Automotive Suspension Market By System Type (Dependent (Rigid) Suspension System And Independent Suspension System), By Component Type (Springs, Control Arms, Dampers Or Shock Absorbers, Ball Joints, and Others), By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Damping Type (Hydraulic and Electromagnetic), and By Region- Trends, Analysis and Forecast till 2034

Automotive Suspension Market Size was valued at USD 38.6 Billion in 2024 and is expected to reach USD 66.79 Billion by 2034 growing at a CAGR of 6.2%.

Suspension system plays important role in vehicles, Suspension is the system of tires, tire air, springs, shock absorbers and linkages that connect the vehicle to its wheels and impart relative motion between the two. A suspension system must support both road handling and ride quality, an automotive suspension system consists of springs and dampers component, which are interconnected to provide better traction, steering stability and improved vehicle control while driving. Which are opposed to each other. It also provides comfort to passengers, supports the vehicle body and helps to increase ride comfort during long journeys. A car with solid suspension can improve control of body movements and respond faster. The quality of the suspension system is important for vehicle safety and control, especially in areas with poor roads.

A good suspension system is essential to rise the traction between the tires and the road surface and provides a comfortable driving experience. Most vehicles rely on passive suspension systems, however, with the advent of technology, vehicle manufacturers are focusing on integrating advanced active suspension systems in newly launched models. A steady but significant growth is expected in the automotive suspension market in recent years. Apart from increasing vehicle demand and production, manufacturers are incorporating advanced suspension systems in the latest models. Increasing demand for lightweight suspension systems and development of innovative suspension systems are likely to provide lucrative opportunities for the growth of the automotive suspension market over the forecast period.

Increasing global automotive sales and rising disposable income

Increasing global automotive sales due to excess public transport is driving the market growth. Furthermore, rising disposable income is expected to support market growth in the near future, along with increased R&D activity in leading products to develop lightweight and low-maintenance suspension systems is expected to fuel the growth of the global automotive suspension market over the next ten years.

Restraints:

Rising maintenance cost of suspension system is the major factor restraining the growth of the target market. Also, rising cost of raw materials is another factor for the expected growth of the global automotive suspension market to a certain extent. Declining acceptance of motorcycles in some countries is due to the fact that motorcycles are not considered a safe mode of transportation and is expected to hamper the market growth during the forecast period.

Technological advancement

Technological advancements in suspension systems are a major factor driving the growth of the global suspension market. Also, growing preference among individuals for more comfortable vehicles is another factor supporting the growth of the target market. The suspension system is a protective mesh of shock-absorbing components such as springs and dampers. Your car's suspension helps ensure your drive is safe and smooth by absorbing energy from various road bumps and other dynamic effects. Double wishbone suspension is also used in high-performance racing cars because of the complexity of its design and the increased number of parts such as joints and bearings. Fine riding quality and comfort the automotive suspension market has taken this mentioned growth factor. Advances in technology have led to electromagnetically actuated active suspension and regenerative suspension systems defining the recent scale of success.  In September 2022, Multimatic’s TrueActive damper tech debuts on new Ferrari Purosangue. The Ferrari Purosangue is the first to feature the innovative Ferrari Active Suspension Technology (F.A.S.T.) system enabled by Multimatic TASV technology. All passive and adaptive dampers are reactive components designed to absorb energy imparted by the road surface and reactively control suspension movement and tire force following G-forces as a result of driver input.

The automotive suspension market has been segmented on the basis of system type, component type, vehicle type, damping type, and region.

On the basis of system type, the target market is segmented into dependent (Rigid) suspension system and independent suspension system. On the basis of component type, the global market is segmented into springs, control arms, dampers or shock absorbers, ball joints, and others. On the basis damping type, the global market is segmented in to Hydraulic and Electromagnetic. Also, the vehicle type segment includes passenger vehicles and commercial vehicles. In component type, there are three basic types of suspension components: linkages, springs, and shock absorbers. The linkages are the bars and brackets that support the wheels, springs and shock absorbers. Springs cushion the vehicle by reducing shock loads from road bumps and potholes. Shock absorbers use hydraulic pistons and cylinders to cushion the vehicle against shock loads. They also serve to damp the spring oscillations, thus returning the vehicle to a neutral position shortly after shock loading due to a road bump.

Regional Insights:

On region the Global Automotive Suspension Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific expected to hold major market share as compared to that of other region, owing to increasing sale of vehicles as well as presence of prominent players in countries in the region.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study, has segmented the global automotive suspension market report based on system type, component type, vehicle type, damping type, and region:

Global Automotive Suspension Market, System Type:

• Dependent (Rigid) Suspension System
• Independent Suspension System

Global Automotive Suspension Market, By Component Type:

• Springs
• Control Arms
• Dampers Or Shock Absorbers
• Ball Joints
• Others

Global Automotive Suspension Market, Vehicle Type:

• Passenger Vehicles
• Commercial Vehicles

Global Automotive Suspension Market, By Damping Type:

• Hydraulic
• Electromagnetic

Global Automotive Suspension Market, By Region:

• North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East &
  • Canada
  • U.S 

The key players operating the Global Automotive Suspension Market includes KYB Corporation, Hendrickson USA, L.L.C., Gabriel India Limited, FOX Factory, Inc., WABCO Holdings Inc., Continental AG, ZF TRW Automotive Holdings Corp., Magneti Marelli S.p.A, Tenneco Inc., Sogefi SpA, Benteler International, ZF Friedrichshafen AG. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, In September 2022, XPeng launches G9 flagship SUV. The G9 is the world's fastest-charging mass-production SUV and features the industry's first full-view advanced driver assistance system. It is topped with a dual-chamber air suspension system and a luxurious smart cabin that includes the groundbreaking 5D music experience Xopera. The G9 is an amalgamation of several technological innovations woven into an elegant design and marks a significant milestone after eight years of dedication.

• KYB Corporation
• Hendrickson USA
• L.L.C.
• Gabriel India Limited
• FOX Factory, Inc.
• WABCO Holdings Inc.
• Continental AG
• ZF TRW Automotive Holdings Corp.
• Magneti Marelli S.p.A
• Tenneco Inc.
• Sogefi SpA
• Benteler International
• ZF Friedrichshafen AG.