The automotive suspension system market is projected to exceed USD 64,956.8 million in 2023 and is expected to reach USD 100,875.9 million by 2033, reflecting a CAGR of 4.5% over the period.
The evolution of suspension systems is marked by advancements such as multi-link rear suspensions, which enhance vehicle handling, stability, and ride comfort, especially in performance and luxury cars. These systems are increasingly popular as manufacturers aim to improve vehicle dynamics and cornering abilities while maintaining ride comfort.
The integration of artificial intelligence (AI) and machine learning is revolutionizing suspension technology. AI systems leverage data from various sensors to predict road conditions and adjust the suspension in real-time, enhancing both safety and comfort. Machine learning further personalizes the driving experience by allowing suspension systems to adapt to different driving preferences.
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Emerging vehicle categories like autonomous vehicles (AVs) and electric vehicles (EVs) have specific suspension requirements. EVs, for instance, need specialized suspension tuning to manage the weight of heavy battery packs and maintain optimal handling. AVs, focused on passenger comfort, require suspension systems that provide a smooth and stable ride without driver input. These evolving needs are driving innovation in suspension technology.
Key Takeaways from Automotive Suspension System Market Report:
- In 2018, the global market size stood at USD 53,135.5 million.
- The market size expanded at a 4.0% CAGR from 2018 to 2022.
- In 2022, the global market size stood at USD 62,173.0 million.
- In 2023, the automotive shock dampers segment holds 25.60% of the automotive suspension market shares
- In 2023, two-wheeler segment holds 36.70% of the global automotive suspension market shares.
- The automotive suspension system market in India will thrive at a 5.4% CAGR through 2033.
- The automotive suspension system market in China will rise at a 5.2% CAGR through 2033.
- The automotive suspension system market in the United Kingdom will rise at a 2.1% CAGR through 2033.
“The automobile suspension system industry is undergoing a considerable change, driven by the continued trend towards electrification, connectivity, and sustainability. The future of the industry is being shaped by developments in electric and autonomous vehicles, sustainability, connected suspensions, and customization. These dynamics place suspension systems as essential elements in defining the next generation of automobiles, paving the way for a promising and innovative future,” – says FMI Analyst.
Recent Developments Observed by FMI:
- The DiSus Intelligent Body Control System, or DiSus, was presented by Chinese electric vehicle (EV) maker BYD in April 2023. The body control and suspension algorithms will enhance the driving experience of BYD’s electric cars.
- In June 2021, Toyota launched the new Land Cruiser (300 Series) with its new Electronic Kinetic Dynamic Suspension System (E-KDSS).
Key Players in the Global Automotive Suspension System Market
- The Benteler Group
- Continental AG
- KYB Co. Ltd.
- Magneti Marelli S.p.A.
- Mando Corporation
- Schaeffler AG
- Tenneco Inc.
- TRW Automobile Holdings Coporation
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
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Automotive Suspension System Market Segmentation
By Components:
- Spring
- Automotive Shock Dampener
- Struts
- Control Arms
- Ball Joint
- Air Compressor
- Leaf Spring
By Vehicle Type:
- Two-wheeler
- Passenger Cars
- Commercial Vehicle
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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