Automotive Suspension Systems Market Size Growing at 2.9% CAGR Set to Reach USD 63.7 Billion By 2032

TOKYO, April 13, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Suspension Systems Market Size accounted for USD 46.6 Billion in 2022 and is projected to achieve a market size of USD 63.7 Billion by 2032 growing at a CAGR of 2.9% from 2023 to 2032.

Automotive Suspension Systems Market Highlights and Statistics

• The Global Automotive Suspension Systems Market Size in 2022 stood at USD 46.6 Billion and is set to reach USD 63.7 Billion by 2032, growing at a CAGR of 2.9%
• Automotive Suspension Systems market is driven by the increasing demand for comfort and safety features in vehicles, rising consumer awareness about the benefits of suspension systems, and growing demand for luxury and high-performance vehicles.
• The Asia-Pacific region is expected to dominate the market, followed by North America and Europe.
• Key players in the market include ZF Friedrichshafen AG, Continental AG, KYB Corporation, Tenneco Inc., and Magneti Marelli S.p.A.

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Automotive Suspension Systems Market Report Coverage:

Automotive Suspension Systems Market Overview:

The Automotive Suspension Systems market refers to the range of technologies and components used in vehicles to enhance their stability, handling, and overall driving experience. Suspension systems are critical to the safety and comfort of passengers and drivers, as they help absorb shocks and vibrations from uneven surfaces and reduce the impact of road irregularities. The suspension system consists of various components such as shock absorbers, struts, springs, and control arms, which work together to provide a smooth and stable ride. Automotive suspension systems are used in a variety of vehicles, from small cars and SUVs to commercial trucks and heavy-duty vehicles. In recent years, there has been a growing demand for advanced suspension technologies, such as air suspension systems and electronic stability control systems, which offer superior performance and safety features. The market is expected to grow significantly in the coming years, driven by increasing consumer demand for comfort and safety features in vehicles.

Trends in the Automotive Suspension Systems Market:

• Growing demand for electronically controlled suspension systems that adjust to changing road conditions in real-time.
• Use of lightweight materials like aluminum and carbon fiber to reduce the weight of suspension systems, improving fuel efficiency and handling.
• Development of smart suspension systems that can adjust to the weight and driving style of the driver, improving comfort and safety.
• Increasing use of active suspension systems that can adjust the ride height of the vehicle to improve aerodynamics and handling.
• Integration of suspension systems with other safety technologies such as lane departure warning systems and adaptive cruise control.
• Use of advanced sensors and machine learning algorithms to predict and adjust suspension settings in real-time based on driving conditions.
• Development of advanced suspension technologies for autonomous vehicles to ensure a smooth and safe ride.
• Growing use of regenerative suspension systems that generate electricity from the movement of the suspension, improving fuel efficiency.
• Adoption of predictive maintenance technologies to monitor suspension systems and detect potential issues before they occur.
  

Automotive Suspension Systems Market Dynamics:

• Growing demand for hybrid and electric vehicles, which require unique suspension systems to accommodate their different weight distribution and powertrain configurations.
• Growing use of composite materials in suspension components, offering improved strength, durability, and weight savings compared to traditional materials.
• Development of lightweight suspension components using advanced materials such as aluminum and carbon fiber, which improve fuel efficiency.
• Emergence of new technologies such as air suspension systems and magnetic ride control systems, which offer superior performance and comfort.
• Rising sales of SUVs and crossover vehicles, which require stronger and more durable suspension systems.
• Growing demand for aftermarket suspension upgrades, such as adjustable coilovers and performance shock absorbers.
• Rising awareness of the benefits of advanced suspension systems, particularly in terms of improved safety and comfort.
  

Growth Hampering Factors in the market for Automotive Suspension Systems:

• Volatility in commodity prices, particularly steel and aluminum, which are key materials used in suspension systems.
• Increasing competition from lower-cost alternatives such as solid axles, which may not provide the same level of comfort or performance as advanced suspension systems.
• Reluctance of some consumers to pay a premium for advanced suspension technologies.
• Shortage of key raw materials or components due to supply chain disruptions or geopolitical tensions.
• Potential safety concerns related to the use of new and untested suspension technologies.
• Impact of trade tariffs and regulations on the cost of imported suspension components and vehicles.

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Market Segmentation:

By Type of System

• Active
• Semi-Active
• Passive
  

By Component

• Control Arm
• Air Compressor
• Shock Dampener
• Struts
• Ball Joint
• Other

By Type of Suspension

• Air Suspension
• Leaf Spring
• Hydraulic Suspension
  

Type of Vehicle

• Passenger Cars
• Commercial Cars
• Two Wheelers
  

Automotive Suspension Systems Market Overview by Region:

• The Asia-Pacific region’s Automotive Suspension Systems Market share is the highest globally, due to the increasing demand for vehicles in countries such as China and India, coupled with the increasing disposable income of the middle class. Additionally, the growing demand for electric vehicles in the region is also driving the growth of the automotive suspension systems market as these vehicles require advanced suspension systems to support their heavier battery systems.
• Europe is the fastest growing market for Automotive Suspension Systems, with established automotive industries and high demand for luxury and performance vehicles. The increasing demand for electric vehicles in Europe also drives the growth of the automotive suspension systems market as these vehicles require advanced suspension systems to support their heavier battery systems.
• North America’s Automotive Suspension Systems market share is one of the highest globally, due to the high demand for luxury and sports vehicles with advanced suspension systems. Additionally, the increasing trend of off-road vehicles in North America also drives the demand for robust suspension systems that can handle rough terrains.
• The South American and MEA regions have a moderate but growing Automotive Suspension Systems market share. Some of the regions may face challenges related to the availability of skilled labor and raw materials for manufacturing suspension systems.

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Automotive Suspension Systems Market Key Players:

Some of the prominent players in the market include ZF Friedrichshafen AG, Continental AG, Tenneco Inc., Magneti Marelli S.p.A., KYB Corporation, Benteler Automotive Corporation, Mando Corporation, NHK Spring Co., Ltd., Schaeffler AG, BWI Group, and Hitachi Automotive Systems Ltd. Other notable players in the market include ThyssenKrupp AG, WABCO Holdings Inc., Hendrickson USA, L.L.C., GKN plc, Trelleborg AB, AL-KO Vehicle Technology Group, Multimatic Inc., and Fox Factory Holding Corp.

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