All updated as on -
In 2022, the market for vehicle suspension systems was estimated to be worth USD 44.38 billion. The market is anticipated to increase by USD 107.12 billion by 2030, growing by a CAGR of 8.41% from USD 45.48 billion in 2023.
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, this system permits relative motion between the wheels and axles, mitigating the shock of various road surfaces. The global market is being driven by the escalating need for improved comfort and safer ride quality in automobiles. Additionally, market growth is anticipated to be fueled by technological developments in suspension systems related to future mobility, electrification, and autonomous driving technologies. However, market expansion is hampered by high raw material prices, capital investment expenses, and component costs for suspension systems.
The global market outlook was significantly impacted by the COVID-19 epidemic. 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. On the other hand, the manufacturing industry implemented new safety procedures to stop the coronavirus outbreak, which increased costs for producers.
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 towards online sales and e-commerce in order to reach customers and maintain revenues. Major market companies diversified their product and service offerings to respond to shifting market conditions, such as by creating cutting-edge suspension systems to fulfil the demand for electric and hybrid automobiles.
DRIVING FACTORS
Compared to cars powered by internal combustion engines, electric vehicles often have a lower centre 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 its 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. Furthermore, to ensure efficient operation and increased safety, autonomous and connected cars need sophisticated systems. To manoeuvre and interact with other vehicles, autonomous cars need sophisticated sensors and cameras. Accurate data collecting requires robust and streamlined systems, which autonomous cars also need. On the other hand, connected automobiles need a steady and comfortable ride for the comfort and safety of the passengers as well as for the proper operation of in-car technologies like infotainment systems. Throughout the projection period, this drives the market forward.
RESTRAINING FACTORS
Companies find it challenging to invest in technology and introduce novel items to the market because of the significant capital expenditures required for research and development. The issue of affordability is exacerbated by the low consumer demand for modern suspension systems due to the high cost of producing and constructing them. This market's expansion is constrained by the high price of these systems. The high expense of suspensions drives up the cost of the cars. Additionally, the lack of raw materials increases system costs, delays in manufacturing, and interruptions in the supply chain, all of which restrain market expansion.
Report Coverage
Global Automotive Suspension System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Suspension System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Suspension System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Suspension System market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Suspension System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Suspension System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Suspension System market based on the below-mentioned segments:
Global Automotive Suspension System Market, By System
Passive System
Active System
Semi-active System
Global Automotive Suspension System market, By Component
Shock Dampener
Struts
Control Arm
Ball Joint
Air Compressors
Others
Global Automotive Suspension System Market, By Suspension Type
Hydraulic Suspension
Air Suspension
Leaf Spring
Global Automotive Suspension System market, Regional Analysis
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, this system permits relative motion between the wheels and axles, mitigating the shock of various road surfaces. The global market is being driven by the escalating need for improved comfort and safer ride quality in automobiles. Additionally, market growth is anticipated to be fueled by technological developments in suspension systems related to future mobility, electrification, and autonomous driving technologies. However, market expansion is hampered by high raw material prices, capital investment expenses, and component costs for suspension systems.
The global market outlook was significantly impacted by the COVID-19 epidemic. 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. On the other hand, the manufacturing industry implemented new safety procedures to stop the coronavirus outbreak, which increased costs for producers.
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 towards online sales and e-commerce in order to reach customers and maintain revenues. Major market companies diversified their product and service offerings to respond to shifting market conditions, such as by creating cutting-edge suspension systems to fulfil the demand for electric and hybrid automobiles.
DRIVING FACTORS
Compared to cars powered by internal combustion engines, electric vehicles often have a lower centre 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 its 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. Furthermore, to ensure efficient operation and increased safety, autonomous and connected cars need sophisticated systems. To manoeuvre and interact with other vehicles, autonomous cars need sophisticated sensors and cameras. Accurate data collecting requires robust and streamlined systems, which autonomous cars also need. On the other hand, connected automobiles need a steady and comfortable ride for the comfort and safety of the passengers as well as for the proper operation of in-car technologies like infotainment systems. Throughout the projection period, this drives the market forward.
RESTRAINING FACTORS
Companies find it challenging to invest in technology and introduce novel items to the market because of the significant capital expenditures required for research and development. The issue of affordability is exacerbated by the low consumer demand for modern suspension systems due to the high cost of producing and constructing them. This market's expansion is constrained by the high price of these systems. The high expense of suspensions drives up the cost of the cars. Additionally, the lack of raw materials increases system costs, delays in manufacturing, and interruptions in the supply chain, all of which restrain market expansion.
Report Coverage
Global Automotive Suspension System research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Suspension System report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Suspension System competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Suspension System market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Suspension System Market from 2021 to 2030.
- Market Forecast for Automotive Suspension System Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Suspension System competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Suspension System
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Suspension System market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Suspension System market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Automotive Suspension System
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Automotive Suspension System market based on the below-mentioned segments:
Global Automotive Suspension System Market, By System
Passive System
Active System
Semi-active System
Global Automotive Suspension System market, By Component
Shock Dampener
Struts
Control Arm
Ball Joint
Air Compressors
Others
Global Automotive Suspension System Market, By Suspension Type
Hydraulic Suspension
Air Suspension
Leaf Spring
Global Automotive Suspension System market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive automotive suspension system market market research and competitor analysis for your business to help you develop more profound insights into the automotive suspension system market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the automotive suspension system market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.