Automotive Suspension Market

Market Analysis and Insights:

The market for Global Automotive Suspension was estimated to be worth USD 61.64 billion in 2022, and from 2023 to 2032, it is anticipated to grow at a CAGR of 4.68%, with an expected value of USD 96.48 billion in 2032.

The automotive suspension market is experiencing growth and advancement due to various factors. A primary driver is the increasing consumer preference for enhanced comfort and ride quality in vehicles, leading to a demand for advanced suspension systems. Safety awareness among consumers is also a significant factor propelling the market, as suspension systems play a crucial role in improving vehicle stability and control for enhanced on-road safety.

Furthermore, ongoing technological developments, including the integration of adaptive suspension and electronic control systems, are piquing consumer interest and driving market demand. The aftermarket 's expansion is playing a role in market growth, with consumers increasingly opting to replace or upgrade their suspension systems for improved performance. Lastly, the surge in disposable income levels and urbanization in developing nations is driving automobile demand and subsequently boosting the automotive suspension market. Collectively, these factors are expected to drive the automotive suspension market's growth in the near future.

Automotive Suspension Market Scope: 

Market Definition

The automotive suspension system encompasses a network of components including springs, dampers, and connections that establish a connection between a vehicle's chassis and its wheels. This system plays a crucial role in enhancing stability, maneuverability, and comfort by dampening vibrations from the road surface and governing the motion of the vehicle. It serves as a fundamental element in delivering a seamless and regulated driving experience for both the occupants and the driver.

The automotive suspension system is vital for guaranteeing the smooth and precise operation of a vehicle. Its primary purpose is to ensure stability, comfort, and safety by effectively managing the impact of uneven road surfaces on the wheels and enhancing the general handling and maneuvering capabilities. A well-maintained suspension system effectively absorbs shocks from road imperfections, such as bumps and potholes, thereby reducing vibrations and impacts felt by passengers in the vehicle. Moreover, it enhances traction and grip on the road surface, leading to improved braking efficiency and steering control. Proper upkeep of the suspension system significantly minimizes the risks of accidents, tire deterioration, and damage to other vehicle parts. Consequently, the suspension system is crucial for enhancing the overall driving experience and ensuring vehicle safety.

Key Market Segmentation:

Insights On Key Distribution Channel

Aftermarket

The Aftermarket distribution channel is expected to dominate the Global Automotive Suspension Market is the . This is because the aftermarket provides a wide range of options for consumers to choose from when it comes to automotive suspension systems. With increasing demand for customization and performance enhancements, consumers are more likely to turn to the aftermarket for suspension upgrades. Additionally, aftermarket products are often more cost-effective compared to OEM options, making them more accessible to a larger consumer base. As a result, the Aftermarket part is projected to dominate the Global Automotive Suspension Market.

OEM

While the Aftermarket part is expected to dominate the Global Automotive Suspension Market, the OEM channel also holds significant importance. Original Equipment Manufacturers (OEMs) play a crucial role in providing suspension systems for new vehicles. OEM suspension systems are trusted for their quality, reliability, and compliance with industry standards. Many consumers prefer to stick with OEM suspension components when repairing or replacing parts due to their compatibility and assurance of fitment. Therefore, the OEM part will continue to have a substantial market share, especially among consumers who prefer original parts or require warranty coverage.

Insights On Key Component

Shock Absorber

Shock Absorber is expected to dominate the Global Automotive Suspension Market. As a crucial component of the suspension system, shock absorbers play a vital role in controlling the vehicle's vertical movement and ensure a smooth ride. With the increasing demand for enhanced comfort, safety, and improved vehicle handling, the adoption and replacement rate of shock absorbers are projected to rise significantly. Additionally, the growing popularity of electric vehicles (EVs) and the need for advanced suspension systems to mitigate the impact of heavier batteries further contribute to the dominance of shock absorbers in the market.

Air Spring

Air Springs, also known as air suspension bags or air bellows, provide adjustable support and superior ride comfort by using compressed air as a medium. Although not dominating the market, air springs have gained traction in the commercial vehicle , particularly for heavy-duty trucks and buses. These vehicles require robust suspension to manage heavy loads, varying road conditions, and ensure passenger comfort. The demand for air springs is primarily driven by their ability to adjust load carrying capacity, offering improved stability, better shock absorption, and reduced vibrations.

Leaf Spring

Leaf Springs have a long history of usage in automotive suspension systems and are commonly found in light commercial vehicles, pick-up trucks, and some passenger cars. The dominance of leaf springs is diminishing with the introduction of more advanced suspension technologies. However, they still hold a significant market share in certain regions, especially in developing countries where cost-effective solutions are favored over advanced suspension systems. Leaf springs are known for their durability, load-carrying capacity, and ease of installation, making them suitable for rough terrains and heavy-duty applications.

Coil Spring

Coil Springs are widely used in passenger cars and some light commercial vehicles. They offer better ride comfort, improved handling, and enhanced stability compared to leaf springs. Coil springs provide flexibility in design and can be tailored to specific vehicle requirements. While coil springs have certain advantages, such as reducing body roll during cornering and maintaining constant ride height, they face competition from more advanced suspension technologies, and their dominance in the market is relatively limited compared to other parts.

Ball Joint

Ball Joints are crucial components in the automotive suspension system that connect the control arms to the steering knuckles. They provide the necessary articulation and allow for smooth movement and precise steering control. While ball joints are vital for ensuring safe and stable handling, they are not expected to dominate the global automotive suspension market. Their market share is limited to the demand for replacement parts due to wear and tear, rather than being a driving force in the overall suspension system market.

Struts

Struts, also known as MacPherson struts, are integrated suspension components comprising a coil spring and a shock absorber. They are extensively used in front suspensions of passenger cars due to their space-saving design and cost-effectiveness. Struts offer structural support and damping capabilities, enhancing ride comfort and vehicle stability. However, their dominance in the global automotive suspension market is not significant, as other components like shock absorbers play a more substantial role in suspension performance. Struts are mostly preferred for their simplicity, compactness, and ease of installation.

Air Compressor

Air Compressors are essential components in air suspension systems, mainly used in luxury vehicles and high-end sports cars. They provide compressed air to maintain optimal air pressure in air springs and ensure consistent ride height and suspension performance. While air compressors are integral to the proper functioning of air suspension systems, their dominance in the global automotive suspension market is limited due to their specific application and relatively niche customer base. Therefore, they are not expected to be the dominating part in the overall market.

Others

Other component comprises various suspension components not specifically mentioned in the given options, such as control arms, bushings, torsion bars, stabilizer bars, and sway bars. These components play critical roles in the overall suspension system. However, due to their diverse nature and varying demand across vehicle types, the "Others" part does not hold a dominant position in the global automotive suspension market. The market share of these components is distributed based on specific vehicle requirements, regional preferences, and technological advancements.

Insights On Key Geometry

Independent Geometry

Independent Geometry is expected to dominate the Global Automotive Suspension Market. This is due to several factors. Independent Geometry offers a higher level of control and maneuverability compared to the other parts. With individual suspension for each wheel, it allows for better handling, stability, and comfort, which are highly valued by consumers. Furthermore, independent geometry suspension systems can be optimized for specific vehicle types and driving conditions, making them versatile and adaptable. As a result, Independent Geometry is projected to have a significant market share in the Global Automotive Suspension Market.

Dependent Geometry

Dependent Geometry is another part within the Global Automotive Suspension Market. Although it may not be expected to dominate the market, it still plays a significant role, especially in certain vehicle categories. Dependent Geometry suspension systems are commonly utilized in commercial vehicles and heavy-duty trucks where load-carrying capability is prioritized over maneuverability. These systems offer robustness and durability, making them suitable for demanding applications. While the market share of Dependent Geometry may not be as high as Independent Geometry, it remains an essential part within the Global Automotive Suspension Market.

Semi Independent Geometry

Semi Independent Geometry is a part within the Global Automotive Suspension Market that has its own unique characteristics. It is often found in smaller passenger cars and some mid-size vehicles. Semi independent geometry suspension systems combine features of both dependent and independent geometry, offering a compromise between load-carrying capability and maneuverability. While not dominating the market, this part caters to a specific of consumers who prioritize a balance between ride comfort and practicality. The market share of Semi Independent Geometry may be smaller compared to Independent Geometry, but it still holds its place within the Global Automotive Suspension Market.

Insights On Key System

Passive

The passive suspension system is expected to dominate the global automotive suspension market. The passive suspension system is the traditional and most common type of suspension system used in vehicles. It relies on mechanical components such as springs and dampers to absorb and dampen road vibrations and disturbances. This system offers a simple and cost-effective solution for vehicle suspension, making it widely adopted by manufacturers and preferred by consumers. Moreover, the passive suspension system provides a relatively comfortable ride and has been refined over many years of use. Therefore, it is expected to maintain its dominance in the global automotive suspension market.

Active

The active suspension system is an important system in the global automotive suspension market. However, it is not expected to dominate the market. Active suspension systems utilize electronic components and sensors to actively control the vehicle's suspension in response to road conditions. This system offers superior ride comfort, handling, and stability, but it is relatively expensive and complex compared to other parts. Therefore, while active suspension systems are gaining popularity in high-end luxury vehicles and performance cars, they are not likely to become the dominating part in the global automotive suspension market.

Semi-Active

The semi-active suspension system is also prominent in the global automotive suspension market. While it offers some advantages over passive systems, it is not expected to dominate the market. Semi-active suspensions combine the benefits of passive and active systems by using electronically controlled dampers. These dampers can vary their stiffness or damping characteristics depending on road conditions and driver inputs. However, due to the complexity and cost associated with semi-active suspension systems, they are typically found in mid-range luxury vehicles and sports cars. As a result, the semi-active part is not likely to dominate the global automotive suspension market.

Insights On Key Vehicle Type

Passenger Cars

Passenger cars are expected to dominate the Global Automotive Suspension Market. This is mainly due to the high demand for passenger cars worldwide. With a growing global population and increasing disposable income, the demand for passenger car purchases is expected to rise. Moreover, passenger cars are frequently used for personal transportation and commuting purposes. As a result, the need for high-quality automotive suspension systems in passenger cars is essential for providing a comfortable and smooth ride, ensuring safety and stability on the road. Additionally, the constant advancements in automotive suspension technology to enhance vehicle performance and the rising trend of electric and hybrid passenger cars further contribute to the dominance of this part in the Global Automotive Suspension Market.

Two-wheelers

Two-wheelers also hold a significant share in the Global Automotive Suspension Market. Two-wheelers, such as motorcycles and scooters, are widely used for personal transportation in many countries, especially in Asia-Pacific regions. The growing urbanization, congested city roads, and increasing fuel prices have led to an upswing in the sales of two-wheelers. As a result, the demand for efficient suspension systems to provide stability, comfort, and enhanced handling capabilities has increased. The use of advanced suspension technologies, such as telescopic front forks and twin shock absorbers, further drives the demand for automotive suspension systems in the two-wheeler part, making it a prominent player in the market.

Commercial Vehicles

Although commercial vehicles, including trucks and buses, play a vital role in the transportation industry, they are expected to hold a smaller share in the Global Automotive Suspension Market compared to passenger cars and two-wheelers. Commercial vehicles are primarily used for the transportation of goods and passengers on long-haul routes or heavy-duty applications. While suspension systems in commercial vehicles are crucial for load-bearing capacity, stability, and safety, the overall demand for commercial vehicles is typically lesser compared to passenger cars and two-wheelers. Furthermore, the infrastructure and regulations pertaining to the use of commercial vehicles vary across countries, affecting the demand for automotive suspension systems in this part.

Insights On Key Suspension Type

Hydraulic Suspension 

Hydraulic suspension is expected to dominate the global automotive suspension market. This part offers several advantages over its counterparts. Hydraulic suspension provides a smooth and comfortable ride by absorbing shocks and vibrations from the road surface. It also allows for precise control of body movements and improved stability during cornering. Furthermore, hydraulic suspension systems can be adjusted for different road conditions and vehicle loads, providing a customizable and versatile solution. These benefits make hydraulic suspension an ideal choice for a wide range of vehicles, including luxury cars, sports cars, and even some commercial vehicles. With its superior performance and adaptability, hydraulic suspension is expected to be the preferred choice in the automotive suspension market.

Air Suspension 

Air suspension, although not the dominating part, holds its position as a significant player in the global automotive suspension market. This type of suspension offers unique benefits, including the ability to adjust ride height and stiffness, providing improved handling and comfort. Air suspension is particularly popular in luxury vehicles, where occupants can experience a smooth and controlled ride. Additionally, air suspension compensates for variations in vehicle load, ensuring consistent performance regardless of cargo or passenger weight. Its ability to adapt to different conditions makes air suspension a desirable option for off-road vehicles and heavy-duty applications. While hydraulic suspension takes the lead in the market, air suspension remains a competitive part with its specific advantages.

Leaf Spring Suspension 

Leaf spring suspension, although not expected to dominate the global automotive suspension market, maintains its significance in certain vehicle applications. This more traditional suspension design consists of stacked metal strips (leaves) that absorb road impacts and provide support. Leaf spring suspension is commonly used in commercial vehicles, such as trucks and vans, as it offers durability and load-bearing capabilities. This suspension type is also cost-effective and relatively simple to manufacture, making it a preferred choice in vehicles where cost efficiency is a priority. While hydraulic and air suspensions may offer more advanced features, leaf spring suspension continues to provide reliable performance in specific s of the automotive market.

Insights on Regional Analysis:

Asia Pacific

Asia Pacific is expected to dominate the Global Automotive Suspension market. The region has witnessed significant growth in the automotive industry, driven by the rising population, increasing disposable income, and growing urbanization. Moreover, countries like China, India, Japan, and South Korea are major contributors to the automotive sector in the region. These countries have well-established manufacturing facilities and are home to several leading automobile manufacturers. Additionally, the increasing demand for passenger and commercial vehicles in Asia Pacific further propels the market growth for automotive suspensions. The region's dominance can also be attributed to the preference for comfort and a smooth driving experience among consumers, leading to a higher adoption of advanced suspension systems.

North America

In North America, the automotive suspension market is expected to experience steady growth. The region has a mature automotive industry and a well-developed infrastructure, which supports the production and sales of vehicles. The demand for automotive suspensions in North America is driven by factors such as the presence of a large consumer base, increasing investments in research and development, and the growing focus on vehicle performance and safety. Additionally, the popularity of off-road vehicles and pickup trucks in the region contributes to the market growth for automotive suspensions.

Europe

Europe is another significant market for automotive suspensions. The region has a strong automotive manufacturing base, with countries like Germany, France, Italy, and the United Kingdom being major contributors. The market in Europe is driven by the increasing demand for luxury and premium vehicles, as well as the strict regulations regarding vehicle safety and emissions. The European market is characterized by the presence of well-established automotive suspension manufacturers who offer advanced and technologically advanced suspension systems.

Latin America

Latin America is expected to witness moderate growth in the automotive suspension market. The region has a growing automotive industry, with countries like Brazil, Mexico, and Argentina being key players. Factors such as increasing urbanization, rising disposable income, and a growing middle-class population contribute to the demand for automotive suspensions in the region. However, economic fluctuations and unstable political conditions in certain countries may impact the market growth to some extent.

Middle East & Africa

The Middle East & Africa region is expected to have a relatively smaller market share in the global automotive suspension market. Factors such as the presence of a smaller automotive industry compared to other regions, economic challenges, and a lower vehicle ownership rate contribute to the limited growth prospects in the region. However, with the increasing focus on infrastructure development and economic diversification in countries like UAE, Saudi Arabia, and South Africa, there is a potential for market expansion in the future.

Company Profiles:

Prominent players within the worldwide automotive suspension sector, assume a pivotal role in the creation and production of suspension solutions that amplify both the stability and comfort of vehicles, thereby augmenting overall performance. Their efforts spearhead technological progressions aimed at elevating safety standards and enhancing driving experiences for global automotive consumers.

Prominent companies in the automotive suspension industry encompass KYB Corporation, Tenneco Inc., ZF Friedrichshafen AG, Magneti Marelli S.p.A., Sogefi SpA, Mando Corp., Hendrickson International Corporation, BWI Group, Thyssenkrupp AG, and Hitachi Automotive Systems Ltd. These industry leaders are actively engaged in the design, manufacturing, and global supply of automotive suspension systems, catering to the diverse needs of automakers. Their primary focus lies in delivering innovative suspension solutions that optimize vehicle performance, stability, and ride comfort.

Through continuous investments in research and development initiatives, they strive to introduce cutting-edge technologies and enhance their product offerings. Leveraging their profound expertise and expansive market presence, these key players significantly influence the automotive suspension sector, driving innovation and meeting the changing demands of customers.

COVID-19 Impact and Market Status:

The global automotive suspension market experienced a notable decrease as a consequence of the Covid-19 pandemic, which was brought about by interruptions in the supply chain and a decrease in consumer interest in purchasing vehicles.

The global automotive suspension market has experienced a significant impact due to the COVID-19 pandemic. Disruptions in supply chains, production, and distribution channels have been a major consequence of the outbreak. Automotive manufacturers worldwide have experienced shutdowns, resulting in reduced vehicle production, including those incorporating suspension systems. Decreased consumer purchasing power, along with lockdowns and travel restrictions, has led to a decline in the demand for automobiles, subsequently affecting the need for automotive suspension components and systems. However, as restrictions are gradually lifted and economic activities resume, the market is poised for recovery in the foreseeable future. The emphasis on comfortable and smooth rides, particularly in premium and luxury vehicles, is expected to propel the demand for advanced suspension systems. The increasing adoption of electric and hybrid vehicles, which necessitate sophisticated suspension systems to accommodate the additional weight of batteries, offers promising opportunities for market growth.

Latest Trends and Innovation:

- In 2021, ZF Friedrichshafen AG announced the acquisition of WABCO Holdings Inc., a leading global supplier of braking control systems and other advanced technologies for commercial vehicles.

- In 2020, Tenneco Inc. completed the acquisition of Öhlins Racing AB, a Swedish manufacturer of high-performance suspension systems and components for motorcycles, automotive, and mountain bikes.

- In 2019, Tenneco Inc. announced the acquisition of Federal-Mogul, a leading global supplier of automotive OEM and aftermarket products, including suspension components.

- In 2018, Magneti Marelli S.p.A., an Italian automotive parts manufacturer, was acquired by CK Holdings Co., Ltd., a holding company of Calsonic Kansei Corporation. Magneti Marelli offers a wide range of suspension technologies.

- In 2017, KYB Corporation, a Japanese manufacturer of hydraulic components and systems, announced a joint venture with Conmat Systems Pvt. Ltd., an Indian automotive component manufacturer, to develop automotive suspension systems.

- In 2016, Continental AG introduced its innovative Continuously Variable Semi-Active (CVSAe) suspension system, providing a smoother ride and improved handling in various driving conditions.

- In 2015, Thyssenkrupp AG unveiled its innovative Multi-Link Rear Axle, which enhances the driving dynamics and comfort of vehicles by providing optimized suspension performance.

- In 2014, Magna International Inc., a leading global automotive supplier, announced the acquisition of ixetic Verwaltungs GmbH, a manufacturer of advanced suspension systems for premium automotive applications.

- In 2013, Hitachi Automotive Systems, Ltd. developed the world's first suspension system that utilizes magnets to actively control vehicle roll motion, enhancing stability and ride comfort.

- In 2012, BWI Group, a supplier of automotive suspension and braking systems, announced the opening of its first manufacturing plant in China, further expanding its global presence.

Significant Growth Factors:

The rising desire for enhanced driving comfort and technological advancements are fundamental drivers propelling the expansion of the automotive suspension industry.

The automotive suspension industry is witnessing notable growth driven by several significant factors. Firstly, the rising consumer demand for enhanced comfort and safety features in vehicles is propelling the adoption of advanced suspension systems. These systems offer smoother and more stable rides, effectively reducing vibrations and impacts on the road. Secondly, the expansion of the automotive sector, especially in developing economies, is a key contributor to the market's growth. Factors such as increasing disposable incomes, urbanization, and evolving lifestyles are spurring the desire for passenger vehicles, consequently increasing the necessity for improved suspension technologies. Additionally, stringent governmental regulations and safety standards are compelling automakers to integrate sophisticated suspension technologies into their vehicles. These regulations primarily focus on reducing emissions, enhancing fuel efficiency, and ensuring the safety of occupants. Moreover, the surge in popularity of electric and hybrid vehicles is opening up new avenues in the suspension market. These vehicles necessitate specialized suspension systems to address the unique challenges posed by their diverse powertrain configurations and varying weights. Lastly, the rising demand for suspension components in the aftermarket is driving market growth. As vehicles age, their suspension systems wear out, leading to an increase in replacement and upgrading activities. With the growing trend of vehicle customization, consumers are opting for aftermarket suspension systems to enhance both performance and aesthetics. In summary, the automotive suspension market is experiencing growth due to a combination of factors such as increasing vehicle demand, regulatory requirements, technological advancements, and opportunities in the aftermarket .

Restraining Factors:

Challenges faced by the automotive suspension industry include the significant expenses linked to sophisticated suspension systems and the scarcity of proficient personnel for installation and upkeep services.

The automotive suspension sector is primed for notable expansion in the future, driven by factors such as the uptick in vehicle manufacturing, the growing global desire for enhanced comfort and safety features, and advancements in suspension system technology. Despite these promising prospects, there are hurdles that may impede this growth trajectory. Notably, stringent governmental directives concerning vehicle emissions and fuel efficiency are compelling manufacturers to create lighter suspension systems, potentially presenting challenges for conventional suspension components producers. Moreover, the higher costs associated with cutting-edge suspension systems, particularly in the luxury and high-performance vehicle s, might constrain their integration in mainstream and emerging markets. The intricate nature of advanced suspension systems also demands skilled technicians for installation and upkeep, possibly stalling market expansion in regions with limited skilled labor pools. Additionally, fluctuations in key material prices like steel and aluminum could impact the bottom line of suspension system manufacturers. The ongoing repercussions of the COVID-19 pandemic have had consequential effects on the automotive industry, including the suspension market, evident in supply chain disruptions and reduced vehicle sales. Despite these obstacles, the future of the automotive suspension market is rife with growth potential. Manufacturers can focus on research and development endeavors to devise cost-efficient solutions that align with regulations while upholding performance and safety standards. Collaboration with original equipment manufacturers (OEMs) and aftermarket service providers can assist in broadening market penetration and ensuring effective product installation and upkeep. With continual advancements in suspension system technologies, encompassing the emergence of electric and adaptive suspensions, the automotive suspension market is anticipated to recover and prosper in the years ahead.

Key Segments of the Automotive Suspension Market

Distribution Channel Overview
• Original Equipment Manufacturers (OEM)
• Aftermarket

Component Overview
• Air Spring
• Shock Absorber
• Leaf Spring
• Coil Spring
• Ball Joint
• Struts
• Air Compressor
• Others

Geometry Overview
• Dependent Geometry
• Semi-Independent Geometry
• Independent Geometry

System Overview
• Active Suspension System
• Semi-Active Suspension System
• Passive Suspension System

Vehicle Type Overview
• Two-Wheeler
• Passenger Cars
• Commercial Vehicles

Suspension Type Overview
• Hydraulic Suspension
• Air Suspension
• Leaf Spring Suspension

Regional Overview

North America
• United States
• Canada
• Mexico
Europe
• Germany
• France
• United Kingdom
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
Middle East and Africa
• Saudi Arabia
• United Arab Emirates
• Rest of Middle East and Africa
Latin America
• Brazil
• Argentina
• Rest of Latin America