Automotive Suspension Market

Global Automotive Suspension Market Size (2024 to 2032)

The global automotive suspension market was valued at USD 46.26 billion in 2023 and is anticipated to reach USD 47.46 billion in 2024 from USD 58.28 billion by 2032, growing at a CAGR of 2.60% from 2024 to 2032.

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.

MARKET DRIVERS

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.

MARKET RESTRAINTS

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.

Impact Of COVID-19 on the automotive suspension market

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 COVERAGE

SEGMENTAL ANALYSIS 

Global Automotive Suspension Market Analysis By Electric & Hybrid Vehicle Type

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.

Global Automotive Suspension Market Analysis By Architecture

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.

Global Automotive Suspension Market Analysis By Actuation

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.

REGIONAL ANALYSIS 

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.

KEY PLAYERS IN THE GLOBAL AUTOMOTIVE SUSPENSION MARKET

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.

RECENT HAPPENINGS IN THE MARKET

• Strut-Plus (KYB) is the perfect replacement for struts for the control and handling of car-specific original equipment. It does not cut edges and does not have universal access during Strut-Plus creation and production. While its competitors, its producers use specific part numbers on the corners to help rebuild the designed performance in the car.
• By combining the resources and knowledge of KYB, a producer of hydraulic shock absorbers, and Yamaha Motor, a producer of motorcycles, the two organizations plan to establish a global capacity to supply hydraulic shock absorbers for motorcycles and other items. The goal is to sell items with the best performance and quality in the world at a competitive cost. Their strategy is to sell these items to motorcycle producers around the world, including Yamaha Motor.
• Fox Factory Holding Corp. declares an authorized agreement to acquire SCA Performance Holdings, Inc., one of the leading producers of special vehicles for light trucks and SUVs.
• Fox Factory Holding Corp. said it had signed an authorized agreement to acquire substantially all of the assets of Air Ride Technologies, Inc. Dba Ridetech, a leading manufacturer of suspension systems that improve the handling and driving ability of muscle cars, trucks, sports vehicles, and hot rods.

DETAILED SEGMENTATION OF THE GLOBAL AUTOMOTIVE SUSPENSION MARKET INCLUDED IN THIS REPORT

This research report on the global automotive suspension market has been segmented and sub-segmented into the following categories. 

By Electric & Hybrid Vehicle Type

• Passenger car
  • Front Suspension
  • Rear Suspension
• LCV
  • Front Suspension
  • Rear Suspension
• HCV
  • Front Suspension
  • Rear Suspension

By Architecture

• Macpherson Strut
• Double Wishbone
• Multi-Link
• Twist Beam
• Leaf Spring
• Air Spring

By Actuation

• Hydraulically Actuated Suspension
• Electronically Actuated Suspension

By Region

• North America 

• Europe 
• Asia Pacific
• Latin America
• Middle East and Africa