Press release
Automotive Suspension Market to Reach USD 63.63 Billion by 2034, Growing at a CAGR of 3.3%
Automotive Suspension Market
Market Overview:
In automobiles, suspension refers to a system that connects the vehicle body to the wheels, thus causing the vehicle to be subject to less shock and sudden jerks while driving on uneven terrains or even in the case of immediate usage of the vehicle's brake system. The automotive suspension market involves the design, production, and integration of suspension systems that support a vehicle's weight, absorb shock, and maintain tire contact with the road for optimal handling and comfort.
Growth Drivers:
• The increasing demand for electric and autonomous vehicles is a key market driver. As these vehicles gain popularity, there is a growing need for specialized suspension systems to address the unique requirements of electric drivetrains, such as different weight distributions and battery placements. EVs tend to be heavier due to battery packs, which require advanced suspension solutions to ensure stability.
• The growing popularity of SUVs is significantly fueling the market expansion. As consumers increasingly prefer SUVs for their higher ground clearance, larger cabin space, and off-road capabilities, there is a growing demand for suspension systems that can handle the unique demands of these vehicles. This has resulted in increased adoption of advanced suspension technologies, such as air suspension systems and multi-link rear suspensions, which can offer better comfort and performance for larger vehicles.
Key Markey Players:
Major market players are making significant investments in R&D to expand their product offerings. A few of the major market participants include:
• Bosch Mobility Solutions
• BWI Group
• Continental AG
• Hendrickson USA, L.L.C.
• KYB Corporation
• Magna International Inc.
• Sogefi
• Tenneco Inc.
• Thyssenkrupp
• ZF Friedrichshafen AG
Recent Developments in the Automotive Suspension Market
• April 2024: BWI Group partnered with ThyssenKrupp Steering to co-develop Electro-Mechanical Brake (EMB) systems, a key advancement in chassis-by-wire technology. This collaboration aims to support the evolving demands of Level 3 and higher autonomous driving, enhancing vehicle safety, precision, and control.
• July 2023: Hendrickson launched a new line of air mechanical suspensions for trailers in India, specifically engineered to tackle the country's diverse and challenging road conditions. The solution enhances load stability, ride comfort, and adaptability for regional transport requirements.
Segmental Analysis:
• The automotive suspension market is segmented based on system, vehicle type, component, damping, geometry, and region.
• By system, the market is categorized into active suspension, passive suspension, and semi-active suspension. The active suspension segment dominated the market in 2024.
• Based on vehicle type, the market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars hold the largest automotive suspension market share.
By System (Revenue - USD Billion, 2020 - 2034)
• Active Suspension
• Passive Suspension
• Semi-Active Suspension
By Vehicle Type (Revenue - USD Billion, 2020 - 2034)
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Component (Revenue - USD Billion, 2020 - 2034)
• Strut
• Shock Absorber
• Leaf Spring
• Ball Joint
• Air Spring
• Control Arm
• Coil Spring
• Others
By Damping (Revenue - USD Billion, 2020 - 2034)
• Hydraulic
• Electromagnetic
By Geometry (Revenue - USD Billion, 2020 - 2034)
• Independent Suspension
• Semi-Independent Suspension
• Dependent Suspension
Regional Overview:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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