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Automotive Suspension Systems Market to Grow at 4.4% CAGR, Reaching $79.3 Billion by 2029
Automotive Suspension Systems
Automotive Suspension Systems Market Outlook: How is the Market Expected to Grow by 2025?
Over the past few years, there has been a consistent increase in the size of the automotive suspension systems market. It is projected to expand from $65.04 billion in 2024 to $66.83 billion in 2025, with a compound annual growth rate (CAGR) of 2.8%. Factors contributing to this growth in the past have included heightened demand for comfort and safety, governmental regulations, economical conditions, and environmental rules that favor fuel efficiency.
Automotive Suspension Systems Market Forecast: What Size Will It Reach By 2029?
The projected market size of automotive suspension systems is expected to experience consistent growth over the upcoming years, reaching a valuation of $79.3 billion in 2029, with a compound annual growth rate (CAGR) of 4.4%. This surge during the forecast period is linked to the escalating demand for electric and self-driving vehicles, amplified focus on sustainability and emission reduction, shifts in consumer choices toward more adaptable and multi-purpose vehicles, government regulations, and safety norms for autonomous vehicles. Key market trends during the forecast period include the electrification of suspension systems, the innovation of adaptive and semi-active suspension systems, the inclusion of smart sensors for predictive maintenance, the application of lightweight materials for enhanced efficiency and the customization of suspension systems for diverse driving modes.
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Which Key Market Drivers Will Shape Automotive Suspension Systems Industry Trends in 2025-2029?
The surge in motor vehicle requirements is predicted to fuel the growth of the automotive suspension systems market in the forthcoming years. These systems, designed to enhance the friction between the vehicle's tires and the road, offer greater steering stability, improved handling, and protection against damages. For example, as reported by the Belgium-based European Automobile Manufacturers' Association in August 2024, new car registrations saw an uptick of 3.9%, surpassing 6.5 million units in the first seven months of the year. Notable growth, albeit moderate, was observed in the bloc's most significant markets such as Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%). Hence, the escalating global vehicle demand is set to propel the automotive suspension systems market.
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What Are the High-Growth 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
Which Global Trends Are Driving Automotive Suspension Systems Market Expansion?
Leading firms in the automotive suspension systems market are concentrating on developing tech-advanced products, including mechanical suspensions, to augment ride comfort and bolster vehicle stability. Mechanical suspensions, which utilize springs and shock absorbers, support car weight, diminish road shocks, and improve comfort and stability. For instance, in July 2023, US-based suspension manufacturer, Hendrickson, introduced the TA 14 heavy-duty air suspension and the MS 16 heavy-duty mechanical suspension. The TA 14 model, purposely built for Indian environments, includes Top and Low Mount versions that give customers diverse choices tailored to their operational needs. On the other hand, the MS 16 model, made to withstand a 16T capacity, is suitable for both on-road and off-road uses, offering boosted load-bearing capabilities and performance. Available in tandem and tridem configurations, it includes a sturdy leaf spring assembly, featuring domestically produced, top-notch components like thicker side plates for equalisers, and strong polyurethane bushes in the torque arm. This guarantees minimal maintenance costs, lesser downtime, and an increase in operational efficiency.
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Who Are the Fastest-Growing Companies in the Automotive Suspension Systems Industry?
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
What Is the Regional Outlook for the Automotive Suspension Systems Market by 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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