Automotive Suspension Systems Market
Automotive Suspension Systems Market Size, Share & Trends Analysis Report by Component (Coil Spring, Leaf Spring, Air Spring, and Shock Absorber), by Type (Passive Suspension, Semi-Active Suspension, and Active Suspension), and by Vehicle Type (Passenger Car, and Commercial Vehicle) Forecast Period (2024-2031)
Automotive suspension system market is anticipated to grow at a considerable CAGR of 4.0% during the forecast period. A suspension system is an integral part of an automobile. The growing automobile industry and the growing demand for high performance sports car is a key factor driving the market growth globally. According to the India Brand Equity Foundation (IBEF), the Indian passenger car market was valued at $ 32.7 billion in 2021, and it is expected to reach $54.8 billion by 2027 while registering a CAGR of over 9.0% between 2022-27. The global EV market was estimated at approximately $250 billion in 2021 and by 2028, it is projected to grow by 5 times to $1.3 triillion. Additionally, in July 2023, the total production of passenger vehicles, three wheelers, two wheelers, and quadricycles was 2.1 units. In the first quarter of 2023-24, total production of passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles was 6.0 million units.
Increased safety regulations along with introduction of innovative suspension are further contributing to the global market growth. According to the UN, automobile suspension system is subject to the provisions of specific regulation. According to this, all vehicles of categories O3 and O4/ having no more than 3 axles and equipped with air suspension shall be equipped with a vehicle stability function. This shall include at least roll-over control and meet the technical requirements of Annex 21 to this Regulation.
Global Passenger Car Sales (in Million)
Source: International Organization of Motor Vehicle Manufacturers (OICA)
Segmental Outlook
The global automotive suspension system market is segmented based on component, vehicle type, and type. Based on component, the market is segmented into coil spring, leaf spring, air spring, and shock absorber. Based on vehicle type, the market is segmented into passenger car and commercial vehicle. Based on type, the market is sub-segmented into passive suspension, semi-active suspension, and active suspension.
Coil Spring Held Considerable Share in Global Automotive Suspension Systems Market
MacPherson Strut Suspension is highly used automotive suspension system globally. It is a type of front suspension system that uses the top of a shock absorber as the upper steering pivot for the wheel. It consists of a coil spring, a shock absorber, and a control arm that connects the wheel hub to the chassis. It allows the wheel to move up and down independently of the other wheels, improving ride comfort and handling. Coil springs are helical and provide a smoother ride, commonly used in modern cars. Thus, the increasing sales of innovative and advanced passenger cars is the key factor contributing to the segment’s growth.
Regional Outlook
The global automotive suspension systems market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the North American regional market held considerable share in the global market, driven by the increased safety regulation, development of innovative automotive suspension systems, and increasing sales of passenger vehicles.
Global Automotive Suspension System Market Growth, by Region 2024-2031
The Asia-Pacific is Anticipated to Exhibit the Highest CAGR in the Global Automotive Suspension Systems Market
The regional market is driven by the presence of large automobile manufacturing industry in the region. Over the medium term, demand for luxury cars and penetration of active suspension systems are expected to drive the market demand across the region. Looking towards the growth opportunities in regional market, there are several strategies being adopted by the regional market players. For instance, in 2023, Hendrickson, a global manufacturer and supplier of medium and heavy-duty mechanical, elastomeric and air suspensions, integrated and non- integrated axles, and other commercial vehicle systems has launched their innovative air and mechanical suspensions and axles for trailer applications in India.
Market Players Outlook
The major companies serving the global automotive suspension systems market include Continental AG, thyssenkrupp AG, Marelli Holdings Co., Ltd., Mando Corp., and ZF Friedrichshafen AG among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, dealership expansion, and technological advancement among others to stay competitive in the market. For instance, in October 2023, UK car maker McLaren Automotive and Tenneco announced Monroe as the Official Intelligent Suspension Supplier for the McLaren range of road cars. This suspension is fitted to McLaren, 540C, 570GT, 570S and 600LT models, GT and the Artura high-performance hybrid supercar. The Monroe Intelligent Suspension CVSA2/Kinetic system combines CVSA2 adaptive damper control with an exclusive lightweight roll-control hydraulic system. Together, these technologies simultaneously deliver road isolation, integrated damping and roll control, providing enhanced road comfort and handling for superior driving performance.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive suspension system market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Regions
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Continental AG
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Mando Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Marelli Holdings Co. Ltd.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Automotive Suspension Systems Market by Component
4.1.1. Coil Spring
4.1.2. Leaf Spring
4.1.3. Air Spring
4.1.4. Shock Absorber
4.2. Global Automotive Suspension Systems Market by Type
4.2.1. Passive Suspension
4.2.2. Semi-Active Suspension
4.2.3. Active Suspension
4.3. Global Automotive Suspension Systems Market by Vehicle Type
4.3.1. Passenger Car
4.3.2. Commercial Vehicle
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. ANG Auto Ltd.
6.2. Autonex International
6.3. BWI Group
6.4. Garg Autocorp.
6.5. Hitachi Astemo Ltd
6.6. Hyundai Mobis Co. Ltd.
6.7. JP Automobile
6.8. KYB Corp.
6.9. Lamina Suspension Products Ltd.
6.10. LORD Corp.
6.11. Sogefi SpA
6.12. Tenneco Inc.
6.13. Thyssenkrupp AG
6.14. Tilak Industries
6.15. Unique Auto Spares
6.16. Wheels India Ltd.
6.17. ZF Friedrichshafen AG
1. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
2. GLOBAL COIL SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL LEAF SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL AIR SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
5. GLOBAL SHOCK ABSORBER IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
7. GLOBAL AUTOMOTIVE PASSIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
8. GLOBAL AUTOMOTIVE SEMI-ACTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL AUTOMOTIVE ACTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023-2031 ($ MILLION)
11. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS FOR PASSENGER CAR MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
12. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS FOR COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. NORTH AMERICAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
15. NORTH AMERICAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
16. NORTH AMERICAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
17. NORTH AMERICAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023-2031 ($ MILLION)
18. EUROPEAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
19. EUROPEAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
20. EUROPEAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
21. EUROPEAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023-2031 ($ MILLION)
22. ASIA-PACIFIC AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
23. ASIA-PACIFIC AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
24. ASIA-PACIFIC AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
25. ASIA-PACIFIC AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023-2031 ($ MILLION)
26. REST OF THE WORLD AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
27. REST OF THE WORLD AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
28. REST OF THE WORLD AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023-2031 ($ MILLION)
29. REST OF THE WORLD AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023-2031 ($ MILLION)
1. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023 VS 2031 (%)
2. GLOBAL COIL SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
3. GLOBAL LEAF SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
4. GLOBAL AIR SPRING IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
5. GLOBAL SHOCK ABSORBER IN AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
6. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY TYPE, 2023 VS 2031 (%)
7. GLOBAL AUTOMOTIVE PASSIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
8. GLOBAL AUTOMOTIVE SEMI-ACTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
9. GLOBAL AUTOMOTIVE ACTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
10. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2023 VS 2031 (%)
11. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS FOR PASSENGER CAR MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
12. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS FOR COMMERCIAL VEHICLE MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
13. GLOBAL AUTOMOTIVE SUSPENSION SYSTEMS MARKET RESEARCH AND ANALYSIS BY REGION, 2023 VS 2031 (%)
14. US AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
15. CANADA AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
16. UK AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
17. FRANCE AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
18. GERMANY AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
19. ITALY AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
20. SPAIN AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
21. REST OF EUROPE AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
22. INDIA AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
23. CHINA AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
24. JAPAN AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
25. SOUTH KOREA AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
26. REST OF ASIA-PACIFIC AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
27. REST OF THE WORLD AUTOMOTIVE SUSPENSION SYSTEMS MARKET SIZE, 2023-2031 ($ MILLION)
