The automotive suspension system market size is anticipated to exceed US$ 64,956.8 million in 2023 and is likely to attain a valuation of US$ 100,875.9 million by 2033. The automotive suspension system market share is expected to rise at a CAGR of 4.5% from 2023 to 2033.
The automotive suspension systems market refers to the sector within the automotive industry that focuses on the design, development, production, and distribution of suspension components and systems used in vehicles. These systems play a critical role in maintaining vehicle stability, handling, comfort, and safety by managing the interaction between the vehicle’s wheels and the road surface.
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Market drivers for the automotive suspension systems market include:
Vehicle Safety and Comfort: Consumers prioritize safety and comfort in their vehicles, driving demand for suspension systems that provide stable handling, smooth ride quality, and improved vehicle dynamics.
Regulatory Requirements: Stringent safety and emissions regulations worldwide encourage automakers to invest in advanced suspension technologies to enhance vehicle stability, reduce emissions, and comply with regulatory standards.
Technological Advancements: Ongoing advancements in materials, design, and manufacturing processes enable the development of lighter, more durable, and high-performance suspension components that improve fuel efficiency and vehicle performance.
Growing Demand for Electric and Autonomous Vehicles: Electric vehicles (EVs) and autonomous vehicles require specialized suspension systems to accommodate the unique characteristics of electric powertrains and advanced driver assistance systems (ADAS), driving innovation in suspension technology.
Vehicle Customization and Personalization: Consumers seek customizable suspension systems that offer adjustable ride height, damping settings, and performance tuning options to suit their individual preferences and driving styles.
Overall, the automotive suspension systems market is poised for growth as automakers and suppliers invest in innovative technologies to meet the evolving needs of consumers for safety, comfort, and performance in modern vehicles.
Key Takeaways from Automotive Suspension System Market Report:
- In 2018, the global market size stood at US$ 53,135.5 million.
- The market size expanded at a 4.0% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 62,173.0 million.
- In 2023, the automotive shock dampers segment holds 25.60% of the automotive suspension market shares
- In 2023, two-wheeler segment holds 36.70% of the global automotive suspension market shares.
- The automotive suspension system market in India will thrive at a 5.4% CAGR through 2033.
- The automotive suspension system market in China will rise at a 5.2% CAGR through 2033.
- The automotive suspension system market in the United Kingdom will rise at a 2.1% CAGR through 2033.
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Recent Developments Observed by FMI:
- The DiSus Intelligent Body Control System, or DiSus, was presented by Chinese electric vehicle (EV) maker BYD in April 2023. The body control and suspension algorithms will enhance the driving experience of BYD’s electric cars.
- In June 2021, Toyota launched the new Land Cruiser (300 Series) with its new Electronic Kinetic Dynamic Suspension System (E-KDSS).
Note from the Analysts:
“The automobile suspension system industry is undergoing a considerable change, driven by the continued trend towards electrification, connectivity, and sustainability. The future of the industry is being shaped by developments in electric and autonomous vehicles, sustainability, connected suspensions, and customization. These dynamics place suspension systems as essential elements in defining the next generation of automobiles, paving the way for a promising and innovative future,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Players in the Global Automotive Suspension System Market
- The Benteler Group
- Continental AG
- KYB Co. Ltd.
- Magneti Marelli S.p.A.
- Mando Corporation
- Schaeffler AG
- Tenneco Inc.
- TRW Automobile Holdings Coporation
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
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Automotive Suspension System Market Segmentation
By Components:
- Spring
- Automotive Shock Dampener
- Struts
- Control Arms
- Ball Joint
- Air Compressor
- Leaf Spring
By Vehicle Type:
- Two-wheeler
- Passenger Cars
- Commercial Vehicle
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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