Automotive Suspension Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Automotive Suspension Systems Component Manufacturers. It is Segmented by Component Type (coil Spring, Leaf Spring, Air Spring, Shock Absorber, and Other Components), Vehicle Type (passenger Car and Commercial Vehicle), Type (passive Suspension, Semi-Active Suspension, and Active Suspension), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The Report Offers the Market Sizes and Forecasts in Value (USD) for all the Above Segments.

Automotive Suspension Systems Market Size

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Automotive Suspension System Market Summary
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Study Period 2019-2029
Market Size (2024) USD 134.56 Billion
Market Size (2029) USD 181.35 Billion
CAGR (2024 - 2029) 6.15 %
Fastest Growing Market Asia Pacific
Largest Market Asia-Pacific

Major Players

Automotive Suspension System Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Automotive Suspension Systems Market Analysis

The Automotive Suspension System Market size is estimated at USD 134.56 billion in 2024, and is expected to reach USD 181.35 billion by 2029, growing at a CAGR of 6.15% during the forecast period (2024-2029).

In 2022, some 85 million motor vehicles were produced worldwide. In 2022, China emerged as the global leader in passenger car production, manufacturing approximately 23.84 million such vehicles alongside 3.19 million commercial vehicles, solidifying its position as the foremost producer of passenger cars worldwide.

Over the medium term, demand for luxury cars and penetration of active suspension systems are expected to drive the market demand over the forecast period. The rise in vehicle autonomy is expected to drive the market growth for sensor- and electronic-based suspension systems. The development of air suspension in automobiles was one of the most significant changes in the industry.

The shifting paradigm of automobile manufacturing and rising consumer expectations will necessitate the incorporation of effective performance elements into vehicles by automakers. OEMs are investing in R&D to integrate novel technologies into suspension systems to improve steering stability and provide a comfortable ride. Such developments will drive the vehicle suspension market forward. For Instance, In April 2023, EXT developed an updated adaptation of the Era fork's pioneering dual-positive air chamber design, specifically tailored to meet the unique demands of the Aria application. Building upon this foundation, they have crafted a shock absorber that boasts a significantly enhanced air spring, pushing the boundaries of sensitivity and support to unprecedented levels previously attainable solely by coil-sprung shocks.

Regions like Asia-Pacific and Europe are forecasted to be the fastest-growing automotive suspension system market. In Asia-Pacific, China is expected to continue to be the driver of market growth during the forecast period.

Automotive Suspension Systems Market Trends

Growing Sales of Commercial Vehicles to Drive Demand in the Market

The demand for commercial vehicles is rising owing to the growing logistics industry and increasing usage of light commercial vehicles, such as vans (for ride-hailing services). One of the key driving factors for light commercial vehicles is the increased preference for pickup trucks and small vans over heavy-duty trucks and railways for logistics. The growing demand for logistics stems from the growing e-commerce industry globally. As the e-commerce market continues to expand, demand for pickup vans, small trucks, and other LCVs is also likely to increase.

The new vehicle sales of Light commercial vehicles in Germany stood at 265732 units in 2021 and 312400 units in 2022. The new vehicle sales of Light commercial vehicles in France stood at 431385 units in 2021. In 2022, the same was 347069 units registered.

The government and car manufacturers' initiatives to introduce commercial electric vehicles are expected to drive the automotive suspension market in the study period. In the past few years, the electric commercial vehicle market witnessed major automakers rolling out their strategies toward electric mobility, helping to boost the global suspension market. For instance:

In May 2022, Thyssenkrupp opened a new technology center for the global development of suspension products for heavy vehicles in Sao Paulo, Brazil, operated by its Springs & Stabilizers business unit. ThyssenKrupp has Springs & Stabilizers factories in Sao Paulo and Ibirité, which produce springs and stabilizer bars for vehicles of various sizes, such as cars, buses, and trucks.

Technological advancements, along with new vehicle launches and increasing adoption of commercial electric vehicles across the world, are expected to help the automotive suspension system market grow during the forecasted period. Due to the rising environmental concerns, the electric commercial vehicle market is in its growth phase, and the market is expected to rise exponentially during the forecast period.

Automotive Suspension System Market: Worldwide Commercial Vehicle Sales From 2016 To 2022 (In Million Units)

Asia-Pacific is Anticipated to Register the Highest Growth During the Forecast Period

The Asia-Pacific automotive suspension system market is expected to grow at a significant rate in terms of revenue during the forecast period. The rise in new vehicle sales, including passenger cars and commercial vehicles across the region, is witnessing major growth in the market. For instance,

In 2022, over 23 million passenger cars were sold in China, making it the largest market in the Asia-Pacific region. India was the second biggest market in the region, with nearly 3.8 million unit sales in 2022.

Major companies expanding their production facilities across the region is likely to create an opportunity for the market. For instance,

In May 2022, Tenneco Inc. announced that the 2022 Mercedes-AMG SL-Class of luxury roadsters would feature two of the latest intelligent suspension technologies from its Monroe Intelligent Suspension portfolio. The new models will be offered with Tenneco's CVSA2 semi-active suspension or integrated CVSA2/Kinetic suspension.

Such initiatives are expected to drive automotive production in the upcoming years, which, in turn, would drive the demand for automotive suspension systems across the region.

Automotive Suspension System Market - Growth Rate by Region (2023-2028)

Automotive Suspension Systems Industry Overview

The automotive suspension system market is moderately consolidated with leading players such as Continental AG, Mando Corporation, ZF, Magneti Marelli, Thyssenkrupp AG, Mando Corporation, etc., accounting for major market share. Product innovation and geographic expansion to new markets will play a major role in the success of any player in the automotive suspension market.

In January 2022, ZF Friedrichshafen AG launched a commercial vehicle division named Commercial Vehicle Solutions. This makes the company the largest commercial vehicle supplier in the automotive industry.

In May 2022, Jaguar Land Rover (JLR) announced the launch of the new Land Rover Defender 130. Defender 130 is fitted with Land Rover's Intelligent All-Wheel Drive (iAWD) system and eight-speed ZF automatic transmission as standard. It is fitted with 'Electronic Air Suspension with Adaptive Dynamics' and Land Rover's advanced Terrain Response system.

Automotive Suspension Systems Market Leaders

  1. Continental AG

  2. thyssenkrupp AG

  3. Marelli Holdings Co., Ltd.

  4. Mando Corporation

  5. ZF Friedrichshafen AG

*Disclaimer: Major Players sorted in no particular order

Automotive Suspension System Market Concentration
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Automotive Suspension Systems Market News

  • September 2023: Anand Group partnered with South Korea's HL Group to supply a diverse range of aftermarket components for domestic and international passenger vehicle markets.
  • May 2022: Haval Russia announced that it accepted pre-orders for the new medium-sized Dargo crossover, the serial production of which at its plant in the Tula region started in early April 2022. It is based on a frameless LEMON platform with a transverse engine and fully independent suspension.
  • May 2022: Shanghai Baolong Automotive announced that it received a notice of supplier designation from a leading NEV (New Energy Vehicle) manufacturer in China. This NEV manufacturer has selected Shanghai Baolong Automotive as the supplier of gas tanks for the air suspension system. The supply period is expected to be 5 years, and the total value of the deal is expected to exceed CNY 150 million.

Automotive Suspension Systems Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Growing Automotive Sales Across the Globe

    2. 4.2 Market Restraints

      1. 4.2.1 High Cost of Advanced Suspension Systems

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size in Value (USD))

    1. 5.1 Component Type

      1. 5.1.1 Coil Spring

      2. 5.1.2 Leaf Spring

      3. 5.1.3 Air Spring

      4. 5.1.4 Shock Absorber

      5. 5.1.5 Other Component Types

    2. 5.2 Type

      1. 5.2.1 Passive Suspension

      2. 5.2.2 Semi-active Suspension

      3. 5.2.3 Active Suspension

    3. 5.3 Vehicle Type

      1. 5.3.1 Passenger Car

      2. 5.3.2 Commercial Vehicle

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 Italy

        4. 5.4.2.4 France

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Continental AG

      2. 6.2.2 Mando Corporation

      3. 6.2.3 ZF Friedrichshafen AG

      4. 6.2.4 Thyssenkrupp AG

      5. 6.2.5 Tenneco Inc.

      6. 6.2.6 Marelli Corporation

      7. 6.2.7 Hyundai Mobis Co. Ltd

      8. 6.2.8 Hitachi Astemo Ltd

      9. 6.2.9 BWI Group

      10. 6.2.10 Sogefi SpA

      11. 6.2.11 KYB Corporation

      12. 6.2.12 LORD Corporation

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Integration of Sensors and Electronics

**Subject to Availability
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Automotive Suspension Systems Industry Segmentation

Suspension is the system of tires, tire air, springs, shock absorbers, and linkages that connect a vehicle to its wheels and allow relative motion between the two. Suspension systems must support both road holding/handling and ride quality, which are at odds with each other.

The automotive suspension systems market is segmented into component type, vehicle type, and geography. Based on the component type, the market is segmented into coil springs, leaf springs, air springs, shock absorbers, and other components. Based on the vehicle type, the market is segmented into passenger cars and commercial vehicles. Based on the type, the market is segmented into passive suspension, semi-active suspension, and active suspension. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

For each segment, market size and forecast have been done on the basis of value USD.

Component Type
Coil Spring
Leaf Spring
Air Spring
Shock Absorber
Other Component Types
Type
Passive Suspension
Semi-active Suspension
Active Suspension
Vehicle Type
Passenger Car
Commercial Vehicle
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Automotive Suspension Systems Market Research FAQs

The Automotive Suspension System Market size is expected to reach USD 134.56 billion in 2024 and grow at a CAGR of 6.15% to reach USD 181.35 billion by 2029.

In 2024, the Automotive Suspension System Market size is expected to reach USD 134.56 billion.

Continental AG, thyssenkrupp AG, Marelli Holdings Co., Ltd., Mando Corporation and ZF Friedrichshafen AG are the major companies operating in the Automotive Suspension System Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Automotive Suspension System Market.

In 2023, the Automotive Suspension System Market size was estimated at USD 126.28 billion. The report covers the Automotive Suspension System Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Suspension System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Automotive Suspension Systems Industry Report

Statistics for the 2024 Automotive Suspension Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Suspension Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Automotive Suspension Systems Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)