Automotive Suspension Market Projected to Reach $53.36 Billion by 2030

The global automotive suspension market, valued at $42.51 billion in 2023, is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 3.3%, reaching approximately $53.36 billion by 2030. This growth is driven by increasing demand for luxury and comfort in vehicles, advancements in suspension technologies, and a surge in global vehicle production.

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Competitive Landscape

The automotive suspension industry is dominated by key players such as ZF Friedrichshafen AG, Continental AG, Mando Corporation, ThyssenKrupp AG, and Marelli Corporation. These companies are focusing on product innovation and strategic partnerships to strengthen their market position.

Regional Demand Highlights

North America is the fastest-growing region in the automotive suspension market, with a significant market share in 2023. This growth is attributed to increasing innovation in the automotive industry, leading to the adoption of new suspension technologies like active suspension systems, which improve handling.

Vietnam: Automotive Suspension Market Opportunities

Vietnam's mergers and acquisitions market is expected to boom in 2025, creating favorable conditions for the automotive suspension industry.

The country's strategic location and growing automotive sector make it an attractive destination for investment and expansion.

Thailand: Trends in Automotive Suspension

Thailand is witnessing a surge in vehicle production, leading to increased demand for advanced suspension systems. The government's focus on promoting electric vehicles further boosts the market for innovative suspension technologies.

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Japan: Automotive Suspension Market Growth

Japan's automotive industry is renowned for its technological advancements. The emphasis on hybrid and electric vehicles has led to the development of specialized suspension systems, enhancing market growth.

South Korea: Opportunities in Automotive Suspension

South Korea's robust automotive manufacturing sector presents significant opportunities for the suspension market. Companies are focusing on innovative suspension solutions to meet environmental standards and consumer expectations.

Singapore: Automotive Suspension Industry Trends

Singapore's commitment to environmental sustainability is driving the adoption of high-efficiency automotive suspension systems. The nation's push towards green transportation solutions aligns with the increasing demand for advanced suspension technologies.

United States: Automotive Suspension Market Consolidation

The U.S. automotive suspension market is experiencing consolidation, with key players engaging in mergers and acquisitions to enhance their market position. This trend reflects a strategic approach to expanding product portfolios and technological capabilities.

China: Emerging Trends in Automotive Suspension

China's rapid urbanization and growing vehicle population have escalated the need for effective automotive suspension systems. The government's stringent emission regulations are propelling the adoption of advanced suspension technologies.

Europe: Automotive Suspension Market Updation

Europe's focus on reducing vehicular emissions has led to the continuous evolution of the automotive suspension market. Manufacturers are updating their product lines to comply with rigorous environmental standards and cater to the demand for cleaner transportation solutions.

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India's Electric Vehicle Segmentation Analysis

by System

Active
Passive
Semi-active

According to the System, the Passive system category will have the greatest market share of approximately 42.4% in the Automotive Suspension Market by 2023. According to the MMR research, the segment is predicted to rise at a 3.3% CAGR over the forecast period and keep its dominance until 2030. The passive system category is credited to its widespread application in a variety of vehicles, including passenger automobiles and commercial vehicles. Passive systems are popular in the market because to their simple design and minimal maintenance costs, which make them an appealing option for manufacturers.

by Component

Air Compressor
Shock Dampener
Struts
Control Arm
Others

by Suspension Type

Hydraulic Suspension
Air Suspension
Leaf Spring

Based on suspension type, the Leaf Spring held the greatest market share in the Automotive Suspension Market in 2023 and is predicted to maintain its dominance until 2030. Leaf Springs' supremacy in the automobile suspension market is due to their endurance, cost-effectiveness, and widespread application in numerous vehicle types such as passenger cars, lorries, and containers. Leaf springs provide robust support, efficiently attenuate shocks, and require little maintenance, making them a popular choice among manufacturers and customers. Material technological advancements have improved the performance and longevity of leaf springs, cementing their position as the car industry's main suspension component.

by Vehicle Type

Two-wheelers
Passenger Cars
Commercial Vehicles

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Automotive Suspension Market Key Players:

North America:
1. Tenneco Inc. (U.S.)
2. Borgwarner Inc. (U.S.)
3. FOX Factory, Inc. (U.S)
4. Hendrickson USA LLC.
Europe:
1. ZF Friedrichshafen AG (Germany)
2. Continental AG (Germany)
3. Thyssenkrupp AG (Germany)
4. Sogefi S.P.A (Italy)
5. Bilstein Group ( Germany)
6. Magneti Marelli S.P.A. (Italy)
7. Benteler International AG (Austria)
Asia Pacific:
1. Marelli Corporation (Japan)
2. KYB Corporation (Japan)
3. NHK Spring (Japan)
4. HL Mando Corporation (South Korea)
5. Gabriel India Ltd. (Anand Group)
6. Showa Corporation ( Japan)
7. BWI Group (China)

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