Automotive Suspension System Market:
According to MRFR, the Automotive Suspension System Market was valued at USD 42.76 billion in 2023, and is projected to grow from USD 43.98 billion in 2024 to USD 60 billion by 2035, at a CAGR of 2.86% between 2025 and 2035. Demand for better vehicle stability and ride comfort is supporting steady growth. Suspension innovations are particularly important for electric and high-performance vehicles.
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.
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.
Automotive Suspension System Market Companies
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)
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 and ZF Friedrichshafen AG
Schaeffler AG
In October 2024, Schaeffler AG finalized its merger with Vitesco Technologies Group AG, consolidating their strengths to form a leading motion technology company. This strategic move enhances Schaeffler's capabilities in the automotive sector, particularly in powertrain and chassis systems, positioning the company to better serve the evolving demands of electric mobility .
Post-merger, Schaeffler has been focusing on advancing its electric mobility solutions. Notably, the company has developed a 4-in-1 electric axle system that integrates the electric motor, power electronics, transmission, and thermal management into a single compact unit. This integration aims to improve vehicle efficiency, reduce space requirements, and enhance driving comfort .
ZF Friedrichshafen AG
ZF Friedrichshafen AG continues to innovate in the electric vehicle domain with its modular electric axle drive systems. These systems are designed to be adaptable, allowing for customization to meet specific vehicle requirements, thereby supporting a wide range of electric mobility solutions .
Additionally, ZF has introduced Electric Axle Drive Repair Kits aimed at simplifying maintenance processes. These kits enable independent workshops to perform repairs on electric axle drives without the need for complete removal, thereby reducing service time and costs .
The collaborative efforts and individual advancements of Schaeffler and ZF signify a robust progression towards more efficient and integrated electric vehicle technologies, particularly in the realms of powertrain and chassis systems.
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