The global automotive suspension market is expected to be valued at USD 47.46 billion in 2024 and USD 53.96 billion by 2029 and grow at a CAGR of 2.60% from 2024 to 2029.
Suspensions help keep car tires in contact with the road while driving to reduce bumps and protect the car from deterioration or wear. Also, it offers a separation of the car from the high-frequency vibrations of the tire excitation. The car's suspension consists of a spring frame, dampers, spacers, control arms, and ball joints that connect the car to the wheel and thus allow relative movement between the two. The type of geometry and the system used to form the suspension depends on the curvature of the wheel, the hub wheel, the tip of the car, and the inclination of the kingpin of the control arms.
Key drivers include increased auto production and interest in luxury features that will maximize the use of suspension. The automotive suspension is a frame made up of shock absorbers, tires, springs, and rods, which fastens the car to its wheels and ensures synchronization in the movement of the two wheels. Suspension systems are one of the most important elements of a vehicle because they support both the driving quality and the handling of a car.
Technological improvements in the automotive suspension market have led to the development of suspensions for electric generators. This type of suspension fulfills its usual function and also serves as a power source for certain automotive energy needs. This technology is in its infancy and is expected to grow at a significant rate during the anticipated period. The demand for light vehicle suspensions with the increase in car manufacturing and the growth of the vehicle segment in the main countries of the world triggers the growth of the world market for car suspensions.
Despite its advantages, rising costs remain the main obstacle to the growth of electromagnetic suspension systems. Although the market for automotive suspensions is growing exponentially, certain limitations, such as the lack of standardization and the increased costs of independent suspension systems, limit its growth.
Cargo and Logistics associations have been on the bleeding edge since the earliest reference point of the COVID-19 emergency, keeping racks supplied and basic creation lines running. Be that as it may, the year began with world product exchange development as of now underneath pattern – and now the business is confronting interruption on a worldwide scale. No business has been resistant to the emergency, which has had a significant effect on the automotive industry. Supply chains are affected, and pioneers must make quick, exceptionally educated choices to secure and bolster their kin and guarantee that basic business activities bolster the prompt and longer-term cultural requirements. Pioneers in the automotive industry have just exceeded expectations by promoting cargo movement, notwithstanding immense difficulties.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
2.60% |
Segments Covered |
By Electric & Hybrid Vehicle Type, Architecture, Actuation, and Region. |
Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
KYB Corporation, Hendrickson LLC, FOX Factory, Inc., Continental AG, Magneti Marelli S.p.A, Tenneco Inc., Sogefi SpA., ThyssenKrupp AG, ZF Friedrichshafen AG, Benteler International AG, and Others. |
The increase in disposable income in developing countries is an important factor that stimulates the passenger car market. The passenger car sector is expected to be the fastest-growing sector in the global automotive suspension market. For example, increased customer disposable income and increased auto ownership with easy financing options have resulted in increased passenger car sales. The demand for automatic suspension for light commercial vehicles is also expected to increase due to increased production in the North American region as people choose to travel off-road with light commercial vehicles.
Active suspension systems control the vertical movement of a car's wheels relative to the car's body or chassis using an onboard system. In passive suspension systems, the movement of the car is determined by the road surface. Most passenger cars use lightweight coil springs, while light commercial cars use coil springs and air springs in their automotive suspension systems. Heavy commercial cars primarily use air springs for suspension.
Electronic suspension systems are increasing at a rapid rate due to the increasing number of high-end cars offering better driving quality and superior control. These suspension systems reduce the car's rolling when cornering, accelerating, and braking.
Economic reforms in the Asia-Pacific region and Europe and increased investment in private capital in vehicle suspension production organizations worldwide are likely to have a positive impact on the growth of this market. Automotive Suspension Market growth in the region has been enhanced by the higher standards of automotive safety developed by various transportation authorities.
KYB Corporation, Hendrickson LLC, FOX Factory, Inc., Continental AG, Magneti Marelli S.p.A, Tenneco Inc., Sogefi SpA., ThyssenKrupp AG, ZF Friedrichshafen AG, Benteler International AG. Some of the key market players dominate the global automotive suspension market.
North America
Frequently Asked Questions
The current size of the global automotive suspension market is estimated to be 47.46 billion USD in 2023.
Currently, Asia-Pacific holds the largest market share in the global automotive suspension market, driven by the high production and sales of vehicles, particularly in countries like China and India.
In North America, the automotive suspension market has evolved with a focus on performance-oriented suspensions, adaptive damping technologies, and the integration of electronic control systems to enhance ride quality and handling.
In the United States, key trends include the growing popularity of air suspension systems, the integration of advanced driver assistance systems (ADAS) into suspension components, and the development of hybrid and electric vehicle suspensions.
Germany is a leader in Europe for the development and innovation of advanced automotive suspension technologies, with its automotive industry at the forefront of engineering and research in this field.
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