Automotive Suspension System Market Research Report—Global Forecast till 2030

Automotive Suspension System Market Research Report Information By Suspension System (Active Suspension System, Semi-Active Suspension System, Passive Suspension System) Damping Type (Hydraulic, Electromagnetic) Vehicle Type (Passenger Cars, Commercial Vehicle, Electric Vehicle, Two-Wheelers) Sales Channel (OEM, Aftermarket) Forecast 2030

ID: MRFR/AM/1321-CR | September 2022 | Region: Global | 100 Pages         

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Automotive Suspension System Market

The Global Automotive Suspension System Market Size is expected to cross USD 88190.58 Million by 2030 at a CAGR of 5.5% during the forecast period ending in 2030

Segmentation
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
Key Players
Companies Profiled   Schaeffler AG    ZF friedrichshafen AG    ThyssenKrupp AG    Continental AG    Magneti Marelli SpA    Tenneco Inc.    KYB Corporation    BENTELER international AG    Sogefi SpA    Mondo Corp.
Drivers
Market Driving Forces    Growth of advancement in the technological field    rise in urbanization    and buying patterns of individuals    Rise in numbers of e-commercial activities and construction
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The Global Automotive Suspension System Market size is projected to be worth USD 88,190.58 million by 2030, registering a CAGR of 5.5% during the forecast period (2022–2030).


Automotive Suspension System Market Overview


An automotive suspension system is a system of tire air, tires, and shock absorbers and connects the vehicle to the wheels. The suspension system allows motion between the vehicle and the wheel. Additionally, they support holding or handling on-road and the quality of rides.



  • October 2022- The automobile sector has changed rapidly over the past few decades. The market has shifted from a preference for sedans and long cars to high-riding SUVs, either sports or luxury. In the meantime, the requirement for fuel to power these vehicles is also shifting because of the worsening global climatic conditions. Several legacy and renowned carmakers are moving out of their comfort zone to move with the market to this level. In such a market, the player is the British luxury carmaker Rolls Royce. In 2018 the carmaker launched its first-ever SUV, the Cullinan, in its then 118 years of history. The company has another first on the roll, the Spectre. Being the first EV from the marquee, Rolls Royce describes the Spectre as ‘more than a motor car, it is a declaration of intent, and a symbol of a bold and bright future as Rolls-Royce progresses into an all-electric era.’ Markedly, with the Spectre, Rolls Royce assures that the technology has attained a standard that can hold the Rolls-Royce experience. The company has also confirmed that by the end of 2030, its product portfolio will be fully-electric.


COVID-19 Impact on the Global Automotive Suspension System Market:


Automotive Suspension System Market with the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The continuous spread of COVID-19 in 2020 has decreased the global GDP growth and trade volumes, lowering commodities prices. Furthermore, production units in the industries have closed down due to the restrictions placed, and there has been a sharp reduction in footfall, with a significant impact on sales. Supply chain disruptions have further created cash flow implications across the extended supply chain. However, large-scale manufacturers still appear to be in good financial conditions, and they are slowly getting the supply chain to normal.


 A decline in cash inflow resulted from the drop in demand, and most companies require high working capital to remain in sync. Additionally, as the economic activities stabilize, cash flow in the global automotive suspension system market is expected to be gain pace in the next few months due to the increased demand. Thus, continued cash flow tightening is likely to have little impact on the automatic suspension system market.



  • October 2022 – After recovering from all the losses faced by the firm during the pandemic, the most technologically advanced Cadillac is developed to be the world’s first all-electric ultra-luxury sedan with innovative technology in the service of personalized, handcrafted artistry. Cadillac has taken from every period and element of its rich heritage to offer the most luxurious, most advanced, and one of the most crucial vehicles the brand has ever produced. The Cadillac CELESTIQ is an ultra-luxury, all-electric, handcrafted flagship, re-establishing the iconic brand as the Standard of the World while catering as the flagship for the brand’s electric future.


Automotive Suspension System Market Dynamics


Drivers

  • Increased safety regulations

  • Introduction of innovative suspension systems

  • Rising demand for commercial and passenger vehicles


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 all across the world have required that public transit and ride-sharing firms limit the number of passengers per car, citing social separation as the strongest line of 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. The automotive suspension system market is mainly reliant on the manufacturing and sale of 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 in the aftermarket. 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 growth of the global automatic suspension system market during the forecast period.


Restraints

  • Lack of standardization


Regulation's burdens, which affect both new and old products, must be taken into account by all businesses. Government rules, similar to those in any other sector, restrict the manufacturing of automobiles by limiting the ingenuity of engineers and designers. These requirements are primarily intended to improve driver and passenger safety (both on the road and against theft) and vehicle environmental effects. Every country (or region) has its own set of rules and regulations. This means that automakers must change their manufacturing standards to sell their vehicles in various markets throughout the world. Manufacturers must adjust their investments in response to changes in consumer preferences or the implementation of new regulations, making the market volatile for them. As component providers are reliant on demand from tier 1 suppliers, this has a direct influence. As a result of the absence of standardization, it is difficult for suspension system manufacturers to meet the varying architecture specifications of different vehicle types. Thus, the lack of standardization is projected to restrict the growth of the global automatic suspension system market to a certain extent during the forecast period.


Opportunities

  • Demand for a regenerative suspension system for electric and hybrid vehicles

  • Advancements in lightweight components


Modern automobiles require advanced materials to improve fuel economy while retaining safety and performance. Lightweight materials have a lot of potential for improving vehicle efficiency as it requires less energy to accelerate a lighter item than a heavy one. A 10% reduction in vehicle weight might result in a 6% to 8% increase in fuel economy. By replacing cast iron and traditional steel components with lightweight materials, including high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites, a vehicle's body and chassis can be reduced by up to 50%, lowering its fuel consumption. Engineers are progressively using lightweight materials for purposes such as the body, chassis, interior, power train, and under the hood. OEMs and suppliers are focusing on developing multi-material cars using aluminum, carbon-fiber composites, high-strength steel, magnesium, titanium, and various types of foam, plastic, and rubber. Cars can carry more complex pollution control systems, safety devices, and integrated electrical systems without adding to the vehicle's total weight by adopting lightweight structural materials. While lightweight materials can be used in any vehicle, they are particularly crucial in hybrid electric, plug-in hybrid electric, and electric vehicles. The use of lightweight materials in these vehicles can help offset the weight of power components like batteries and electric motors, enhancing efficiency and extending the range of these vehicles. Thus, the advancements in lightweight components are expected to present lucrative growth opportunities for the players in the global automatic suspension system market.


Challenges

  • High cost of suspension systems and installation in aftermarket


In a suspension system, springs, shock absorbers/struts, and linkages (such as ball joints) connect a vehicle to its wheels. Despite bumps or other road abnormalities, the suspension keeps the wheels in proper contact/friction with the ground, resulting in a smooth ride. Investing in a high-quality suspension system provides the driver and passengers with more comfort and a better driving experience. The use of advanced technologies in the suspension system increases the cost of the vehicles. The conventional suspension system is complex and involves more wear and tear. In contrast, the advanced suspension system uses advanced fluids, such as rheological fluid, and features newer technologies, such as electric-controlled suspension systems and magic body control systems. These are high-cost technologies, which improve vehicle performance. The high-cost suspension replacement in the aftermarket will limit the growth of the automotive suspension system, which directly affects the working of the vehicle and the comfort of the passenger. The limited presence of automotive suspension system manufacturers in the aftermarket will increase the replacement price of the unauthorized players, which will hamper the growth of the global automatic suspension system market.


Automotive Suspension System Market Supply Chain Analysis


Different dimensions of various components are determined during design and development. During the design phase, the overall layout of the automotive suspension is initially created in CAD (Computer-aided design) software, according to the vehicle dynamics requirements. Geometry, forms, weights, lateral and longitudinal load transfer rates, and stiffness can all be used to build a preliminary design. The raw materials are chosen based on the unique requirements of various components, such as steel alloys, aluminum alloys, rubber or urethane, ceramic material, coil springs, and non-coil springs. Automobile suspension system manufacturers and original equipment manufacturers (OEMs) typically acquire raw materials.


 Following the acquisition of raw materials, manufacturers construct the car suspension system in accordance with the vehicle's dynamic needs. Tier 1 suppliers and automobile suspension system manufacturers are examples of automotive suspension system manufacturers. After the components are made, they are subjected to a series of quality inspections to ensure that they meet industry standards. Automobile OEMs, exporters, dealers, distributors, and aftermarket companies are the end consumers of the automotive suspension system market. Some automobile suspension system manufacturers, such as ZF Friedrichshafen AG, Tenneco Inc., KYB Corporation, and Continental AG, operate in the aftermarket through a network of authorized local or international dealers and distributors.


Automotive Suspension System Market Segmentation


Based on suspension system:


Active suspension system, semi-active suspension system, and passive suspension system are the segments based on the suspension system of the Global Automotive Suspension System Market.  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 a machine-driven system that relies on dampers and coil springs to work. This suspension system is comparable to the semi-active suspension system, but the damping coefficient and constant spring values are different. The properties of the components (springs and dampers) are fixed in a passive suspension system.


Based on damping type:


Hydraulic and electromagnetic are the segments based on the damping type of the Global Automotive Suspension System Market.  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.


Based on vehicle type:


Passenger cars, commercial vehicle, electric vehicle and two-wheelers are the segments based on the vehicle type of the Global Automotive Suspension System Market.  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. Microcars, taxis, and other hired passenger cars are included in the term passenger car if the total number of seats is less than ten.


Based on sales channel:


OEM and aftermarket are the segments based on the sales channel of the Global Automotive Suspension System Market.  The OEM segment is expected to have the highest CAGR and dominate the market share during the forecast period. 



  • 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 Market Regional Analysis


The automotive suspension system market regions are classified as North America, Europe, Asia-Pacific, Rest of the World. Asia-Pacific holds a significant share of the market. The expanding vehicle manufacturing business in Asia-Pacific is the primary factor driving the growth of the auto component manufacturing industry, particularly in nations such as China, India, and Malaysia. As a result, global automobile component makers have set up manufacturing and distribution facilities throughout Asia-Pacific. The wear and tear of the component and the growing aftermarket resulted in roughly half of total automotive aftermarket component sales in the region. Such factors are expected to drive the growth of the regional automotive suspension system market during the forecast period.


Europe is regarded as the world's automobile center. This region is home to prominent automobile suspension manufacturers such as Schaeffler AG and ZF Friedrichshafen AG. Furthermore, the rising demand for suspension systems, parts, and components from premium German OEMs such as Mercedes, Audi, and BMW is prompting global market participants to expand and improve their European operations. For example, KYB Corporation, a Japanese automotive component maker, established its Europe Development Center for automotive parts and components in Germany in response to the growing demand for lightweight shock absorbers by premium firms.



  • October 2022- With a completely distinctive look for its class, the all-new 2023 Toyota Crown makes bold style to the top of the Toyota sedan range. It is a ride ready to stand out from the crowd with massive wheels, unique paint, and flowing silhouette options. Toyota Crown offers excellent style and the extra confidence of standard AWD and the option of two electrified Toyota powertrains, like the first-ever Hybrid MAX system.


Competitive Landscape


The global automatic suspension system market is expected to witness significant growth over the forecast period. There are several domestic, regional, and international players operating in the automotive suspension system market who continuously strive to gain a significant share of the overall market.


List of Key Companies covered in the automotive suspension system market report:



  • 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)


Recent Developments:



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

  • In March 2021, Mando Corp. clinched a ten-year agreement worth KRW 1.4 trillion (USD 1.25 billion) for the supply of 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.

  • 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.

  • In December 2020, Sloan 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

  • In 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 Market Report Overview:


The Global Automotive Suspension System Market is segmented based on suspension system, damping system, vehicle type, sales channel in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Automotive Suspension System Market.


Segmentation Overview:


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


By Regions:



  • North America

  • Europe

  • Asia-Pacific

  • Rest of the World


Objectives of the Study



  • To get a comprehensive overview of the Global Automotive Suspension System Market.

  • To get wide-ranging information about the key factors driving the automatic suspension system market and market opportunities

  • To gain information regarding the key players in the industry, technology advancements and key developments

  • To gain insights about the key country/region in which the automotive suspension system market is growing


Intended Audience



  • Automobile Companies

  • Manufacturing Companies

  • Research Institutes

  • Academic Institutes

  • Government Organizations



Report Scope:

Report Attribute/Metric Details
  Market Size    2030: USD 88,190.58 million
  CAGR    ~5.5%
  Base Year    2021
  Forecast Period    2022-2030
  Historical Data    2019 & 2020
  Forecast Units    Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Suspension System, Damping Type, Vehicle Type and Sales Channel
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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 Drivers   Increased safety regulations Introduction of innovative suspension systems Rising demand for commercial and passenger vehicles


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Frequently Asked Questions (FAQ) :

USD 88,190.58 million by 2030 at a CAGR of 5.5% over the forecast period for Automotive Suspension System market.

Schaeffler AG, ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Magneti Marelli SpA, Tenneco Inc., KYB Corporation, BENTELER International AG, Sogefi SpA, Mando Corp., NHK Spring Co, Ltd., Parker Hannifin Corporation, Rassini

Asia Pacific would enjoy the upper hand in the Global Automotive Suspension System Market

Lack of standardization is a key restraining factor for the Global Automotive Suspension System Market