The global automotive suspension system market is anticipated to surpass USD 64,956.8 million in 2023, reaching an estimated value of USD 100,875.9 million by 2033, with a compound annual growth rate (CAGR) of 4.5%. The ongoing development in suspension systems, particularly innovations like multi-link rear suspensions, significantly improves vehicle handling, stability, and ride comfort, particularly in high-performance and luxury vehicles. As manufacturers strive to enhance vehicle dynamics and cornering capabilities, the demand for advanced suspension systems is rising.
The incorporation of artificial intelligence (AI) and machine learning is transforming the landscape of suspension technology. AI-driven systems analyze data from various sensors to predict road conditions, making real-time adjustments to optimize safety and comfort. Machine learning further enhances the driving experience by enabling the suspension system to adapt to individual driving preferences.
Additionally, the growing segments of autonomous vehicles (AVs) and electric vehicles (EVs) are shaping the evolution of suspension technology. EVs, due to their heavy battery packs, require specialized suspension tuning to maintain proper handling. In contrast, AVs prioritize passenger comfort, necessitating suspension systems that provide a smooth, stable ride without driver intervention. These shifting demands are fostering continuous innovation in the automotive suspension market.
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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
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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