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Increasing Demand For Motor Vehicles: Strengthening the Growth Trajectory of the Automotive Suspension Systems Market
Automotive Suspension Systems Market
What Is the Expected CAGR for the Automotive Suspension Systems Market Through 2025?
The market size for automotive suspension systems has shown a consistent increase over the past few years. The market will expand from $65.04 billion in 2024 to $67.78 billion in 2025, rising at a compound annual growth rate (CAGR) of 4.2%. The rise in the past years can be associated with higher demand for comfort and safety, governmental legislations, economic situation, and environmental laws encouraging fuel efficiency.
What's the Projected Size of the Global Automotive Suspension Systems Market by 2029?
The market size for automotive suspension systems is predicted to witness considerable expansion in the upcoming years, increasing to $82.4 billion by 2029 with a compound annual growth rate (CAGR) of 5.0%. This growth over the projection period is primarily due to the surging demand for electric and self-driving cars, intensified focus on eco-friendly practices and emission reduction, shifting consumer preferences towards highly flexible and customizable vehicles, and the government laws and safety requirements linked to autonomous vehicles. Forecasts for this period also indicate key trends such as the electrification of suspension systems, the creation of adaptive and semi-active suspension systems, the incorporation of intelligent sensors for anticipative maintenance, the deployment of lightweight materials to boost efficiency, and the personalization of suspension systems according to various driving modes.
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Top Growth Drivers in the Automotive Suspension Systems Industry: What's Accelerating the Market?
The automotive suspension systems market is anticipated to thrive due to the escalating demand for motor vehicles during the forecast period. These suspension systems are vital components in vehicles, augmenting the friction between the tires and road surface, affording stable steering, adept handling, and safeguarding from damage. For instance, in August 2024, the Belgium-based European Automobile Manufacturers' Association reported a 3.9% growth in new car registrations, surpassing 6.5 million units in the first seven months of the year. Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%) - the major markets within the bloc - experienced a positive, albeit moderate, growth. Consequently, the global rise in vehicle demand is likely to fuel the growth of the automotive suspension systems market.
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What Trends Will Shape the Automotive Suspension Systems Market Through 2029 and Beyond?
Key players in the automotive suspension systems market, such as Hendrickson, a US-based manufacturer, are concentrating on the creation of technologically sophisticated products including mechanical suspensions. These suspensions are systems in automobiles that employ structural components like springs and shock absorbers, to bear the vehicle's weight, absorb road shocks and increase ride comfort and stability. For example, in July 2023, Hendrickson introduced the TA 14 heavy-duty air suspension and MS 16 heavy-duty mechanical suspension. The TA 14, specifically designed for Indian environments, comes in Top and Low Mount versions, offering multiple customized options to suit client requirements. On the other hand, the MS 16, with a 16T capacity, is built for both on-road and off-road conditions, demonstrating improved load-bearing potential and efficiency. It comes in tandem and tridem models, incorporating a durable leaf spring assembly and using locally made, high-grade components such as thicker side plates for equalisers and hard-wearing polyurethane bushes in the torque arm. These features ensure reduced maintenance costs, lower downtime, and enhanced operational productiveness.
What Are the Main Segments in the Automotive Suspension Systems Market?
The automotive suspension systems market covered in this report is segmented -
1) By Type: Passive Suspensions Systems, Semi-Active Suspensions Systems, Active Suspensions Systems
2) By Component: Coil Spring, Leaf Spring, Air Spring, Shock Absorbers, Other Components
3) By Application: Passenger Vehicles, Commercial Vehicles
Subsegments:
1) By Passive Suspension Systems: Leaf Spring Suspension, Coil Spring Suspension, Torsion Bar Suspension, Shock Absorber Systems
2) By Semi-Active Suspension Systems: Magnetorheological (MR) Suspension, Electronically Controlled Damping Systems, Variable Damping Systems
3) By Active Suspension Systems: Fully Active Suspension Systems, Pneumatic Suspension Systems, Hydraulic Suspension Systems
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Which Top Companies are Driving Growth in the Automotive Suspension Systems Market?
Major companies operating in the automotive suspension systems market include 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
Which Regions Will Dominate the Automotive Suspension Systems Market Through 2029?
Asia-Pacific was the largest region in the automotive suspension systems market in 2024. The regions covered in the automotive suspension systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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