Automotive Suspension Systems Market Trends and Analysis by Technology, Companies and Forecast to 2028
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Automotive Suspension Systems Market Overview
The suspension systems market size was estimated at 348.8 million units in 2023. The market will grow at a CAGR of more than 2% during 2023-2028. An increase in the use of electronic components in vehicles will propel the growth of the suspension systems market. The Asia-Pacific region had a significant share in the automotive suspension systems market.
Automotive Suspension Systems Market Outlook 2023-2028 (Million Units)
The automotive suspension systems market report provides a comprehensive overview of the market trends and drivers. The report also provides a detailed overview of technological developments and innovations, PESTER analysis, and leading component suppliers at a global and regional level. Furthermore, it helps evaluate strategic initiatives by market players and their recent product innovations. The report also provides an overview of patent filings across sectors; regions; countries; and top applicants.
Market Size (2023) | 348.8 Million Units |
CAGR (2023-2028) | >2% |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Key Segments | Shocks – Conventional, and Shocks – Electronic |
Key Regions | Asia-Pacific, Europe, North America, South America, and MEA |
Key Companies | KYB, Tennecco, ZF TRW, and Others |
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Automotive Suspension Systems Market Trends
The major trend impacting the automotive suspension systems market is the advancement in suspension technology. The rapid uptake of e-mobility and the evolving automotive industry will increase the demand for suspension systems. Manufacturers’ propensity to introduce the next generation of electric vehicles outfitted with cutting-edge will propel the market growth.
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Automotive Suspension Systems Market Segmentation by Region
In 2023, Asia-Pacific was leading in the suspension systems market.
The key regions in the suspension systems market are Asia-Pacific, Europe, North America, South America, and MEA. Asia-Pacific is followed by Europe and North America. China surpassed Japan as the largest market for advanced suspension systems.
There is a growing demand for advanced suspension systems that offer better comfort, handling, and stability. This includes technologies such as adaptive suspension systems, air suspension systems, and active suspension systems, which are gaining popularity in the region. The Asia Pacific region is also seeing advancements in autonomous vehicle technologies. These vehicles require suspension systems that can adapt to changing road conditions and provide optimal comfort and stability for passengers.
Automotive Suspension Systems Market Analysis by Region, 2023 (%)
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Automotive Suspension Systems Market – Competitive Landscape
In 2021, KYB led the global shock absorbers market.
A few of the leading companies in the automotive suspension systems market are:
- KYB
- Tenneco
- ZF TRW
- ThyssenKrupp Bilstein
- Tenneco
- ZF TRW
KYB: The KYB Gas-a-just monotube shock absorber outperforms the traditional twin-tube design. It has several advantages such as the ability to adapt to changing performance requirements instantly and automatically, and it never fades from aeration.
The company has also taken a few strategic actions to uplift the growth of the market. For instance, in April 2021, With the help of our core control and hydraulic technologies, KYB is extending the usage of KADS*, a digital suspension system, to snowmobiles.
Automotive Suspension Systems Market Analysis by Companies, 2021 (%)
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Automotive Suspension Systems Market Segmentation by Sectors
In 2023, the shocks – conventional sector garnered a significant suspension systems market share.
The key sectors in the suspension systems market are shocks – conventional and shocks – electronic.
Automotive Suspension Systems Market Analysis by Sectors, 2023 (%)
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Automotive Suspension Systems Market – Latest Developments
A few of the latest developments in the automotive suspension market are:
- In May 2023, Tenneco launched a new technical facility that, according to the company, will support its Advanced Suspension Technologies (AST) and European Ride Control divisions.
- In April 2023, China’s BYD debuted a new chassis suspension system on Monday as part of increased efforts by the manufacturer of electric vehicles to gain market share with high-end goods.
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Key Segments Covered in this Report.
Automotive Suspension Systems Sector Outlook (Volume, Million Units, 2018-2028)
- Shocks – Conventional
- Shocks – Electronic
Automotive Suspension Systems Regional Outlook (Volume, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Scope
- The report provides an overview of automotive industry scenario regarding the future outlook in terms of global trends, drivers, technologies and developments.
- The report also covers regional overview across five regions – Asia-Pacific, Middle East & Africa, Americas, Western Europe, and Eastern Europe – highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.
Reasons to Buy
- This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
- The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The report provides the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.
- The report helps gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Tenneco
ZF TRW.
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Frequently asked questions
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What was the automotive suspension systems market size in 2023?
The automotive suspension systems market size was estimated at 348.8 million units in 2023.
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What will the growth rate of the automotive suspension systems market be during 2023-2028?
The automotive suspension systems market will grow at a CAGR of more than 2% during 2023-2028.
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Which was the leading sector of the automotive suspension systems market in 2023?
Shocks – Conventional is the leading sector of the suspension systems market in 2023.
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Which was leading region in the automotive suspension systems market in 2023?
Asia-Pacific was the region in the automotive suspension systems market in 2023.
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Who are the leading automotive suspension systems market players?
KYB, Tenneco, and ZF TRW, among others, are a few of the leading suspension systems market players.
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