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 is estimated at 348.8 million units in 2023, and the market is expected to grow at a CAGR of more than 2% during 2023-2028. Worldwide demand for suspension systems is anticipated to increase due to the rapid uptake of e-mobility in developed economies and the evolving automotive industry in emerging economies. The market growth is anticipated to be fueled by manufacturers’ propensity to introduce the next generation of electric vehicles outfitted with cutting-edge suspension systems.
Automotive Suspension Systems Market Outlook 2023-2028 (Million Units)
The suspension systems market research report offers a comprehensive analysis of the trends & drivers, technological developments, PESTER outlook, sector forecast, and competitive landscape. The report brings together multiple data sources to provide a detailed overview of the global suspension systems sector during the projected period.
|Market Size (2023)||348.8 Million Units|
|Key Segments||· Shocks – Conventional
· Shocks – Electronic
|Key Regions||· Asia-Pacific
· North America
· South America
|Key Companies||· KYB
· ZF TRW
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Automotive Suspension Systems Market – Technologies and Innovations
Suspension CVSAe Technology: Tenneco’s Monroe Intelligent Suspension CVSAe Technology is designed to deliver a more comfortable and stable ride experience. Using advanced external valve technology, Continuously Variable Semi-Active Suspension (CVSA) precisely senses road and driving conditions and automatically adjusts each of the four dampers independently in real-time. This ensures a smoother and more regulated ride, regardless of the terrain or driving style.
KYB’s Dynamic Roll Control Suspension Technology: The Peugeot 3008 is equipped with Dynamic Roll Control suspension technology from KYB. According to KYB, this type of vehicle has never had a multi-valve hydraulic shock absorber that actively contributes to road holding. The two rear shock absorbers, which are integrated into a rear suspension cross-member, are connected by a central module.
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Automotive Suspension Systems Market Segmentation by Sectors
The key sectors in the suspension systems market are shocks – conventional and shocks – electronic. In 2023, the shocks – conventional sector garnered a significant suspension systems market share, followed by shocks – electronic.
Automotive Suspension Systems Market Analysis by Sectors, 2023 (%)
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Automotive Suspension Systems Market Segmentation by Region
In 2023, Asia-Pacific is 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.
The leading companies in the suspension systems market are KYB, Tenneco, and ZF TRW, among others. With the help of core control and hydraulic technologies, KYB is extending the usage of KADS, a digital suspension system, to snowmobiles. The system also incorporates our “Ground-Hook” concept-based exclusive attitude control technology from KYB, which takes cornering to a new level and reduces roll. Because of this, it gives the rider stable ground contact and a secure sensation on both skis in all types of riding conditions, which enhances their riding ability and contributes to excellent stability and controllability.
Automotive Suspension Systems Market Analysis by Companies, 2021 (%)
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Automotive Suspension Systems Market – Latest Developments
- 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)
- North America
- South America
Provides an overview of automotive industry scenario regarding the future outlook in terms of global trends, drivers, technologies and developments. The analysis 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 analysts have also placed a significant emphasis on 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.
- To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Table of Contents
- 1. Executive Summary
- 2. Main Trends and Drivers
- 2.1 Trends
- 2.2 Drivers
- 3 Technologies and Innovations
- 4 PESTER Analysis
- 5 Sector Forecast
- 5.1 Sector Forecast – Global Suspension Systems Volumes
- 5.1.1 Shocks – Conventional – Global Volumes
- 5.1.2 Shocks – Electronic – Global Volumes
- 5.1.3 Asia-Pacific Market Growth Analysis
- 5.1.4 European Market Growth Analysis
- 5.1.5 North American Market Growth Analysis
- 5.1.6 South America Market Growth Analysis
- 5.1.7 MEA Market Growth Analysis
- 6 Latest Developments
- 7 Key Companies
- 7.1 Top companies by Market Share – Shock Absorbers
- 7.2 Top companies by Market Share – Active Shock Absorbers
- 7.3 Top companies by Market Share – Passive Shock Absorbers
- 8 Patent Analysis
- 9 Appendix
Frequently asked questions
What is the automotive suspension systems market size in 2023?
The automotive suspension systems market size is estimated at 348.8 million units in 2023.
What will be the CAGR in the automotive suspension systems market during 2023-2028?
The suspension systems market is to grow at a CAGR of more than 2% during 2023-2028.
Which is the leading sector of the automotive suspension systems market?
Shocks – Conventional is the leading sector of the suspension systems market.
Which is the region garnering the highest automotive suspension systems market share?
Asia-Pacific is the region garnering the highest automotive suspension systems market share.
Who are the leading automotive suspension systems market players?
KYB, Tenneco, and ZF TRW, among others, are some of the leading suspension systems market players.
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