Global Automotive Suspension Market Insights Forecasts to 2030
- The Automotive Suspension Market Size was valued at USD 54.06 Billion in 2021.
- The Market is growing at a CAGR of 3.8% from 2022 to 2030
- The Worldwide Automotive Suspension Market is expected to reach USD 71.23 Billion by 2030
- North America is expected to Grow the fastest during the forecast period
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The Global Automotive Auspension Market is expected to reach USD 71.23 Billion by 2030, at a CAGR of 3.8% during the forecast period 2022 to 2030. The increased demand for quality excellent and secure travelling is driving the expansion of the automotive suspension market. Furthermore, steadily rising automotive sales as a result of congested public transport services are also propelling market expansion. Additionally, increased expendable income is likely to drive the growth of the automotive suspension market over the forecast period.
A suspension system is one of the most important systems of an automobile. Automobile suspension is a system that connects a vehicle to its wheels and allows relative motion between the two. It consists of tires, tire air, springs, shock absorbers, and linkages. Suspensions help to keep the vehicle tires in contact with the asphalt during the trip, reducing shocks and protecting the vehicle and its load from wear and tear or damage. Any vehicle with four wheels and all-wheel-drive (4WD/AWD) needs suspension for the front and rear wheels, however, two-wheel-drive vehicles may have a distinctive setup.
A comfortable journey promotes comfort for passengers, prevents cargo damage, and decreases road accidents, particularly long excursions. Suspension is in control of ride comfort and vehicle operating control, since vehicles with stiff suspension may result in better control over physique motions and faster reactions. Emergency vehicles have a specific requirement for improved vehicle suspension in order to prevent already ill passengers from any more injury. These factors have contributed to the need for better driving comfort, which has benefited the global automotive suspension market growth.
COVID-19 Impact Automotive Suspension Market
The COVID-19 pandemic had a negative impact on the automotive suspension market. In 2020, automotive and truck sales were down, and companies that manufacture vehicles and related components were temporarily shut down. Even so, as the number of cases has decreased, production lines have resumed operations, and vehicle sales have grown throughout major market segments.
Global Automotive Suspension Market Report Coverage
|Market Size in 2021:
|USD 54.06 Billion
|Forecast Period 2021-2030 CAGR:
|2030 Value Projection:
|USD 71.23 Billion
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By System, By Component, By Suspension Type, By Vehicle Type, By Region, and COVID-19 Impact Analysis
|Continental AG, ThyssenKrupp AG, Fox Factory Inc., KYB Corporation, Gabriel India Limited, BENTELER, Hendrickson L.L.C., Morelli Corporation, NHK Spring, KYB Corporation, BWI Group, Hitachi, Ltd., Mando Corporation, Sogefi S.P.A., Tenneco Inc., Wabco, Showa Corporation, ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., American Axle & Manufacturing Holdings, Inc.
|Pitfalls & Challenges:
|Covid-19 Impact Analysis
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Key Driving Factors
The rapid growth in electric vehicle usage in developed markets, as well as the development of the automotive industry in developing markets, is likely to drive global demand for the automotive suspension market. The global demand for sophisticated multilink suspensions is being driven by the growing popularity of SUVs and compact SUVs among end-users in both developed and developing nations. Furthermore, rising vehicle sales globally as a consequence of higher standards of living and disposable money among the majority of the population is expected to have a significantly positive impact on the market throughout the forecast period. Furthermore, increased usage of such automated processes for better implementation and improved reliability is expected to propel market expansion over the forecast period.
The increasing introduction of electric and self-driving vehicles for public and personal transportation is anticipated to develop new revenue potential for the automotive suspension market. Furthermore, severe driving conditions in some developing and industrialized nations demand vehicles with effective suspension systems. As a result, their rising demand fuels the global automotive suspension market expansion.
The high cost of installing new or sophisticated suspension systems results in an increase in purchase cost, which is predicted to constrain the expansion of the automotive suspension market. Also, because of the numerous components and sensors, such vehicles are difficult to maintain and require the use of experienced personnel. The complexity of system structure affects vehicle service life. As a result, the high initial cost and complex system are predicted to have an adverse influence on the global automotive suspension market development.
System Type Insights
The active segment is dominating the market with the largest revenue share over the forecast period.
On the basis of system type, the global automotive suspension market is segmented active, passive, and semi-active. Among these, the active segment is dominating the market with the largest revenue share of 42.7% over the projection period. This mechanism regulates the vertical motion of the vehicle's wheels in relation to the vehicle's frame or structure. A major factor that is driving demand for active suspension systems is the increased desire to enhance driving dynamics and passenger comfort. Active suspension systems are mostly used in high-end luxury and sports cars, as well as select mid-range cars and a few commercial vehicles. The active suspension system is the most expensive but also the most modern and comfortable suspension.
Component Type Insights
The shock dampener segment accounted the largest market share over the forecast period.
On the basis of component type, the global automotive suspension market is segmented into shock dampener, leaf spring, struts, control arm, spring, ball joint, air compressor, and others. Among these, the shock dampener segment is dominating the market and is going to continue its dominance over the forecast period. Shock dampers reduce vibrations and improve ride quality in a variety of road situations. As a result, their growing demands for a wide range of uses, such as commercial transportation, combat vehicles, and others, are likely to drive segment expansion. Shock dampeners market growth is expected to develop as a result of rising manufacturer emphasis on enhancing the dampening capability of the suspension of a vehicle.
Suspension Type Insights
The hydraulic suspension segment is dominating the market with the largest revenue share over the forecast period.
On the basis of suspension type, the global automotive suspension market is segmented into hydraulic suspension, air suspension, and leaf spring. Among these, the hydraulic suspension segment is dominating the market with the largest revenue share of 35.5% over the forecast period. In the automotive sector, hydraulic suspensions are widely used. In comparison to air or leaf spring suspensions, hydraulic suspensions can adapt rapidly. In comparison to other suspension types, they offer a smoother and more comfortable ride. With independent shocks, the system also provides total customization to the users. Over the forecast period, the air suspension category is predicted to experience a significant CAGR growth. Air suspension is mostly used in military vehicles, luxury vehicles, commercial trucks, and buses. Also, air suspension is less expensive than hydraulic suspension. As a result, their affordability is expected to drive segment expansion in the next years.
Vehicle Type Insights
The commercial vehicles segment accounted the largest revenue share of more than 62.9% over the forecast period.
On the basis of vehicle type, the global automotive suspension market is segmented into two wheelers, passenger vehicles, commercial vehicles, and others. Among these, the commercial vehicles segment accounted for the largest revenue share of over 62.9% over the forecast period. The burgeoning logistics industry and increased use of light commercial vehicles such as vans are driving up demand for commercial vehicles. The increasing adoption of pickup trucks and compact vans over heavy-duty trucks and trains for logistics is one of the key driving aspects for light commercial vehicles. The increased need for transportation is being driven by the worldwide e-commerce industry. The demand for pickup vans, compact trucks, and other LCVs is expected to rise as the e-commerce market expands. Technological breakthroughs, as well as new vehicle introductions and rising commercial electric vehicle penetration around the country, are likely to contribute to the expansion of the automotive suspension market over the forecasted period. The electrified commercial vehicle industry is currently in a growth phase due to increased environmental concerns, and the market is predicted to grow rapidly during the projected timeframe.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 45.7% market share over the forecast period. The region is experiencing a significant expansion of brand-new vehicle sales, especially passenger automobiles and commercial vehicles. The expansion of manufacturing facilities by key regional corporations is likely to offer a tremendous opportunity. Furthermore, the result of rapid urbanization for improved usability in passenger vehicles has prompted the development of multilink and air suspension systems in developed nations. Given its huge population and rising market for passenger vehicles, China is expected to remain the region's largest market. India is predicted to be the fastest-growing market worldwide in terms of volume due to rising demand for passenger vehicles as the country's market recovers from the effects of the pandemic.
North America is expected to develop rapidly as a result of technological advancements in the region, combined with increased demands for active suspension systems. Furthermore, rising commercial vehicle sales in the US also drive up the need for air suspension technology.
Europe, on the other hand, is expected to show significant revenue growth throughout the forecast period due to the presence of a prominent automotive sector in developed European countries such as Germany, France, the United Kingdom, Italy, and others, which is expected to accelerate market in the region.
List of Key Market Players
- Continental AG
- ThyssenKrupp AG
- Fox Factory Inc.
- KYB Corporation
- Gabriel India Limited
- Hendrickson L.L.C.
- Morelli Corporation
- NHK Spring
- KYB Corporation
- BWI Group
- Hitachi, Ltd.
- Mando Corporation
- Sogefi S.P.A.
- Tenneco Inc.
- Showa Corporation
- ZF Friedrichshafen AG
- Hyundai Mobis Co., Ltd.
- American Axle & Manufacturing Holdings, Inc.
Key Market Developments
- In November 2022, Tenneco has announced that it will provide intelligent suspension and anti-vibration performance materials to Rivian Automobile. The all-electric Rivian R1T five-passenger truck and R1S seven-passenger sport utility vehicle will employ Tenneco's CVSA2/Kinetic H2 semi-active suspension technology and NVH performance materials Clevite elastomers. The Monroe Intelligent Suspension CVSA2/Kinetic H2 technology reduces the need for conventional sway bars, aids in vehicle weight reduction, and decouples single wheel disturbances for improved road contact.
- In November 2022, AB Dynamics launched SPMM (Suspension Parameter Measurement Machine), a next-generation Kinematics and Compliance (K&C) test equipment designed to be a key tool for OEMs as they transition to virtual testing and validation. It enables automotive OEMs to speed the design and testing of a vehicle's suspension system by properly detecting and evaluating suspension movement while subjecting it to a faithful recreation of on-road vehicle behavior.
- In October 2022, AMK (Anhui) Automotive E-Drive Co., Ltd., a Chinese subsidiary of AMK Holding GmbH & Co. KG, has been selected as a supplier by a major vehicle OEM (undisclosed) in China for air supply units of an air suspension system designed on a novel platform, according to Anhui Zhongding Sealing Parts. The supply duration is estimated to be four years, with a total contract value of CNY 134 million.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global automotive suspension market based on the below-mentioned segments:
Automotive Suspension Market, System Type Analysis
Automotive Suspension Market, Component Type Analysis
- Shock Dampener
- Leaf Spring
- Control Arm
- Ball Joint
- Air Compressor
Automotive Suspension Market, Suspension Type Analysis
- Hydraulic Suspension
- Air Suspension
- Leaf Spring
Automotive Suspension Market, Vehicle Type Analysis
- Two Wheelers
- Passenger Vehicles
- Commercial Vehicles
Automotive Suspension Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. Which segment dominated the automotive suspension market share?The commercial segment in vehicle type dominated the Automotive Suspension market in 2021 and accounted for a revenue share of over 62.9%.
2. Which region is dominating the automotive suspension market?Asia Pacific is dominating the automotive suspension market with more than 45.7% market share.
3. Which are the major key players in the global automotive suspension market?Continental AG, ThyssenKrupp AG, Fox Factory Inc., KYB Corporation, Gabriel India Limited, BENTELER, Hendrickson L.L.C., Morelli Corporation, NHK Spring
4. Which segment holds the largest market share of the automotive suspension market?The active segment based on system type holds the largest market share of the automotive suspension market.
5. What is the market size of the automotive suspension market?The global automotive suspension market is expected to grow from USD 54.06 Billion in 2021 to USD 71.23 Billion by 2030, at a CAGR of 3.8% during the forecast period 2021-2030.
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