Automotive Suspension System Market Forecasts to 2028 - Global Analysis By Type (Air Suspension, Leaf Spring, Macpherson Strut, Multilink Suspension), System (Semi-Active System, Passive System, Active System), Component (Control Arm, Shock Dampener, Air Compressors, Struts, Ball Joint), Vehicle Type, Actuation Type and Geography
Estimated Year Value (2022)
US $45.3 BN
Projected Year Value (2028)
US $59.3 BN
CAGR (2022 - 2028)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa
Highest Growing Market
According to Stratistics MRC, the Global Automotive Suspension System Market is accounted for $45.3 billion in 2022 and is expected to reach $59.3 billion by 2028 growing at a CAGR of 4.6% during the forecast period. Vehicles' Automotive Suspension System are a critical component that promotes safe and enjoyable driving while preventing damage to other vehicle parts. Changing consumer habits, technical development, and rising urbanisation have all made a significant impact on the expansion of the automobile sector. Vehicle suspension systems are always changing to offer greater ride quality and better road holding capability.
According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period.
Growth in ATV sales due to increased off-road recreational activities globally
All-terrain vehicles (ATVs) are four-wheeled or more motorised vehicles with more than four wheels that are typically used for off-road activities but may also be used for on-road activities. A suspension system is used by almost all ATVs since it is one of the most important functional parts of the vehicles, which go across a variety of rough and challenging terrain. Globally, rising GDP and rising disposable incomes have encouraged consumers to spend more on leisure activities. This increased demand for these ATVs before the epidemic, and it is anticipated that it will do so again once tourist picks back up after the outbreak. Along with the growth of off-road ATV competitions, recreational activities offered by tourist destinations around the world have increased. Due to these factors, there is a large market for ATVs, which has increased sales.
Lack of alternative materials
Autonomous, connected, electric, and sharing (ACES) cars are expected to dominate transportation in the future, changing how users interact with automobiles. Automakers view a lightweight car as a key component of sustainable transportation since it reduces both fuel consumption and CO2 emissions. Automotive vehicle electrification presents extra issues since the increased electrical components or batteries make the cars heavier than those with traditional internal combustion engines (ICEs). There is a growing focus on reducing total vehicle weight to extend the driving range of a single full battery charge because EVs are generally 125% heavier than ICE counterparts due to the accommodation of hefty battery packs. The automobile industry will need to start again when designing the frame layout for Battery Electric cars (BEVs) due to the need to fit a big, heavy battery pack at the bottom of the vehicle and the need to use one platform for several cars. In order to replace the present heavy material components in suspension modules, alternative materials are now required.
Growing sales of SUVs and luxury vehicles
Due to the numerous benefits they provide, the use of independent suspensions has grown over time. The increase is attributable to independent suspensions, which provide vehicles better stability. An independent suspension system is favoured for heavier trucks since it is less in weight. In general, passenger automobiles have an independent front suspension and a dependent rear suspension. Therefore, suspensions that are both independent and dependent are necessary. Another style of independent suspension that offers improved comfort, dynamics, and road holding is the double wishbone. Double wishbone suspensions are typically seen in high-end cars due to their greater manufacture costs. Due to its complex design and added component, including joints and bearings, the double wishbone suspension is also used in high-performance racing cars.
Lack of standardization of independent suspension systems
As there would be distinct suspension types for each model, the standardisation of suspension systems with regard to vehicle type is anticipated to lower overall manufacturing costs, and component manufacturers to produce suspension systems in large volumes. OEMs and suspension suppliers can develop independent suspension standardisation with regard to key characteristics during supply contract discussions, potentially benefiting both sides. Given a lack of standardisation, manufacturers must keep track of the tastes in many nations in order to compete in the market. Manufacturers' investment strategies alter as a result of shifts in consumer preferences or the installation of new regulations, which makes the market unpredictable for them. Due to their dependence on supplier demand, component suppliers are also adversely affected right away. As a result, the lack of standardisation has made it difficult for manufacturers to meet the varied architectural requirements of various vehicle types and has limited the automotive suspension industry.
The COVID-19 outbreak had a detrimental impact on the vehicle suspension system industry. Sales of passenger cars and commercial vehicles are down, and production facilities for vehicles and their components have been temporarily shut down. However, as a result of the decrease in cases, production facilities are once again in use, and vehicle sales have risen in all major geographical areas.
The MacPherson strut segment is expected to be the largest during the forecast period
The MacPherson strut segment is estimated to have a lucrative growth. The MacPherson strut decreases the weight and expense of the design by doing away with the requirement for a separate upper control arm. Due to the benefit that the design provides, OEMs throughout the world have adopted it widely. The substantial presence of the MacPherson strut in the front suspension, which is between 70 and 75 percent, is responsible for the market expansion in this area. This architecture is favoured for tiny passenger automobiles, which are in strong demand in the Asia Pacific region because of its low cost and small installation area requirements.
The Passive System segment is expected to have the highest CAGR during the forecast period
The Passive System segment is anticipated to witness the fastest CAGR growth during the forecast period. In practically all conventional passenger automobiles, it is one of the most often utilised suspension systems. It is extensively used in all reasonably priced vehicles. Additionally, it is simple to find passive segment, which enhances the ease of use for placement and maintenance-related activities. For low- and mid-range automobiles, it is a highly preferred strategy. Simple springs and shock absorbers are used in passive suspension systems to react to changes in the road in order to stop the vehicle from moving excessively. Coil springs, leaf springs, air springs, shock absorbers, and other parts are among the several suspension system components used in automobiles for both passenger and commercial vehicles.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to shifting customer tastes, increased per capita income, and cost advantages for original equipment manufacturers (OEMs). Consumers in the area are drawn to the affordable and little cars. Due to growing automobile demand in nations like China and India as well as rising middle-class disposable income, the Asia-Pacific region has the largest worldwide market share for Automotive Suspension System. Additionally, as more people in the area are purchasing electric vehicles, the market for Automotive Suspension System is expanding because these vehicles need sophisticated suspension systems to back up their heavier battery systems.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period. The world's leading producer of car suspension is now located in Europe and this trend is expected to last for some time. It is the top producer of fuel-efficient cars in the entire globe. The original equipment manufacturers (OEMs) have started to invest in and create cutting-edge automotive technology, nevertheless, as demand for high-end vehicles rises. The market for automobile suspension systems is expanding as a result of the rising popularity of electric vehicles in Europe. These vehicles need sophisticated suspension systems to handle their bulkier battery packs.
Key players in the market
Some of the key players profiled in the Automotive Suspension System Market include KW automotive Group, Hitachi, Ltd., Magneti Marelli SpA, Continental AG, KYB Corporation, Parker Hannifin Corporation, Hyundai Mobis Co., Ltd., Schaeffler AG, Tenneco Inc., FOX Factory, Inc., Gabriel India Limited and Benteler.
In September 2021, Continental AG launched three new products that expanded its broad automotive product range: air suspension dampers, compressors, and coolant thermostats.
In July 2021, KW automotive Group, a Germany-based automotive manufacturer, acquired the damping technology business unit from AL-KO Vehicle Technology Group. The acquisition would allow KW automotive to technologically upgrade its suspension systems. AL-KO Vehicle Technology Group is a Germany-based manufacturer of shock absorbers.
In March 2021, Mando Corp. clinched a ten-year agreement worth KRW 1.4 trillion (USD 1.25 billion) for supplying 50 million units of suspension systems to Volkswagen Group for its upcoming EVs and popular models. Mando Corp. will produce and supply 50 million units of Automotive Suspension Systemss between June 2022 and 2033 in Europe.
In February 2021, Magneti Marelli SpA expanded its suspension products range with the addition of air suspension. The new range includes air springs, hydraulic-gas shock absorbers, and air struts for key SUVS and car applications covering the high-end and premium segments of the European market.
Suspension Types Covered:
• Air Suspension
• Leaf Spring
• Macpherson Strut
• Multilink Suspension
• Other Suspension Types
• Semi-Active System
• Passive System
• Active System
• Control Arm
• Shock Dampener
• Air Compressors
• Ball Joint
• Other Components
Vehicle Types Covered:
• Passenger Cars
• Light Commercial Vehicles (LCV)
• Heavy Commercial Vehicles (HCV)
• Electric Vehicle
• Two Wheelers
• Other Vehicle Types
Actuation Types Covered:
• Electronically Actuated Suspension
• Hydraulically Actuated Suspension
• 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 2020, 2021, 2022, 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
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Table of Contents
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Automotive Suspension System Market, By Suspension Type
5.2 Air Suspension
5.3 Leaf Spring
5.4 Macpherson Strut
5.5 Multilink Suspension
5.6 Other Suspension Types
6 Global Automotive Suspension System Market, By System
6.2 Semi-Active System
6.3 Passive System
6.4 Active System
7 Global Automotive Suspension System Market, By Component
7.2 Control Arm
7.3 Shock Dampener
7.4 Air Compressors
7.6 Ball Joint
7.7 Other Components
8 Global Automotive Suspension System Market, By Vehicle Type
8.2 Passenger Cars
8.3 Light Commercial Vehicles (LCV)
8.4 Heavy Commercial Vehicles (HCV)
8.5 Electric Vehicle
8.6 Two Wheelers
8.7 Other Vehicle Types
9 Global Automotive Suspension System Market, By Actuation Type
9.2 Electronically Actuated Suspension
9.3 Hydraulically Actuated Suspension
10 Global Automotive Suspension System Market, By Geography
10.2 North America
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.5 Other Key Strategies
12 Company Profiling
12.1 KW automotive Group
12.2 Hitachi, Ltd.
12.3 Magneti Marelli SpA
12.4 Continental AG
12.5 KYB Corporation
12.6 Parker Hannifin Corporation
12.7 Hyundai Mobis Co., Ltd.
12.8 Schaeffler AG
12.9 Tenneco Inc.
12.10 FOX Factory, Inc.
12.11 Gabriel India Limited
List of Tables
1 Global Automotive Suspension System Market Outlook, By Region (2020-2028) ($MN)
2 Global Automotive Suspension System Market Outlook, By Suspension Type (2020-2028) ($MN)
3 Global Automotive Suspension System Market Outlook, By Air Suspension (2020-2028) ($MN)
4 Global Automotive Suspension System Market Outlook, By Leaf Spring (2020-2028) ($MN)
5 Global Automotive Suspension System Market Outlook, By Macpherson Strut (2020-2028) ($MN)
6 Global Automotive Suspension System Market Outlook, By Multilink Suspension (2020-2028) ($MN)
7 Global Automotive Suspension System Market Outlook, By Other Suspension Types (2020-2028) ($MN)
8 Global Automotive Suspension System Market Outlook, By System (2020-2028) ($MN)
9 Global Automotive Suspension System Market Outlook, By Semi-Active System (2020-2028) ($MN)
10 Global Automotive Suspension System Market Outlook, By Passive System (2020-2028) ($MN)
11 Global Automotive Suspension System Market Outlook, By Active System (2020-2028) ($MN)
12 Global Automotive Suspension System Market Outlook, By Component (2020-2028) ($MN)
13 Global Automotive Suspension System Market Outlook, By Control Arm (2020-2028) ($MN)
14 Global Automotive Suspension System Market Outlook, By Shock Dampener (2020-2028) ($MN)
15 Global Automotive Suspension System Market Outlook, By Air Compressors (2020-2028) ($MN)
16 Global Automotive Suspension System Market Outlook, By Struts (2020-2028) ($MN)
17 Global Automotive Suspension System Market Outlook, By Ball Joint (2020-2028) ($MN)
18 Global Automotive Suspension System Market Outlook, By Other Components (2020-2028) ($MN)
19 Global Automotive Suspension System Market Outlook, By Vehicle Type (2020-2028) ($MN)
20 Global Automotive Suspension System Market Outlook, By Passenger Cars (2020-2028) ($MN)
21 Global Automotive Suspension System Market Outlook, By Light Commercial Vehicles (LCV) (2020-2028) ($MN)
22 Global Automotive Suspension System Market Outlook, By Heavy Commercial Vehicles (HCV) (2020-2028) ($MN)
23 Global Automotive Suspension System Market Outlook, By Electric Vehicle (2020-2028) ($MN)
24 Global Automotive Suspension System Market Outlook, By Two Wheelers (2020-2028) ($MN)
25 Global Automotive Suspension System Market Outlook, By Other Vehicle Types (2020-2028) ($MN)
26 Global Automotive Suspension System Market Outlook, By Actuation Type (2020-2028) ($MN)
27 Global Automotive Suspension System Market Outlook, By Electronically Actuated Suspension (2020-2028) ($MN)
28 Global Automotive Suspension System Market Outlook, By Hydraulically Actuated Suspension (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
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