Automotive Suspension Systems Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 126.76 Billion |
| Market Size (2028) | USD 170.84 Billion |
| CAGR (2023 - 2028) | 6.15 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
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 126.76 billion in 2023, and is expected to reach USD 170.84 billion by 2028, growing at a CAGR of 6.15% during the forecast period (2023-2028).
The automotive suspension system market was negatively affected due to the outbreak of COVID-19. The decline in passenger car and commercial vehicle sales in 2020 and the temporary shutdown of vehicle and component production facilities have resulted in a decrease. However, with the decline in the cases, production facilities are back in operation, and vehicle sales have increased across major geographies.
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 2021, Continental will include air suspension dampers in its product line. The goods will first be offered for VW and Audi cars, such as the Audi A8, Audi Q7, and VW Touareg.
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
This section covers the major market trends shaping the Automotive Suspension System Market according to our research experts:
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 267832 units in 2020 and 265732 units in 2021. The new vehicle sales of Light commercial vehicles in France stood at 401154 units in 2020. In 2021, the same was 431385 units registered a YOY growth of around 7.5% in 2021 compared to the previous year, 2020.
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 growth 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.
Asia-Pacific is Anticipated to Register the Highest Growth During the Forecast Period
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. Major companies expanding their production facilities across the region is likely to create an opportunity for the market. For instance,
- In March 2021, ThyssenKrupp planned to expand its presence in China. The new damper production line in China is being built at an existing ThyssenKrupp automotive site in Changzhou. The plant will produce electronically adjustable damping systems. These semi-active dampers use sensors to measure vibrations throughout the journey and recognize the driving situation and condition of the vehicle.
- 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 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 April 2021, Continental expanded its product range with air suspension dampers. The products will be initially available for VW and Audi brand models, including the Audi A8, Audi Q7, and VW Touareg.
- In March 2021, Mando Corporation made an agreement with the Volkswagen Group to supply 50 Million units of suspension systems in a 10-year contract. The deal is worth USD 1.25 Billion, and the suspension systems will be utilized in Volkswagen's upcoming models.
- In March 2021, Thyssenkrupp AG expanded its high-performance range of coil-over suspension systems for the aftermarket last year. Leading OEMs such as Mercedes-Benz and BMW and sports car icons such as Porsche and Maserati have placed their trust in the company for the extended range.
Automotive Suspension Systems Market Leaders
Continental AG
thyssenkrupp AG
Marelli Holdings Co., Ltd.
Mando Corporation
ZF Friedrichshafen AG
*Disclaimer: Major Players sorted in no particular order
Automotive Suspension Systems Market News
- 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.
- In May 2022, Thyssenkrupp AG 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.
- In May 2022, Haval Russia announced that it is accepting 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.
- In May 2022, Shanghai Baolong Automotive announced that it received a notice of supplier designation from a leading NEV (New Energy Vehicle) manufacturer in China. Shanghai Baolong Automotive has been selected by this NEV manufacturer as the supplier of gas tanks for the air suspension system. The supply period is expected to be 5 years, the total value of the deal is expected to exceed CNY 150 million, and the mass production will begin in the first half of 2023
- 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.
Automotive Suspension Systems Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Buyers/Consumers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD billion)
5.1 Component Type
5.1.1 Coil Spring
5.1.2 Leaf Spring
5.1.3 Air Spring
5.1.4 Shock Absorber
5.1.5 Other Components
5.2 Type
5.2.1 Passive Suspension
5.2.2 Semi-active Suspension
5.2.3 Active Suspension
5.3 Vehicle Type
5.3.1 Passenger Car
5.3.2 Commercial Vehicle
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 Italy
5.4.2.4 France
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Japan
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Continental AG
6.2.2 Mando Corporation
6.2.3 ZF Friedrichshafen AG
6.2.4 Thyssenkrupp AG
6.2.5 Tenneco Inc.
6.2.6 Marelli Corporation
6.2.7 Hyundai Mobis Co. Ltd
6.2.8 Hitachi Astemo Ltd
6.2.9 BWI Group
6.2.10 Sogefi SpA
6.2.11 KYB Corporation
6.2.12 LORD Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Suspension Systems Industry Segmentation
Suspension is the system of tires, tire air, springs, shock absorbers, and linkages that connects a vehicle to its wheels and allows relative motion between the two. Suspension systems must support both road holding/handling and ride quality, which is at odds with each other.
The scope of the automotive suspension system market covers the segmentation based on the component type, vehicle type, and geography. Based on the component type, the market is segmented into Coil Spring, Leaf Spring, Air Spring, Shock Absorber, 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 billion).
| Component Type | |
| Coil Spring | |
| Leaf Spring | |
| Air Spring | |
| Shock Absorber | |
| Other Components |
| Type | |
| Passive Suspension | |
| Semi-active Suspension | |
| Active Suspension |
| Vehicle Type | |
| Passenger Car | |
| Commercial Vehicle |
| Geography | |||||||
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Automotive Suspension Systems Market Research FAQs
How big is the Automotive Suspension System Market?
The Automotive Suspension System Market size is expected to reach USD 126.76 billion in 2023 and grow at a CAGR of 6.15% to reach USD 170.84 billion by 2028.
What is the current Automotive Suspension System Market size?
In 2023, the Automotive Suspension System Market size is expected to reach USD 126.76 billion.
Who are the key players in Automotive Suspension System Market?
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.
Which is the fastest growing region in Automotive Suspension System Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Automotive Suspension System Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Automotive Suspension System Market.
Automotive Suspension Systems Industry Report
Statistics for the 2023 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 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
