Global Automotive Suspension Systems Market 2023-2030

Global Automotive Suspension Systems Market 2023-2030

Global Automotive Suspension SystemS Market Size, Share & Trends Analysis Report by Component (Coil Spring, Leaf Spring, Air Spring, and Shock Absorber), by Type (Passive Suspension, Semi-Active Suspension, and Active Suspension), and by Vehicle Type (Passenger Car, and Commercial Vehicle) Forecast Period (2024-2031)

The global automotive suspension system market is anticipated to grow at a considerable CAGR of 4.0% during the forecast period. A suspension system is an integral part of an automobile. The growing automobile industry and the growing demand for high performance sports car is a key factor driving the market growth globally. According to the India Brand Equity Foundation (IBEF), the Indian passenger car market was valued at $ 32.7 billion in 2021, and it is expected to reach $54.8 billion by 2027 while registering a CAGR of over 9.0% between 2022-27. The global EV market was estimated at approximately $250 billion in 2021 and by 2028, it is projected to grow by 5 times to $1.3 trillion. Additionally, in July 2023, the total production of passenger vehicles, three wheelers, two wheelers, and quadricycles was 2.1 units. In the first quarter of 2023-24, total production of passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles was 6.0 million units.

Increased safety regulations along with introduction of innovative suspension are further contributing to the global market growth. According to the UN, automobile suspension system is subject to the provisions of specific regulation. According to this, all vehicles of categories O3 and O4/ having no more than 3 axles and equipped with air suspension shall be equipped with a vehicle stability function. This shall include at least roll-over control and meet the technical requirements of Annex 21 to this Regulation.

Global Passenger Car Sales (in Million)

Source: International Organization of Motor Vehicle Manufacturers (OICA)

Segmental Outlook

The global automotive suspension system market is segmented based on component, vehicle type, and type. Based on component, the market is segmented into coil spring, leaf spring, air spring, and shock absorber. Based on vehicle type, the market is segmented into passenger car and commercial vehicle. Based on type, the market is sub-segmented into passive suspension, semi-active suspension, and active suspension.

Coil Spring Held Considerable Share in Global Automotive Suspension Systems Market

MacPherson Strut Suspension is highly used automotive suspension system globally. It is a type of front suspension system that uses the top of a shock absorber as the upper steering pivot for the wheel. It consists of a coil spring, a shock absorber, and a control arm that connects the wheel hub to the chassis. It allows the wheel to move up and down independently of the other wheels, improving ride comfort and handling. Coil springs are helical and provide a smoother ride, commonly used in modern cars. Thus, the increasing sales of innovative and advanced passenger cars is the key factor contributing to the segment’s growth.

Regional Outlook

The global automotive suspension systems market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the North American regional market held considerable share in the global market, driven by the increased safety regulation, development of innovative automotive suspension systems, and increasing sales of passenger vehicles.

The Asia-Pacific is Anticipated to Exhibit the Highest CAGR in the Global Automotive Suspension Systems Market

The regional market is driven by the presence of large automobile manufacturing industry in the region. Over the medium term, demand for luxury cars and penetration of active suspension systems are expected to drive the market demand across the region. Looking towards the growth opportunities in regional market, there are several strategies being adopted by the regional market players. For instance, in 2023, Hendrickson, a global manufacturer and supplier of medium and heavy-duty mechanical, elastomeric and air suspensions, integrated and non- integrated axles, and other commercial vehicle systems has launched their innovative air and mechanical suspensions and axles for trailer applications in India.

Market Players Outlook

The major companies serving the global automotive suspension systems market include Continental AG, ThyssenKrupp AG, Marelli Holdings Co., Ltd., Mando Corp., and ZF Friedrichshafen AG among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, dealership expansion, and technological advancement among others to stay competitive in the market. For instance, in October 2023, UK car maker McLaren Automotive and Tenneco announced Monroe as the Official Intelligent Suspension Supplier for the McLaren range of road cars. This suspension is fitted to McLaren, 540C, 570GT, 570S and 600LT models, GT and the Artura high-performance hybrid supercar. The Monroe Intelligent Suspension CVSA2/Kinetic system combines CVSA2 adaptive damper control with an exclusive lightweight roll-control hydraulic system. Together, these technologies simultaneously deliver road isolation, integrated damping and roll control, providing enhanced road comfort and handling for superior driving performance.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global automotive suspension system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.