Automotive Suspension System Market Research Report—Global Forecast till 2032

Automotive Suspension System Market Research Report Information By Suspension System (Active Suspension System, Semi-Active Suspension System, Passive Suspension System), By Damping Type (Hydraulic, Electromagnetic), By Vehicle Type (Passenger Cars, Commercial Vehicle, Electric Vehicle, Two-Wheelers), By Sales Channel (OEM, Aftermarket) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/AM/1321-CR | 100 Pages | Author: Swapnil Palwe | April 2023         

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Automotive Suspension System Market Overview


Automotive Suspension System Market Size was valued at USD 55.1 billion in 2022. The Automotive Suspension System market is projected to grow USD 89.212 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). Increased safety regulations,introduction of innovative suspension systems, and rising demand for commercial and passenger vehiclesare the key market drivers enhancing the market growth.


Automotive Suspension System Market


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Automotive Suspension System Market Trends




  • Increased safety regulations are driving the market growth




COVID-19 has changed the way we live and travel in cities, as well as in society as a whole. It is believed that a new way of life would arise. Governments worldwide have required that public transit and ride-sharing firms limit the number of passengers per car, citing social separation as the strongest defense against COVID-19. People appear hesitant to use public transportation as their reliance on personal mobility continues to rise as nations 'unlock,' and businesses reopen in various countries. The necessity for personal mobility is anticipated to rise as customers seek to ensure their own safety. Although other external causes drove this increase in the past, as the demand for social separation and preventative measures grows, these numbers will continue to rise. This factor drives the market CAGR.


Additionally, the automotive suspension system market mainly relies on manufacturing and selling automobiles. As a result, fluctuations in automotive demand have an impact on the market. The market for automotive suspension systems is fueled by rising demand for sedans, SUVs, and off-road vehicles. To reduce the high cost of production of these systems, the Chinese and Indian governments are investing in the aftermarket through direct engagement with tier 1 suppliers. The presence of automotive suspension manufacturers in the aftermarket, such as ZF Friedrichshafen AG and Dorman Products, is projected to boost demand for advanced suspension systems.


Furthermore, the automotive suspension system market is expected to be driven by the European Union's reviving automotive industry. Sales were held back by limited inventory and fewer incentives during the pandemic, but the relaxation in the lockdown is expected to boost the automotive market growth. Thus, the rising demand for commercial and passenger vehicles is expected to drive the Automotive Suspension System Market revenuegrowth during the forecast period.


Automotive Suspension System Market Segment Insights


Automotive Suspension System Insights


The Automotive Suspension System Market segmentation, based on suspension systems, includes active suspension systems, semi-active suspension systems, and passive suspension systems. The passive suspension system segment is expected to have the highest CAGR and dominate the market share during the forecast period. A passive suspension system is machine-driven and relies on dampers and coil springs to work. This suspension system is comparable to the semi-active one, but the damping coefficient and constant spring values differ. The properties of the components (springs and dampers) are fixed in a passive suspension system.


Automotive Suspension System damping type Insights


Based on damping type, the Automotive Suspension System Market segmentation includes hydraulic, electromagnetic. The hydraulic segment is expected to have the highest CAGR and dominate the market share during the forecast period. In the global automotive industry, hydraulic damper suspension systems are widely employed. This device not only provides self-leveling and height adjustment capabilities but also aids in increasing a vehicle's aerodynamic performance when traveling at high speeds.


Figure1: Global Automotive Suspension System Market, by Damping Type, 2022&2032(USD billion)


Global Automotive Suspension System Market, by Damping Type, 2022


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Automotive Suspension System Vehicle Type Insights


The Automotive Suspension System Market segmentation, based on vehicle type, includes passenger, commercial, electric, and Two-wheelers. The passenger cars segment is expected to have the highest CAGR and dominate the market share during the forecast period. A passenger automobile is a road vehicle designed to transport passengers and has a maximum seating capacity of nine people. If the total number of seats is less than ten, microcars, taxis, and other hired passenger cars are included in the term passenger car.


December 2020 loan launched two new faucet and soap dispenser pairings that are part of its Clark and Rush Street Collections. Its new pairings of sensor-operated faucets and soap dispensers provide hygienic, touch-free solutions.


May 2020 REE Automotive (REE) and KYB Corporation (KYB) announced a strategic partnership to develop suspension capabilities for future electric vehicle (EV) platforms. As an automotive Tier 1 supplier, KYB Corporation's unparalleled semi-active and active suspension systems will boost REE's next-generation EV platform, which delivers complete design freedom and cost-effective, scalable solutions in e-mobility.


Automotive Suspension System Sales Channel Insights


Based on sales channels, the Automotive Suspension System Market segmentation includes OEM and Aftermarket. The OEM segment is expected to have the highest CAGR and dominate the market share during the forecast period. This is due to the increasing demand for advanced suspension systems in commercial vehicles and  passenger cars.


October 2022: GMC is set to provide customers with good news, waiting for a more affordable, smaller electric truck from the brand, and it comes in the form of the all-new 2024 GMC Sierra EV. But sadly, according to the website, reservations for the truck are currently full.


Automotive Suspension System Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American automotive suspension system market will dominate; increased safety regulations, the introduction of innovative suspension systems, and rising demand for commercial and passenger vehicles will boost the market growth in this Region.


Further, the major countries studied in the market report areThe U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET SHARE BY REGION 2022 (%)


GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's Automotive Suspension System market accounts for the second-largest market share due to the rising demand for suspension systems, parts, and components from premium German OEMs such as Mercedes, Audi, and BMW, prompting global market participants to expand and improve their European operations. Further, the German Automotive Suspension System market held the largest market share, and the UK Automotive Suspension System market was the fastest-growing market in the European Region.


The Asia-Pacific Automotive Suspension System Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe expanding vehicle manufacturing business in this Region. Moreover, China’s Automotive Suspension System market held the largest market share, and the Indian Automotive Suspension System market was the fastest-growing market in the Asia-Pacific region.


Automotive suspension system Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive suspension system market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive suspension system industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Automotive Suspension System industry to benefit clients and increase the market sector. In recent years, the Automotive Suspension System industry has offered some of the most significant medical advantages. Major players in the Automotive Suspension System market, including Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Continental AG (Germany), Magneti Marelli SpA (Italy), Tenneco Inc. (US), KYB Corporation (Japan), BENTELER International AG (Austria), Sogefi SpA (Italy), Mando Corp. (South Korea), NHK Spring Co, Ltd. (Japan), Parker Hannifin Corporation (US), Rassini (Mexico)., and others, are attempting to increase market demand by investing in research and development operations.


REE is an automotive technology leader whose mission is to empower companies to build any size or shape of an electric or autonomous vehicle – from Class 1 through Class 6 – for any application and target market. REE aims to serve as the underpinning on which EVs and AVs will be built and envisions a future where EVs and AVs will be 'Powered by REE.Headquartered in Israel, REE has an Engineering Center in the UK and subsidiaries worldwide, including Japan and Germany, and plans to open its U.S. headquarters and first Integration Center in Austin, Texas. REE's unique CapEx-light manufacturing model leverages Tier-1 partners' existing production lines; the company's extensive partner ecosystem encompasses leading names, including Hino Motors (a truck arm of Toyota), Magna International, JB Poindexter, Navya, and American Axle & Manufacturing to provide a full turnkey solution.REE Automotive (REE) and KYB Corporation (KYB) announced a strategic partnership to develop suspension capabilities for future electric vehicle (EV) platforms. As an automotive Tier 1 supplier, KYB Corporation's unparalleled semi-active and active suspension systems will boost REE's next-generation EV platform, which delivers complete design freedom and cost-effective, scalable solutions in e-mobility.


GMC is an American automotive manufacturer of General Motors for trucks and utility vehicles. GMC currently makes SUVs, pickup trucks, vans, and light-duty trucks. In the past, GMC also produced fire trucks, ambulances, heavy-duty trucks, military vehicles, motorhomes, transit buses, and medium-duty trucks.: GMC is set to provide customers with good news, waiting for a more affordable, smaller electric truck from the brand, and it comes in the form of the all-new 2024 GMC Sierra EV. But sadly, according to the website, reservations for the truck are currently full.


Key Companies in the automotive suspension system market include



  • Schaeffler AG (Germany)

  • ZF Friedrichshafen AG (Germany)

  • ThyssenKrupp AG (Germany)

  • Continental AG (Germany)

  • Magneti Marelli SpA (Italy)

  • Tenneco Inc. (US)

  • KYB Corporation (Japan)

  • BENTELER International AG (Austria)

  • Sogefi SpA (Italy)

  • Mando Corp. (South Korea)

  • NHK Spring Co, Ltd. (Japan)

  • Parker Hannifin Corporation (US)

  • Rassini (Mexico)


Automotive suspension system Industry Developments


September 2021 Continental AG launched three new products that expanded its broad automotive product range: air suspension dampers, compressors, and coolant thermostats.


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 systems between June 2022 and 2033 in Europe.


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.


Automotive Suspension System Market Segmentation


Automotive suspension system Outlook



  • Active suspension system

  • Semi-active suspension system

  • Passive suspension system


Automotive suspension system damping type Outlook



  • Hydraulic

  • Electromagnetic


Automotive suspension system vehicle type Outlook



  • Passenger cars

  • Commercial vehicle

  • Electric vehicle

  • Two-wheelers


Automotive suspension system sales channel Outlook



  • OEM

  • Aftermarket


Automotive suspension system Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 55.1 Billion
Market Size 2023 USD 58.130 Billion
Market Size 2032 USD 89.212 Billion
Compound Annual Growth Rate (CAGR) 5.50%(2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered suspension system, damping type,vehicle type, sales channel, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Continental AG (Germany), Magneti Marelli SpA (Italy), Tenneco Inc. (US), KYB Corporation (Japan), BENTELER International AG (Austria), Sogefi SpA (Italy), Mando Corp. (South Korea), NHK Spring Co, Ltd. (Japan), Parker Hannifin Corporation (US), Rassini (Mexico).
Key Market Opportunities Demand for a regenerative suspension system for electric and hybrid vehicles Advancements in lightweight components
Key Market Dynamics Increased safety regulations Introduction of innovative suspension systems Rising demand for commercial and passenger vehicles




Frequently Asked Questions (FAQ) :

The Automotive Suspension System Market size was valued at USD 55.1 Billion in 2022.

The global market is projected to grow at a CAGR of 5.50% during the forecast period, 2023-2032.

The key players in the market areSchaeffler AG (Germany), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Continental AG (Germany), Magneti Marelli SpA (Italy), Tenneco Inc. (US), KYB Corporation (Japan), BENTELER International AG (Austria).

The Hydraulic category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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