Automotive Suspension System Market Worth USD 88,190.58 Million at a 5.5% CAGR by 2030 - Report by Market Research Future (MRFR)
Growing Demand for Comfort Features Drives and Technology Advancements
New York, US, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Automotive Suspension System Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Suspension System Market Research Report Information By Suspension System, Damping Type, Vehicle Type, Sales Channel - Forecast 2030”, the global automotive suspension system market is expected to reach USD 88,190.58 MN by 2030, with a 5.5% CAGR during the assessment period (2022-2030).
The automotive suspension system industry has reported astonishing growth for the last few months, witnessing an uptick in demand after pandemic restrictions eased. Suspension systems are mostly used on high-end cars and many other vehicles, such as SUVs and pickups, to improve ride comfort and functionality. Suspension systems can also improve fuel economy by lowering the car at highway speeds to reduce the haul coefficient. Comfort has become crucial for vehicle owners and auto manufacturers, and OEMs develop different types of suspension systems.
Aftermarket and OES suppliers adapt to advanced suspension control systems. Recent advances in suspension systems brought by OEMs, Tier 1’s, and component solution providers are improving the functionalities of these systems and their market adoption. OEMs and T1 & T2 suppliers initiate different programs, enhancing designing and networking at the core.
Leading players in the automotive suspension system market are:
- ZF Friedrichshafen AG (Germany)
- Schaeffler AG (Germany)
- ThyssenKrupp AG (Germany)
- Magneti Marelli SpA (Italy)
- Continental AG (Germany)
- Tenneco Inc. (US)
- BENTELER International AG (Austria)
- KYB Corporation (Japan)
- Sogefi SpA (Italy)
- NHK Spring Co Ltd. (Japan)
- Mando Corp. (South Korea)
- Parker Hannifin Corporation (US)
- and Rassini (Mexico) among others.
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Advanced suspension systems increase the comfort & safety features of a vehicle and improve driving dynamics, enhancing the overall ride comfort & experience. Suspension systems also reduce the body friction generated due to road disturbances and roughness to improve the comfort level of the ride. The introduction of electronically-controlled air suspension systems for an enhanced ride and safe driving experience contributes to the growth of the Automotive Suspension System market.
Automotive Suspension System Market Segments
The automotive suspension system market is segmented into suspension systems, damping types, vehicle types, sales channels, and regions. The suspension system segment is sub-segmented into active suspension systems, semi-active suspension systems, and passive suspension systems. The damping type segment is sub-segmented into hydraulic and electromagnetic.
The vehicle type segment is sub-segmented into passenger cars, commercial vehicles, electric vehicles, two-wheelers, and other vehicles. The sales channel segment is sub-segmented into OEMs and aftermarkets. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
|Market Size by 2030||USD 88,190.58 million|
|CAGR during 2022-2030||5.5%|
|Key Market Opportunities||Demand for a regenerative suspension system for electric and hybrid vehicles Advancements in lightweight components|
|Key Market Drivers||Increased safety regulations Introduction of innovative suspension systems Rising demand for commercial and passenger vehicles|
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Industry Trends of Automotive Suspension System Market
Manufacturers are investing in developing new technologies to meet the rising customer demand for safer cars with fewer vehicular vibrations and noises. Advances in EVs and AVs and the demand for suspension systems that can respond to NVH and motion sickness challenges explain the growing market landscape. The high adoption of advanced suspension systems is a key driving force behind the Automotive Suspension System market growth.
Major automakers, such as Audi, Mercedes-Benz, and BMW, are investing in developing advanced technology for automotive components, allowing the market to garner significant traction. The growth of this Automotive Suspension System market is also driven by the increase in vehicle sales, the use of electronics in vehicles, and rapid technological advancements.
Government, regulators, and automotive governing councils in various countries have enforced strict regulatory norms, promoting the need for using lightweight materials in vehicles. This, as a result, increases the adoption of energy-efficient, advanced suspension technologies in the automotive industry.
Many manufacturers are seen investing substantially in product development and increasing production capacities. Also, suspension system manufacturing companies are making significant R&D investments in testing innovative prototypes. These manufacturers strive to develop new technologies that can instill vehicle safety to meet the growing demand influenced by constant updates in passenger safety regulations & norms by governments.
Automotive Suspension System Market Regional Analysis
Europe dominates the global automotive suspension system market. The large presence of luxury vehicle manufacturers and major automotive suspension system manufacturers in this region, such as Infineon Technologies, ThyssenKrupp, and Continental, drives the market growth. Besides, the rising demand for automobiles and suspension systems boosts the Automotive Suspension System market size.
The presence of well-established development centers and advanced infrastructure facilities, alongside the faster technology adoption and increasing per capita income in the region, substantiates the market revenues. The burgeoning automotive sector in the region is a key growth driver. Germany and the UK are expected to derive a larger share of the European automotive suspension system market.
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Automotive Suspension System Market Competitive Analysis
The automotive suspension system market is primarily a B2B market. It appears fragmented and highly competitive due to the presence of players. Manufacturers use close service agreements, collaboration, and partnerships with large vehicle manufacturers to capture significant market share. Suppliers are highly dependent on auto manufacturing, which reduces the profit margin of manufacturers.
Many automobile manufacturers are following backward integration and are acquiring suppliers of the suspension system to boost the designing, manufacturing, and marketing activities. Providers of the latest intelligent suspension technologies strive to expand their product portfolios by catering to original equipment & aftermarket customers.
For instance, on Aug. 02, 2022, Vibracoustic, a leading global automotive NVH expert, announced the development of a hydro leveling technology supporting an innovative, low-cost active suspension system. Vibracoustic hydro leveling technology enables car manufacturers to offer users the height leveling benefits of an air suspension with significantly less complexity and costs.
Electric vehicle owners increasingly prefer air suspension systems to respond to NVH challenges. On the other hand, electric vehicles are becoming more affordable. Besides, the significant demand for a more simple and affordable leveling system would increase the adoption of vibracoustic hydro leveling technology. Vibracoustic has developed this premium feature, especially for smaller vehicle segments.
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This all-new hydro leveling system brings the benefits of ride height adjustability. It can be tailored to the front or rear-axle applications, offering a cost-effective solution for ride height adjustability for lower-segment cars and smaller EVs. Furthermore, the patent-pending hydro leveling system can help increase the energy efficiency of EVs with a smaller battery pack and maintains the same range.
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