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Automotive Suspension Systems Market 2024-2033: Growth Trends and Industry Insights |Key Players Continental AG, ZF Friedrichshafen AG, Tenneco Inc., Magneti Marelli SpA
Automotive Suspension Systems Market Size
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According to The Business Research Company's, 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 in the historic period can be attributed to increased demand for comfort and safety, government regulations, economic conditions, environmental regulations promoting fuel efficiency.
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 growth in the forecast period can be attributed to increased demand for electric and autonomous vehicles, growing focus on sustainability and reducing emissions, changes in consumer preferences towards more versatile and adaptable vehicles, government regulations and safety standards related to autonomous vehicles. Major trends in the forecast period include electrification of suspension systems, development of adaptive and semi-active suspension systems, integration of smart sensors for predictive maintenance, use of lightweight materials for improved efficiency, customization of suspension systems for different driving modes.
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Market Drivers and Trends:
The increasing demand for motor vehicles is expected to drive the automotive suspension systems market during the forecast period. Automotive suspension systems are integrated with vehicles to maximize the friction between tyres and the road and ensure steering stability, good handling, and damage protection. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing demand for vehicles around the world is expected to drive the automotive suspension systems market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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
Automotive Suspension Systems Market 2024 Key Insights:
• 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%.
• Increasing Demand For Motor Vehicles
• Focus On New Technological Developments
• Asia-Pacific was the largest region in the automotive suspension systems market in 2023
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