Automotive Suspension Systems Market Trends, Sector Overview and Forecast to 2028
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Automotive Suspension Systems Market Report Overview
The automotive suspension systems market size was 364.1 million units in 2023. The market will grow at a CAGR of more than 1% during 2023-2028. The introduction of strict safety regulations and an increase in the use of electronic components in vehicles has made the suspension system market extremely competitive. Vendors put a lot of effort into creating lightweight and ride-improving technologies, which helps the market expand. In 2023, Asia-Pacific accounted for a significant share of the automotive suspension systems market.
Automotive Suspension Systems Market Outlook, 2023-2028 (Million Units)
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The automotive suspension systems market research report provides a comprehensive overview of the market trends and drivers. The report also provides a detailed overview of technological developments and PESTER analysis. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.
Market Size (2023) | 364.1 million units |
CAGR (2023-2028) | >1% |
Historical Period | 2018-2022 |
Forecast Period | 2023-2028 |
Key Regions | Asia-Pacific, Europe, North America, South America, and MEA |
Key Companies | Tenneco Inc, ZF Friedrichshafen AG, Thyssenkrupp BILSTEIN, Hitachi Astemo Ltd, and KYB Americas Corporation |
Key Sectors | Shocks – Conventional and Shocks – Electronic |
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Automotive Suspension Systems Market Trends
The key trends shaping the automotive suspension systems market are the usage of regenerative suspension systems in electric and hybrid vehicles, active suspension systems (ASS), and electronic suspension control (ESC) systems.
Regenerative suspension system: One way being studied to increase the range of electric vehicles is using the suspension system’s vibrations to generate electricity through a regenerative suspension system. This technology is actively being researched for use in electric and hybrid vehicles.
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Automotive Suspension Systems Market Segmentation by Regions
In 2023, Asia-Pacific accounted for the highest automotive suspension systems market share among all the regions
The key regions in the automotive suspension systems market are Asia-Pacific, Europe, North America, South America, and MEA. Autonomous vehicles require suspension systems that can adapt to changing road conditions and provide optimal comfort and stability for passengers. Advancements in autonomous vehicle technologies in Asia-Pacific are resulting the the suspension systems market expansion as well.
Automotive Suspension Systems Market Analysis by Regions, 2023 (%)
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Automotive Suspension Systems Market – Competitive Landscape
Tenneco Inc led the active shock absorbers market while ZF Friedrichshafen led the passive shock absorbers market in 2022
A few of the top companies operating in the market are:
- Tenneco Inc
- ZF Friedrichshafen AG
- Thyssenkrupp BILSTEIN
- Hitachi Astemo Ltd
- KYB Americas Corporation
Tenneco’s Monroe Intelligent Suspension CVSAe Technology is designed to deliver a 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.
Tenneco Inc. is also taking strategic actions to aid the automotive suspension systems market growth. In May 2022, Two of Tenneco’s (NYSE: TEN) Monroe Intelligent Suspension portfolio’s most recent intelligent suspension technologies were made available in the eagerly awaited 2022 Mercedes-AMG SL-Class luxury roadsters. The new models have either integrated CVSA2/Kinetic suspension or Tenneco’s CVSA2 semi-active suspension.
Active Shock Absorbers Market Analysis by Companies, 2022 (%)
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Automotive Suspension Systems Market Segmentation by Sectors
In 2023 shocks – conventional accounted for the highest share of the automotive suspension systems market
The key sectors in the automotive suspension systems market are shocks – conventional and shocks – electronic. The demand for conventional suspension is rising with the increase in the number of cars on the roads. New technologies, such as adaptive suspension systems with better-driving comfortability, are emerging in the suspension systems sector. However, currently, these technologies are limited to high-priced vehicles only.
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 systems market are as follows:
- 7th February 2024: SAF-HOLLAND SE, which is among the top providers of trailer and truck components globally, revealed its plan to purchase Tecma Srl (Assali Tecma), which is based in Verona, Italy. Tecma Srl is known for producing unique axle systems and suspensions.
- 5th December 2023: Suzhou Cheersson Precision Metal Forming Co Ltd modified its acquisition proposal, which originally proposed to acquire more than half of the stake in Pneuride Limited. The new proposal aims to purchase a smaller stake in the company. Pneuride Limited specializes in the development and production of sophisticated electronic control systems and air suspension components for the automotive and associated industries.
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Segments Covered in this Report
Automotive Suspension Systems Regional Outlook (Value, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Automotive Suspension Systems Sector Outlook (Value, Million Units, 2018-2028)
- Shocks – Conventional
- Shocks – Electronic
Scope
- Trends & Drivers: Provides an overview of the current key trends and drivers that will influence the sector’s growth in the future.
- Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.
- PESTER Analysis: Provides a detailed understanding of political, economic, social, technological, environmental, and regulatory factors impacting the sector.
- Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018-2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions highlighting sector size and growth drivers for the region.
- Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the companies’ recent product innovations and key strategic initiatives. taken by the companies.
- Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.
Reasons to Buy
- The report provides OEMs and component suppliers’ latest information on market evolution to help formulate sales and marketing strategies.
- The report provides authentic market data with a high level of detail to help gain a competitive edge.
- The report provides its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector.
- The report analyzes regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The report assesses the key trends that drive customer choice and the future opportunities that can be explored in the region. Actionable insights on trends can help companies in revenue expansion.
- The report helps gain competitive intelligence about leading component suppliers in the region with information about their market share and growth rates.
Tenneco
ThyssenKrupp Bilstein
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 364.1 million units in 2023.
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What will the automotive suspension systems market growth rate be during the forecast period?
The automotive suspension systems market will grow at a CAGR of more than 1% during 2023-2028.
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Which was the leading region in the automotive suspension systems market in 2023?
Asia-Pacific was the leading revenue generator for the automotive suspension systems market in 2023.
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Which was the leading sector of the automotive suspension systems market in 2023?
In 2023, shocks – conventional accounted for the highest share of the automotive suspension systems market.
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Which are the key companies in the automotive suspension systems market?
The top companies operating in the automotive suspension systems market are Tenneco Inc., ZF Friedrichshafen AG, Thyssenkrupp BILSTEIN, Hitachi Astemo Ltd, and KYB Americas Corporation, among others.
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