to grow at the fastest rate, driven by their use in high-end and sophisticated vehicles.

by Component

Shock Dampener
Struts
Control Arm
Ball Joint
Air Compressor

In 2022, the shock dampener segment held the greatest market share and is forecasted to remain dominant. Shock absorbers play a crucial role in improving ride quality by reducing vibrations caused by various road conditions. The struts segment is expected to grow due to rising demand for comfort and safety.

by Suspension Type

Hydraulic Suspension
Air Suspension
Leaf Spring

The hydraulic suspension category had the largest market share in 2022, owing to its quick response and firmer ride. The air suspension category is forecasted to see an impressive CAGR, driven by its use in commercial vehicles and high-end automobiles.

by Vehicle Type

Two Wheelers
Passenger Cars
Commercial Vehicles

In 2022, the passenger car category held the largest market share and is expected to maintain supremacy. The two-wheeler category is forecasted to have the quickest CAGR, driven by the rising popularity of adventure activities and the demand for affordable transportation.

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Regional Insights

The Asia Pacific region dominated the market in 2022, holding a 35% market share. The region is expected to maintain its supremacy with the fastest CAGR, driven by rising car sales in China and the growth of the automotive sector. Europe is forecasted to witness significant growth at a CAGR of 3.5%, supported by robust automotive industries and a high rate of electric car adoption.

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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Table of content for the Automotive Suspension Market includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Suspension Market Report

Part 03: Global Automotive Suspension Market Landscape

Part 04: Global Automotive Suspension Market Sizing

Part 05: Global Automotive Suspension Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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