Automotive Suspension Market Forecasts to 2028 – Global Analysis By Technology (Advanced, Conventional), Electric Vehicle (ICE, FCEV, HEV), Application (Electric, Commercial), Channel (OEM, Aftermarket) and By Geography
According to Stratistics MRC, the Global Automotive Suspension Market is accounted for $57.21 billion in 2020 and is expected to reach $87.80 billion by 2028 growing at a CAGR of 5.5% during the forecast period. Technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles are driving the market growth. However, high maintenance cost is restraining the growth of the market.
Automotive suspension system help in preventing damage to the vehicle components and automotive suspension is an important part of a vehicle which helps for comfort driving and enables safety. This suspension system offers isolation to the vehicle from high-frequency vibration from tire excitation. Automotive suspension helps in ensuring the vehicle responds positively to control forces produced by the tire at the time of breaking and acceleration force and provides good ride and handling performance.
Based on the vehicle type, the passenger cars segment is going to have lucrative growth during the forecast period as the suspension system is one of the essential systems in any type of vehicle. Therefore, the growth of the suspension system is directly equivalent to the production volume of passenger vehicles. In modern cars, the growing demand for comfort and safety features has increased the installation of independent suspension systems. Therefore, passenger cars held the largest growth in the automotive suspension market.
By geography, Asia Pacific is going to have high growth during the forecast period owing to presence of large number of vehicle and component manufacturers. The government organizations are supporting automotive industry by formulating supportive policies and regulatory frameworks. Countries such as China, India, and Japan opt for this cost-effective automotive suspension architecture, which is expected to drive the market during the forecast period.
Some of the key players profiled in the Automotive Suspension Market include Continental AG, Tenneco Inc, Gabriel India Limited, ThyssenKrupp AG, Hitachi, Mando Corporation, Fox Factory, Inc., KYB Corporation, Hendrickson, Rassini, Wabco and Magneti Marelli S.p.A.
Estimated Market Size in 2020:
USD 57.21 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 87.80 billion
Tables, Graphs& Figures
Technology, Architecture, Geometry, System, Component, Actuation, Damping Type, Material, Electric & Hybrid Vehicle, Vehicle Type, Application, Distribution Channel and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
• Two-Wheeler Suspension
• Four-Wheeler Suspension
• Dependent (Rigid)
• Semi-Active Suspension System
• Active Suspension System
• Passive Suspension System
• Adaptive System
• Rubber Bushing
• Shock Dampener/Absorber
• Suspension/Control Arms
• Ball Joint
• Leaf Spring
• Air Compressor
• Link Stabilizer/Sway Bar
• Electronically Actuated Active Suspension
• Hydraulically Actuated Active Suspension
Damping Types Covered:
• Air Suspension
• Electromagnetic Suspension
• Hydraulic / Pneumatic Suspension
Electric & Hybrid Vehicles Covered:
• Internal Combustion Engine (ICE)
• Fuel Cell Electric Vehicles (FCEV)
• Hybrid Electric Vehicles (HEV)
• Battery Electric Vehicles (BEVs)
• Plug-In Hybrid Electric Vehicles (PHEV)
Vehicle Types Covered:
• Passenger Cars
• Commercial Vehicle
• Multi-Purpose Vehicles (MPVs)
• Sport Utility Vehicles (SUVs) & Crossovers
• Farm Tractors
Distribution Channels Covered:
• Original Equipment Manufacturer (OEM)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Automotive Suspension Market is majorly driven by increase in demand for vehicle comfort and safety, technological advancements, rise in production of vehicles and increasing adoption of air suspension systems in HCVs.
The electromagnetic suspension segment is growing at a highest CAGR due to increasing number of high-end vehicles that offer better ride quality and superior control.
Europe dominated with a significant market share due to the factors such as growing need for luxury vehicles equipped with advanced suspension systems and due to the easy availability of labor, safety norms, and government initiatives for FDIs.
Asia Pacific market is growing at a highest CAGR owing to presence of large number of vehicle and component manufacturers and countries in the region are opting for the cost-effective automotive suspension architecture in the region.
Key players in Automotive Suspension Market include Continental AG, Tenneco Inc, Gabriel India Limited, ThyssenKrupp AG, Hitachi, Mando Corporation, Fox Factory, Inc., KYB Corporation, Hendrickson, Rassini, Wabco and Magneti Marelli S.p.A.
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