Automotive Suspension Market (By Suspension Type: Macpherson Strut, Multilink Suspension, and Air Suspension; By System Type: Passive Suspension, Semi Active Suspension, and Active Suspension; By Actuation Type: Hydraulically Actuated Suspension and Electronically Actuated Suspension; By Vehicle Type: Passenger Vehicle and Light Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 – 2032
The global automotive suspension market was valued at US$ 50 billion in 2022 and is expected to reach over US$ 70.19 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2032.
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The mechanism of two adjoining parts or gears in a vehicle or locomotive, regardless of proportions and size, is known as automotive suspension. The automotive suspension systems come in a variety of shapes and sizes, including tire air and springs. It is a shock absorption process that includes the relative motion of both wheels and shock absorbers between the locative and the surface on which the machine is functioning. The main objective of an automotive suspension is to minimize discomfort and exertion in the face of adversity.
The passengers will be more comfortable, cargo will be less damaged, and driver tiredness will be reduced on lengthy trips if the rise is of high quality. The suspension is in charge of ride quality and automobile handling control, since vehicles with firm suspension may have better body control and quicker reactions. As a result of these aforementioned factors, the demand for enhanced driving comfort has increased, favorably impacting the global automotive suspension market’s growth during the forecast period.
As the suspension system connects the wheel to the vehicle chassis and is one of the most important sections of a vehicle, demand for it is directly tied to new vehicle production. The automotive business is growing as a result of rising urbanization, technological improvements, and changing consumer preferences. The significant expenditures are being made to update existing vehicle suspension systems in order to improve ride quality and road holding capabilities. Although the automotive suspension market is growing steadily, the lack of standardization and high prices of independent suspension systems may function as a major hurdle to the market’s expansion.
The global automotive suspension market is predicted to develop because of some factors such as technological developments in vehicle components, increased vehicle production, and increased demand for luxury passenger vehicles. However, the issues such as improved global vehicle regulations and the high maintenance costs and modern suspension systems are expected to slow the automotive suspension market’s growth. On the other hand, the rising demand for light weight suspension systems and the development of innovative suspension systems are likely to give a lucrative opportunity for the growth of automotive suspension market during the forecast period.
Due to its performance in both on and off-road conditions, the independent automotive suspension will grow at a rapid pace during the projected period. Each wheel acts as a separate suspension unit in this type of suspension, and movement of one wheel is not dependent on the movement of the other. Each wheel in this suspension reacts to the road differently. These systems provide good wheel bonding. However, the suspensions’ complex construction and high repair costs may limit their adoption.
The consumers often prefer original equipment manufacturer (OEM) components because of their high quality and lengthy service life. The manufacturer’s warranty is normally included with these parts. However, original equipment manufacturer (OEM)-supplied vehicle suspension parts and components are more expensive than aftermarket-supplied parts and components.
During the projection period, a growing population, rising disposable incomes, and shifting consumer dynamics would result in a massive demand for two-wheelers. In order to increase their bottom line, many prominent two-wheeler companies are using targeted product launch strategies. In the near future, greater customer affordability combined with increased competitiveness would raise two-wheeler output, resulting in the automotive suspension market growth during the forecast period.
| Report Coverage | Details |
| Market Size in 2023 | USD 51.5 Billion |
| Market Size by 2032 | USD 70.19 Billion |
| Growth Rate from 2023 to 2032 | 3.5% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | System Type, Region |
| Companies Mentioned | Tenneco Inc., Continental AG, ZF Friedrichschafen AG, Schaeffler AG, Sogefi SpA, Magneti Marelli SpA, KYB Corporation, ThyssenKrupp AG, Mondo Corporation, BENTELER International AG |
Based on the system type, the active suspension segment accounted largest revenue share in 2022. A control device that receives input from sensors control the vertical movement of the wheels in active suspension systems. During the projected period, the active suspension is predicted to be the market leader in suspension systems. With the help of the onboard system, it can control the vertical movement of the wheel in relation to the vehicle.
On the other hand, the semi active suspension segment is estimated to be the most opportunistic segment during the forecast period. The semi active suspensions vary the strength of the shock absorber based on dynamic driving conditions, whereas inactive suspension actuators raise and lower the vehicle independently at each wheel. The onboard computer system aids in the operation of semi active and active suspensions by sensing vehicle movement via sensors throughout the vehicle.
Based on the region, the Asia-Pacific segment dominated the global automotive suspension market in 2022, in terms of revenue and is estimated to hit 4.5% of CAGR during the forecast period. Due to changing consumer preferences, the rising per capita income, and the cost benefits for original equipment manufacturers (OEMs), the Asia-Pacific has emerged as a center for automobile production in recent years. The compact and cost-effective automobiles are popular among consumers in the region.
The Europe is estimated to be the most opportunistic segment during the forecast period. The Europe region is the world’s largest producer of automotive suspension, and this is projected to continue in the coming years. It is the world’s leading manufacturer of fuel-efficient vehicles. However, as demand for premium vehicle grows, the original equipment manufacturers (OEMs) have begun to invest in and develop innovative automotive technologies.
Key Companies & Market Share Insights
To build a firm presence in the automotive suspension market, the key market players are employing several methods such as increasing production capacity, diversifying sales and distribution networks, product differentiation and new product development, and strategic partnerships and collaborations.
Segments Covered in the Report
By Suspension Type
By System Type
By Actuation Type
By Vehicle Type
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Automotive Suspension Market
5.1. COVID-19 Landscape: Automotive Suspension Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Automotive Suspension Market, By Suspension
8.1. Automotive Suspension Market, by Suspension Type, 2023-2032
8.1.1. Macpherson Strut
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Multilink Suspension
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. Air Suspension
8.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 9. Global Automotive Suspension Market, By System
9.1. Automotive Suspension Market, by System, 2023-2032
9.1.1. Passive Suspension
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Semi Active Suspension
9.1.2.1. Market Revenue and Forecast (2021-2032)
9.1.3. Active Suspension
9.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 10. Global Automotive Suspension Market, By Actuation Type
10.1. Automotive Suspension Market, by Actuation Type, 2023-2032
10.1.1. Hydraulically Actuated Suspension
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.2. Electronically Actuated Suspension
10.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 11. Global Automotive Suspension Market, By Vehicle Type
11.1. Automotive Suspension Market, by Vehicle Type, 2023-2032
11.1.1. Passenger Vehicle
11.1.1.1. Market Revenue and Forecast (2021-2032)
11.1.2. Light Commercial Vehicle
11.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 12. Global Automotive Suspension Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.1.2. Market Revenue and Forecast, by System (2021-2032)
12.1.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.1.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.1.5.2. Market Revenue and Forecast, by System (2021-2032)
12.1.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.1.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.1.6.2. Market Revenue and Forecast, by System (2021-2032)
12.1.6.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.1.6.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.2.2. Market Revenue and Forecast, by System (2021-2032)
12.2.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.2.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.2.5.2. Market Revenue and Forecast, by System (2021-2032)
12.2.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.2.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.2.6.2. Market Revenue and Forecast, by System (2021-2032)
12.2.6.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.2.6.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.2.7.2. Market Revenue and Forecast, by System (2021-2032)
12.2.7.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.2.7.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.2.8.2. Market Revenue and Forecast, by System (2021-2032)
12.2.8.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.2.8.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.3.2. Market Revenue and Forecast, by System (2021-2032)
12.3.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.3.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.3.5.2. Market Revenue and Forecast, by System (2021-2032)
12.3.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.3.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.3.6.2. Market Revenue and Forecast, by System (2021-2032)
12.3.6.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.3.6.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.3.7.2. Market Revenue and Forecast, by System (2021-2032)
12.3.7.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.3.7.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.3.8.2. Market Revenue and Forecast, by System (2021-2032)
12.3.8.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.3.8.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.4.2. Market Revenue and Forecast, by System (2021-2032)
12.4.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.4.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.4.5.2. Market Revenue and Forecast, by System (2021-2032)
12.4.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.4.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.4.6.2. Market Revenue and Forecast, by System (2021-2032)
12.4.6.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.4.6.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.4.7.2. Market Revenue and Forecast, by System (2021-2032)
12.4.7.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.4.7.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.4.8.2. Market Revenue and Forecast, by System (2021-2032)
12.4.8.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.4.8.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.5.2. Market Revenue and Forecast, by System (2021-2032)
12.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.5.5.2. Market Revenue and Forecast, by System (2021-2032)
12.5.5.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.5.5.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Suspension (2021-2032)
12.5.6.2. Market Revenue and Forecast, by System (2021-2032)
12.5.6.3. Market Revenue and Forecast, by Actuation Type (2021-2032)
12.5.6.4. Market Revenue and Forecast, by Vehicle Type (2021-2032)
Chapter 13. Company Profiles
13.1. Tenneco Inc.
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Continental AG
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. ZF Friedrichschafen AG
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Schaeffler AG
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. Sogefi SpA
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Magneti Marelli SpA
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. KYB Corporation
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. ThyssenKrupp AG
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Mondo Corporation
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. BENTELER International AG
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
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