Automotive Suspension Market

The global Automotive Suspension Market is valued at USD 59.2 Billion in 2023 and is projected to reach a value of USD 86 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.3% between 2024 and 2032.

Key Highlights of Automotive Suspension Market

• In 2023, Asia Pacific largely led the Automotive Suspension market with 39.2% of the total market share
• Europe is projected to witness significant growth during the forecast period
• The Hydraulic Suspension segment took the lead in 2023, contributing a 50.2% considerable revenue share
• In 2023, the Passive System segment revealed the most significant market growth with 54.5% of revenue
• The Passenger Cars segment accounted for the largest market growth in 2023, i.e., 46.4%
• Sustainable suspension solutions with a low environmental impact are increasingly being developed. To meet sustainability objectives and regulatory requirements, manufacturers are exploring environmentally friendly materials, energy efficient designs and recyclable components

Automotive Suspension Market: Regional Overview

The Asia Pacific Automotive Suspension market exhibited noteworthy dominance in 2023, with 39.2% of the market share. Technological progress and changing consumer preferences have led to a dynamic landscape in the Asia Pacific Automotive Suspension market. Due to the growth of the region's automobile industry, particularly in countries such as China, Japan and India, there is a strong demand for effective suspension systems. Factors such as the urbanization, higher disposable income, and rise in awareness about vehicle safety are fuelling growth in the market. In addition, it is essential to develop new suspension solutions for EVs and hybrids in order to take into account their unique characteristics of driving. To meet the diverse needs of the Asia Pacific car industry, key players on the market are continuously investing in R&D with a view to developing lighter, durable and high-performance suspensions components.

China Automotive Suspension Market Overview

The Automotive Suspension market in China, with a valuation of USD 21.9 Billion in 2023, is projected to reach around USD 30.6 Billion by 2032. This forecast implies a significant increase in the compound yearly growth rate of 3.8% between 2024 and 2032, according to this projection. In April 2023, China's BYD made a strategic move by introducing its self-developed chassis suspension system, the BYD DiSus Intelligent Body Control System. This innovation is an indication of BYD's efforts to raise its electric cars into the luxury segment, and mirrors premium offerings such as Porsche's Dynamic Chassis Control or Mercedes Benz' Magic Body Control. Initially deployed in the upscale off-road SUV Yangwang U8, the DiSus system will subsequently feature in BYD's Han, Tang, and Denza models, underscoring BYD's commitment to technological advancement and product differentiation.

The global Automotive Suspension market can be categorized as Suspension Type, System Type, Vehicle Type, and Region.

Automotive Suspension Market: Suspension Type Overview

In 2023, substantial expansion was observed in the Global Automotive Suspension market within the Hydraulic Suspension category, commanding a market share of 50.2%. The Suspension Type segment is divided into Hydraulic Suspension, Air Suspension, and Leaf Spring Suspension. A major component of the global Automotive Suspension market is the hydraulic suspension segment. It is capable of absorbing shocks and vibrations on uneven roads with effective absorption, thus providing a pleasant ride for the driver. In particular in the premium and luxury vehicle segments, this segment is growing steadily because of its ability to improve driving experience as a whole. The reliability and durability of hydraulic suspension systems are sought by many vehicle manufacturers in the world, which is why they are considered to be most suitable for their production.

Automotive Suspension Market: System Type Overview

Substantial growth was seen in the Passive System segment in 2023, i.e., 54.5% of revenue share. Based on the System Type, the Automotive Suspension market is divided into Passive System and Semi Active/Active System. One of the main players in the global market for vehicle suspension systems, which ensures absolute stability and control without being subject to active intervention, is a passive system segment. It provides a simple and cost-effective solution for the suspension needs of vehicles, on the basis of engineering principles. A wide range of vehicles, from budget cars to commercial trucks that offer reliability and simplicity in design, is covered by this category. The passive system segment continues to be a cornerstone in the automotive sector, as it is widely adopted across all vehicle categories.

Automotive Suspension Market: Vehicle Type Overview

There was a major growth in the Passenger Cars segment in 2023, over 46.4% of the market share. Based on the Vehicle Type, the Automotive Suspension market is segmented into Two-wheeler, Passenger Cars, and Commercial Vehicle. The Passenger Cars segment in the Global Automotive Suspension market represents a substantial portion of the industry, catering to suspension systems specifically designed for personal transportation vehicles. Characterized by a diverse range of models and consumer preferences, this segment emphasizes comfort, stability, and safety. Manufacturers continuously innovate to enhance ride quality and handling characteristics, incorporating technologies such as adaptive damping, air suspension, and electronic control systems. With a growing demand for smoother rides and improved driving dynamics, passenger car suspension systems are evolving to meet evolving customer expectations.

Key Trends

1. Advanced suspension systems offering improved ride quality, handling and safety features are increasingly in demand. Innovative technologies such as automatic dampers, air suspensions and active suspension systems are being invested by manufacturers to meet consumer's expectations.
2. In order to increase fuel efficiency and performance, vehicle manufacturers are increasingly focused on weight reduction. This trend has led to the use of lighter materials, such as aluminum and composite materials, in suspension components that present the overall reduction of vehicle weight.
3. Electromechanical control systems shall be installed in the suspension system to enable accurate adjustments based on vehicle conditions, road surface and driver preference. This trend will improve vehicle stability, comfort and handling resulting in a better driving experience.
4. As the popularity of electric and hybrid vehicles increases, demand for specialized suspension systems that are able to cope with special characteristics of such engines is increasing. To optimize energy efficiency, battery range and overall vehicle dynamics, suspension systems for electric and hybrid vehicles are designed.
5. Demand for customized suspension systems is growing as consumers seek personalized experiences in their vehicles. In order to meet the needs of each driver and style, manufacturers offer adjustable suspension settings and a flexible riding pattern.

Premium Insights

The global Automotive Suspension market in EU5 countries, comprising Germany, France, the UK, Italy, and Spain, exhibits a significant demand for suspension systems, with Germany leading imports from Developing Countries (DCs), followed by the UK and France. Market growth is particularly notable in Germany, the UK, and Spain, driven by a shift towards advanced suspension systems like air and acoustic suspension, presenting lucrative opportunities for manufacturers. Compliance with stringent European safety standards and legislation, along with adherence to quality standards such as ISO/TS 16949, is imperative, necessitating the use of high-quality materials such as steel and aluminum in suspension production. Manufacturers must meet the evolving demands of the EU5 market with a variety of components, including coil springs, air springs, shock absorbers and so on, in order to ensure durability, safety and performance that meets consumer needs effectively.

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Market Dynamics

In January 2024, Tenneco’s world-renowned Öhlins Racing unveiled its cutting-edge SmartEC3™ Electronic Suspension on the 2024 Honda CBR1000RR-R Fireblade SP superbike at the prestigious EICMA motorcycle show in Milan, Italy. This marks the debut of Öhlins' third-generation semi-active suspension technology, setting a new standard in motorcycle performance. The Fireblade SP, packed with racing-focused upgrades, proudly leads as the first production motorcycle to integrate the SmartEC3 suspension. Öhlins SmartEC3™ seamlessly blends top-notch suspension components with advanced electronic controls, continually optimizing damping characteristics based on rider behavior and environmental inputs. Riders can effortlessly switch between four semi-active suspension modes – Sport, Track, Rain, and Manual – catering to varying conditions and preferences.

A significant advance in the technology of vehicle chassis is made by Continental AG's electronic suspension system (ESS). ESS offers drivers unparalleled safety, comfort and dynamic handling thanks to advances in electronics and advanced bellow technologies. By autonomously adjusting damper settings, suspension levels, and vehicle height, ESS adapts seamlessly to diverse driving conditions and load variations. A wide range of vehicles, such as luxury sedans, SUVs, station wagons and passenger cars, with each air spring system specially adapted to the specific vehicle models are covered by this complete solution in terms of design.

Competitive Landscape

The competitive landscape on the Global Automotive Suspension Market is characterised by an intense rivalry among major players seeking to gain market shares through innovation and strategic partnerships. Companies such as ZF Friedrichshafen AG have gained a strong foothold by offering a wide range of suspension solutions that are adapted to respond to changing customer needs. Factors such as product performance, reliability, cost effectiveness and aftersales support are being fought for by market players. In addition, strategies for increasing market presence and enhancing technical competences are commonly followed by mergers and acquisitions.

Recent Market Developments

• In January 2024, Tenneco's Monroe® Intelligent Suspension CVSA2/Kinetic Technology is showcased on the McLaren 750S. As McLaren Automotive's Official Intelligent Suspension provider, the CVSA2/Kinetic® H2 suspension system in the 750S offers exceptional performance, comfort, and agility across various premium vehicles.
• In December 2023, Marelli's fully active electro-mechanic suspension system earned the 'Commendable' honor at the Digital Engineering Awards 2023, in the "Engineering Product of the Year" category. Marelli's system signifies a milestone in automotive technology, promising enhanced efficiency and a safer, more comfortable driving experience, aligning with the ethos of creating a sustainable tomorrow through technological excellence.
• In October 2023, Tenneco's Monroe® Intelligent Suspension CVSAe technology takes center stage in Li Auto's latest premium SUV, the Li L7. This innovative semi-active suspension system enhances driving dynamics and comfort by continuously adjusting damping characteristics to suit varying road conditions. Available on both the Pro and Max trim levels, the Li Magic Carpet air suspension, featuring CVSAe-controlled air springs, ensures a smooth and controlled ride for occupants.

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