Automotive Suspension System Market:
The global automotive suspension system market is expected to grow at the CAGR rate of 4.80 % during the forecast period of 2024 to 2032, and the market size might predictively surpass a valuation of USD 89.21Billion by the end of 2032.
The Automotive Suspension System Market is driven by factors such as the increasing demand for improved ride quality, vehicle stability, and safety features. Additionally, advancements in suspension technologies, such as active and adaptive suspension systems, are propelling market growth.
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Market key players:
Schaeffler AG (Germany)
ZF Friedrichshafen AG (Germany)
ThyssenKrupp AG (Germany)
Continental AG (Germany)
Magneti Marelli SpA (Italy)
Tenneco Inc. (US)
KYB Corporation (Japan)
BENTELER International AG (Austria)
Sogefi SpA (Italy)
Mando Corp. (South Korea)
NHK Spring Co, Ltd. (Japan)
Parker Hannifin Corporation (US)
Rassini (Mexico)
Market Overview
The automotive suspension system connects the car to the wheels and consists of tyre air, tyres, and shock absorbers. This system provides motion between the vehicles and the wheels, as well as supporting on-road holding or handling and ride quality.
Some of the major key players of this market are Schaeffler AG, ThyssenKrupp AG, KYB Corporation, SogefiSpA, etc. They make a significant contribution in leading the global automotive suspension system marketin the growth directions.
The increase in demand for the global market is linked to the manufacture of new vehicles in which the suspension system connects the vehicle frame to the wheel, which is among the vehicle's most significant components. The automotive business is growing as a result of technical advancements, increased urbanization, and changing consumer purchasing patterns. It aids in the improvement of ride quality and increases vehicle road holding capabilities.
The rise in e-commerce and construction has provided opportunities for material transportation, which will lead to an increase in commercial vehicle sales around the world. However, there might be some restraints in the automotive suspension system market growth due to the lack of standardization and steep price of the independent suspension systems. The major challenge would be customers' preferences for using electric passenger cars as an eco-friendly measure to reduce carbon emissions.
Furthermore, a drop in the rate of using two-wheelers in a few nations is since it is not considered a safe means of transportation, which is projected to hamper market expansion during the forecast period.
Market Segmentation
According to this market report, suspension systems, damping types, vehicle types, sales channels, and regions are all used to segment the automotive suspension system market. During the projected period, the global automotive suspension system market is expected to rise at a healthy rate.
Based on application segment, the market is segregated into active suspension systems, semi-active suspension systems, and passive suspension systems.
Based on the end-users’ segment, the market is further segmented into passenger cars and commercial vehicles.
Regional Analysis
Based on the regional segmentation of the automotive suspension system market, it has been divided into North America, Europe, Asia Pacific, and the rest of the world.
In 2023, the Asia Pacific market was predicted to account for the greatest proportion of the global automotive suspension system, which contributes to 49.6% of total sales. During the forecast period, the Asia Pacific region is expected to grow at a rapid rate due to a significant rise in the industrial sector.
Industry News:
Schaeffler AG
Merger with Vitesco Technologies: Schaeffler has recently completed a merger with Vitesco Technologies, a leading automotive components supplier. This merger is expected to strengthen Schaeffler's position in the automotive market, including the suspension systems segment.
ZF Friedrichshafen AG
Partnership with Schaeffler: ZF and Schaeffler have announced a joint venture to develop and produce electric axle drives. This collaboration is expected to enhance both companies' capabilities in the electric vehicle market, including the development of advanced suspension systems.
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