Automotive Suspension Market Expected to Reach $96.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automotive Suspension Market," The automotive suspension market was valued at $61.6 billion in 2022, and is estimated to reach $96.6 billion by 2032, growing at a CAGR of 4.7% from 2023 to 2032.

The growth of the car suspension market is propelled by an increasing need for automobiles globally. This is stimulated by population augmentation, escalating urbanization, and advancing economic situations in multiple regions. The rising demand for personal transportation and accessibility of vehicles triggers a boost in the vehicle industry's manufacturing and sales.

The car suspension market significantly contributes to securing the efficient and safe functioning of vehicles, thus being a core part of the vehicle industry. This area includes a plethora of products and technologies aimed at maximizing a car's operational control, comfort, and balance, ultimately improving the total driving experience.  With the constant evolution of consumer preferences and regulatory requirements, the automotive suspension market has been witnessing continuous innovation and development.

The growth of the global automotive suspension market is driven by factors such as technological advancements, rise in production of vehicles, and increase in demand for luxury & comfort in vehicles. However, factors such as improvement in global standards for vehicles and high maintenance cost of advanced suspension systems are anticipated to hamper the growth of the market. Conversely, rise in demand for lightweight suspension system and development of advanced suspension systems are anticipated to offer potential growth opportunity for the global market.

Consumers increasingly seek vehicles that provide a comfortable and smooth ride, as well as superior handling and stability. Suspension systems are at the heart of delivering these features, making them a critical aspect of the automotive design. Additionally, the expansion of urbanization and the growth in road networks have created a need for vehicles that can navigate various road conditions efficiently, further boosting the demand for advanced suspension technologies.

Furthermore, with the global push toward reducing greenhouse gas emissions and improving fuel efficiency, lightweight suspension components have become essential for automakers. Lighter suspension not only improves a vehicle's overall efficiency but also reduces its carbon footprint. This has led to a surge in the development and adoption of innovative suspension materials and designs.

The global automotive suspension market is segmented into system, component, geometry, suspension type, vehicle type, and region. On the basis of system, the market is categorized into passive system and semi-active/active system. By component, it is classified into spring, shock dampener, struts, control arms, ball joint, air compressor, and leaf spring. Depending on geometry, it is segregated into dependent, semi-independent, and independent suspension. According to suspension type, it is fragmented into hydraulic, air, and electro-magnetic suspension. As per vehicle type, it is divided into two-wheelers, passenger cars, and commercial vehicles. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Developing countries, especially in Asia, such as  Korea, India, Japan and others have experienced significant economic development and developing middle-class populations, leading to augmented disposable income and increased demand for personal mobility. As a result, the automotive industry in these regions has observed a surge in demand, driving the expansion of the automotive suspension system market. In countries like India, where urbanization is rapid, the need for vehicles with rugged suspensions that can handle diverse and often difficult road conditions is paramount important.

Automotive suspension system technology plays an important role in ensuring passenger comfort and safety, making it a main factor for consumers when choosing their vehicle. Automakers in Japan are in the lead of developing cutting-edge suspension solutions that improve ride quality and handling while meeting strict environmental and safety regulations. The adoption of these advanced suspension systems has been a key driver of market growth. Technological advancements within the automotive sector have also played a pivotal role.

Manufacturers are continually innovating to develop cutting-edge suspension solutions for vehicles that can meet the demands of modern vehicles. This includes the integration of electronic systems for adaptive damping and air suspension, as well as the use of advanced materials to reduce weight and improve performance. These technological advancements not only improve ride quality and handling but also help improve fuel efficiency and reduce emissions, consistent with environmental and regulatory concerns.

Consumer preferences have evolved alongside technological advancements, with a growing emphasis on comfort, safety, and performance in their vehicle choices. This has encouraged automakers to prioritize high-quality suspension systems as a key selling point for their products. As a result, the automotive suspension market has seen increased competition, with manufacturers striving to offer innovative and superior solutions to meet consumer demands.

On the basis of the system, the automotive suspension market is divided into passive system and semi-active/active system. Passive suspension systems are incorporated in various vehicles. Simple design and low maintenance cost have increased their dominance in the market. As vehicle owners become more discerning, there is a growing need for passive suspension systems that can absorb shocks and vibrations, providing a smoother and more comfortable ride. This trend is driven by a desire for enhanced driving experiences, especially in the luxury and high-end segments of the market.

Key players covered in the automotive suspension market report include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.p.A., Tenneco INC., Wabco Holding Inc., and Thyssenkrupp AG.

COVID-19 Impact

The automotive industry, including the suspension market, faced substantial disruptions as lockdowns, supply chain interruptions, and reduced consumer demand resulted in a temporary downturn. The closure of manufacturing facilities and dealerships, as well as the economic uncertainty, led to a decline in vehicle production and sales, affecting the demand for suspension components. However, the pandemic also prompted changes that have enduring effects. The increased awareness of health and safety, as well as a preference for personal movement, led to increased demand for vehicles in the post-pandemic globally. As consumers sought to decrease the risks associated with public transportation, there was a surge in car purchases. This renewed demand for vehicles, coupled with the adoption of remote work and changing urban mobility patterns, created opportunities for the automotive suspension market.

KEY FINDINGS OF THE STUDY

• By component, the air compressor segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
• By vehicle type, the two-wheeler segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
• By geometry, the dependent geometry segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
• By suspension type, the air suspension segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
• By system, the semi-active/active system segment is anticipated to exhibit significant growth in the automotive suspension market in the near future.
• By Region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.