Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global automotive suspension system market size was valued at USD 44.32 billion in 2022. The market is projected to grow from USD 45.45 billion in 2023 to USD 107.12 billion by 2035, at a CAGR of 7.41% during the forecast period. A mechanical system of springs or shock absorbers linking the wheels and axles to the chassis of a wheeled vehicle makes up an automotive suspension system. Additionally, allowing relative mobility between the wheels and axles, the suspension system softens the impact of various road surfaces.
The global market is being driven by the escalating need for improved comfort and safer ride quality in automobiles. Additionally, the automotive suspension system market growth is anticipated to be fueled by technological developments in suspension systems related to future mobility, electrification, and autonomous driving. However, the high costs of suspension components, capital investments, and raw materials restrain market expansion. Fortune Business Insights presents this information in their report titled "Automotive Suspension System Market, 2023–2035."
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2035 |
| Forecast Period 2023 to 2035 CAGR | 7.41% |
| 2035 Value Projection | USD 107.12 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 44.32 billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 192 |
Drivers & Restraints-
Rising Demand from the Automotive Industry to Foster Market Growth
Compared to vehicles powered by internal combustion engines, electric vehicles often have a lower center of gravity. As a result, handling and stability are enhanced. This might lead to an increase in demand for sophisticated suspension systems that can improve EV performance and handling. Additionally, the increased room under the hood provided by electric motors and battery packs in electric vehicles enables more creative suspension designs. The adoption of electric vehicles has increased recently due to their effectiveness, cleanliness, and environmental sustainability. As a result, the market for electric vehicles has grown profitably, fueling the expansion of the automotive suspension system industry.
However, the high expense of suspensions drives up the cost of cars. Additionally, lack of raw materials results in higher suspension system prices, postponed manufacturing, and supply chain interruptions, all of which hampered market growth.
COVID-19 Impact-
Global Market Plunged Due to High Operating Cost
The COVID-19 pandemic has a substantial effect on the vehicle suspension market's outlook globally. Global supply networks were disrupted by the outbreak, which resulted in a lack of raw materials and components. This resulted in manufacturing delays and higher costs for the producer, which slowed down the market. The pandemic hastened the growth of internet shopping and e-commerce, increasing competitiveness, and altering the market environment for manufacturers. OEMs made investments in digital platforms and technology in response to the transition toward online sales and e-commerce to reach customers and maintain revenues. Major industry participants have expanded their product and service offerings to respond to shifting market conditions, such as by creating new, creative suspension systems to fulfil the need for electric and hybrid vehicles.
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Segments-
Passive System Segment to Gain Traction over 2023-2035
Based on system, the market is segmented into passive system, active system, and semi-active system. In 2022, a sizable market share is anticipated for the passive system segment. Due to its higher rate of integration in different automotive vehicles, including passenger cars, commercial vehicles, and off-roading vehicles, the passive system segment dominates the market.
In 2022, the market shares of semi-active system and active system were respectable. The active system segment is anticipated to witness further usage as demand for next-generation conventional and electric vehicles rises along with consumer desire for enhanced comfort and safety in automobiles.
Others Segment Holds Maximum Market Share and Drives the Market
Based on component, the market is categorized into shock dampener, struts, control arm, ball joint, air compressors, and others.
The others segment had a substantial market share in 2022. It contains crucial suspension system components such as sway bars, rubber bushings, and leaf springs. Ball joints, struts, control arms, and air compressors were among the other categories. Further, over the anticipated period, the struts segment is anticipated to expand significantly at the highest CAGR of 8.7%.
Hydraulic Suspension Segment to Lead Market in the Component Segment
Based on suspension type, the market is categorized into hydraulic suspension, air suspension, and leaf spring.
Hydraulic suspension controlled the bulk of the market share in 2022. For better vehicle handling and a more comfortable ride, the key players in the automotive industry are concentrating on providing strengthened hydraulic suspensions. The most prevalent application of hydraulic suspension in a variety of automobiles is promoting market expansion.
High Sales of Passenger Cars to Propel Market Growth
Based on vehicle type, the market is categorized into passenger cars and others. The passenger cars segment has the biggest market share and is the most dominant. The most common form of vehicle manufactured and sold is passenger automobile. As a result, it is responsible for most of the world's automotive production and sales. Vehicle manufacturing surpassed 80 million units in 2021, up from 77 million units in 2020, according to OICA. Suspension system demand is influenced by this high level of production and sales.
Report Coverage-
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into the regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Regional Insights:
Increasing Demand for High Performance Suspension Kits to Dominate the Asia Pacific Market
In 2022, the automotive suspension system market share of Asia Pacific was the greatest. The increasing manufacturing rate of autos as a result of this region's pandemic recovery is credited with driving regional growth. To further support the trend of electrification in the automobile sector, the key players in various areas are concentrating on creating breakthrough technologies. The market expansion for automotive suspension system in the Asia Pacific region is further fueled by the rising demand for high-performance suspension kits in important nations such as China, India, and Japan.
Competitive Landscape-
Major Players Focus on Creating Advanced Technologies to Strengthen Position
Different regional and worldwide players often create cutting-edge techniques to grab the lead in the competitive environment. To support market expansion, several businesses are developing mergers and acquisitions, partnership, and collaboration plans. For example, ZF Friedrichshafen AG and BMW Group worked together to develop a carbon fiber telescopic suspension fork in 2022. The fork, which is incorporated into BMW's M 1000 RR motorcycle, is made of a carbon fiber outer tube and an inner tube.
List of Key Players Covered in Automotive Suspension System Market:-
- KYB Corporation (Japan)
- ZF Friedrichshafen AG (Germany)
- ThyssenKrupp AG (Germany)
- Tenneco Inc. (U.S.)
- Continental AG (Germany)
- NHK Springs Co., Ltd. (Japan)
- Benteler International AG (Germany)
- HL Mando Corp. (South Korea)
- Sogefi Group (Italy)
- Marelli Corporation (Japan)
Automotive Suspension System Market Segmentation:-
By System
- Passive System
- Active System
- Semi-active System
By Component
- Shock Dampener
- Struts
- Control Arm
- Ball Joint
- Air Compressors
- Others
By Suspension Type
- Hydraulic Suspension
- Air Suspension
- Leaf Spring
By Vehicle Type
- Passenger Cars
- Others
Key Industry Development:
July 2022 – ZF Friedrichshafen AG showcased its new EasyTurn suspension, allowing incredible mobility for vehicles to improve their turning. This unique design allows the vehicle to rotate its front wheels up to 80 degrees, drastically reducing the difficulties in rotating the wheels during parallel parking.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Partnerships, and Collaborations
- Latest technological Advancements
- PEST Analysis
- Distribution of Automotive Suspension System Market
- Porters Five Forces Analysis
- Impact of COVID-19 on Global Automotive Suspension System Market
- Global Automotive Suspension System Market Analysis, Insights and Forecast, 2019-2035
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By System
- Passive System
- Active System
- Semi-Active System
- Market Analysis, Insights and Forecast – By Component
- Shock Dampener
- Struts
- Control Arm
- Ball Joint
- Air Compressor
- Others
- Market Analysis, Insights and Forecast – By Suspension Type
- Hydraulic Suspension
- Air Suspension
- Leaf Spring
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Cars
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-Pacific
- Rest of the world
Toc Continued…….
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