Status : Published | Published On : Mar, 2024 | Report Code : VRAT9628 | Industry : Automotive & Transportation | Available Format : | Page : 194 |
Global Automotive Suspension Market is projected from USD 47.6 billion in 2023 to be USD 74.8 billion by 2030 with a CAGR of 2.9 % during the forecast period 2025 - 2030.
Elastic cushion like members which are fitted into the portion of an automotive vehicle to save from the impact of road irregularities is known as automobile suspension. The suspended portion consists of struts, ball joints, control arms, shock absorbers and springs. Comfort, steering stability and good handling of car ride is mainly based on the suspensions. The vehicle is protected from damage by suspension system which further provides isolation to the vehicle from high-frequency vibrations. There is crucial need for ambulance suspension to prevent injury to the ill passengers. Driving comfort is maintained only because of use of the automotive suspension which indirectly support in the growth of the global automotive suspension market.
Market Segmentation
Insight by Vehicle type
Based on vehicle type, the Automotive Suspension Market is segregated into Passenger Cars, Two-Wheelers, Electric Vehicles and Commercial Vehicles. The passenger cars segment is projected to dominate the market share with the highest CAGR during the forecast period due to its seating capacity of nine people at a time.
Insight by Suspension
The Automotive Suspension Market is segmented by suspension type as Air, Hydraulic and Electromagnetic Suspension. The hydraulic segment is to dominate the market as these systems are widely employed in the global automotive industry.
Insight by System
On the basis of system, the Automotive Suspension Market is segregated into Active System, Semi Active and Passive system. Passive suspension segment is anticipated to dominate the automotive suspension market as the properties of the components are fixed compared to active and semi-active systems.
Insight by OE Component
Based on OE component, the Automotive Suspension Market is segmented into Air Spring, Shock, Struts, Control Arms, Air Compressor, Leaf Spring, Dampener and Ball Joint. The air spring segment dominated the market as its role is to bear the load of an air suspension system of buses, cars and machinery.
Insight by Distribution Channel
The Automotive Suspension Market is segmented by distribution channel as OEM and Aftermarket. The OEM segment is anticipated to dominate the market as this segment can customize designs frequently whenever demanded by the customers.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 47.6 Billion |
Revenue Forecast in 2030 |
U.S.D. 74.8 Billion |
Growth Rate |
2.9% |
Segments Covered in the Report |
By Vehicle Type, By Suspension, By System, By OE Component and By Distribution Channel |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Asia-Pacific, Europe and Rest of the World |
Industry Dynamics
Growth Drivers
There is a growing trend to use higher quality materials and technologies which make driving more comfortable and flexible. These advancements have not only improved vehicle quality but also contribute to lower the consumption of fuel and emissions for better environment concerns and regulations. The automotive suspension market growth is driven by the key factors like changes in consumer tastes, advances in suspension technology, increased production of vehicles and focus on improved vehicle performance and security. Moreover, people move to cities, which has led to increased road congestion and the need for vehicles with improved suspension systems to ensure a comfortable and safe ride. Advanced technology and materials are used in order to provide a personalized and healthier driving experience. The sale of luxury cars is projected to increase due to advancement in vehicle technology and growth in the economy.
Restraint
Installation of new and suspension systems with advancement has lead to the high cost that shall hinder the growth of the automotive suspension market. Additional expenses are to be paid by consumers in the form of applications, hardware and telecom service charges that limits growth of automotive suspension due to the finest features in vehicles provided. Life of vehicles is reduced by the complex structure of systems. Hence due to complex structure and soaring initial cost the growth of the global automotive suspension market shall be hampered.
Geographic Overview
Geographically, Asia Pacific segment shall dominate the Global Automotive Suspension Market. Cost advantages for OEMs, growing per capita income of middle class residents and the customers changing preferences are the reasons behind the growth of this market in this region. As the automotive OEMs are present in this region with higher vehicle sales, a huge amount of vehicle production capacity and outsize customer base, the region is accounted for the largest share in the automotive suspension market.
Competitive Insights
KYB's global production system meets the need of customers everywhere by timely providing high performance, high quality products that satisfy customer requirements. KYB Corporation offers a variety of products with hydraulic technology.
Continental is a specialist in suspension and anti-vibration solutions for machines, automobiles and ships. Systems are developed customised for a wide range of uses. Continental develops suspension solutions for all kinds of commercial vehicle applications. The company's air spring portfolio ranges from powertrain components to chassis and body solutions and vibration reduction elements for the automotive interior.
Key Players Covered in the Report
The key players of the global Automotive Suspension market are Tenneco Inc., KYB Corporation, Continental AG, Hendrickson USA LLC, Gabriel India Ltd (ANAND Group), WABCO Holdings Inc., Hyundai Mobis Co. Ltd., ThyssenKrupp AG, Sogefi SpA, Marelli Holdings Co. Ltd., HL Mando Corp., FOX Factory, Inc., Infineon Technologies AG, LORD Corporation, Daimler AG, Hitachi Ltd., Benteler International AG (Austria), NHK Spring Co, Ltd. (Japan), Parker Hannifin Corporation (US), Rassini (Mexico), Parker Hannifin Corp.
Recent Development by Key Players
Continental and Infineon have joined hands to develop high-performance vehicle architectures. This partnership shall develop server-based vehicle architectures that will aspire to create an organized and efficient electrics/electronics (E/E) architecture with central high-performance computers (HPC). Continental shall support the diverge requirements of automobile OEMs that shall make the vehicle fit for the coming years.
Recently, with an investment of 180 crore, Gabriel India has collaborated with Netherlands-based Inalfa Roof Systems to manufacture sunroofs for passenger vehicles in Chennai. AatmaNirbhar, a government manufacturing drive is supported by this collaboration. Further, it provides OEM customers in India with a domestic and flexible supply chain for sunroofs.
The global Automotive Suspension Market report offers a comprehensive market segmentation analysis along with estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
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Automotive Suspension Market