Automotive Suspension Market Growth Factors, Opportunities, Ongoing Trends and Key Players 2027

Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multilink, Twist Beam, Leaf Spring, Air Suspension), System, Actuation, Component, Vehicle (ICE, Electric, Off-Highway, ATV), Aftermarket & Region - Global Forecast to 2027


Northbrook, IL 60062 -- (SBWIRE) -- 09/23/2022 -- The Automotive Suspension Market is projected to grow from USD 45.3 billion in 2022 to USD 51.6 billion by 2027, at a CAGR of 2.6% during the forecast period. Automotive OEMs are investing in R&D activities to introduce innovative suspension systems to enhance ride comfort. For example, in March 2022, Continental AG launched anew new product the CVSA2/Kinetic suspension, which provides continuously controlled damping along with high roll-control forces without the need for conventional roll bars. The driving factors for the Automotive Suspension Market are the global resumption of vehiocle production post pandemic, the increasing demand for luxury vehicles, especially passenger cars, where buyers prefer a comfortable ride and smooth operation of the vehicle, and the increasing demand for LCVs and HCVs globally in developing regions due to their increased economic activities.

The air suspension is expected to have a significant demand in the considered architectures

Automotive air suspension system manufacturers are increasingly focued on the development of lightweight electronically controlled suspension systems owing to the high demand for fuel efficient vehicles with lower emissions. Airt suspension sytems are now being introduced in passenger vehicles especially in luxury vehicles due to increased demand in better ride experience by the customers. For example, Mercedes C-Class incorporates the AIRMATIC suspension system in their models. However, it is expected that the adoption rate of air suspension vehicles will be higher in heavy commercial vehicles as compared to passenger vehicles. The air suspension systems in buses have evolved in terms of technology, components, and other parameters. In the case of heavy-duty trucks, the demand for air suspension is growing, owing to the demand for efficient transportation of goods, increasing special applications of trucks, such as refrigerated trucks, and containers carrying fragile and expensive goods. This growth is also aided by the increasing demand for HCVs due to the globally booming e-commerce sector.

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Increasing sales of electric vehicles globally to provide new opportunities to the suspension market

The global electric vehicle (EV) market has grown rapidly in recent years. Factors such as rising concerns about global warming and the federal and state governments' support to reduce air pollution are driving the EV market. Technological advancements in EV charging and substantial investments from automakers in EVs are some of the major factors fueling the demand for EVs. . High-end EV models such as Porsche Taycan and BMW i4 use air suspension in both front and rear axles. Mid-segment vehicles such as the Kia EV6 and Tata Nexon use MacPherson strut in front and torsion beam or multilink suspension in the rear. Electric vehicles in the mid and low segment vehicles have similar adoption of suspension systems as the internal combustion engine. Hence those EVs will witness high penetration of MacPherson strut, double wishbone, and Torsion beam systems. Hence, increased sales of electric vehicles are expected to drive the market for these semi-active and active systems.

North American region to be the second largest market by volume

The North American Automotive Suspension Market, in terms of volume, is projected to register second highest CAGR. The US is estimated to dominate the North American market with the largest market share by volume, in 2022. The growth of the North American market can be attributed to the high vehicle production and the growing demand for better ride performance. The US, with the highest passenger and commercial vehicle production in the region, is expected to be the largest market for automotive suspension, by value, during the forecast period. The market in Mexico is driven by the country's growing economy and increased business activity, which, in turn, drives the demand for LCVs and HCVs. North America has a high demand for LCVs and SUVs, resulting in the wide adoption of multilink suspensions. Customers in this region, especially in the US and Canada, prefer comfort over cost; hence, air suspension systems will witness higher adoption in trucks and buses. Rising demand for ATVs in this region can provide new revenue opportunities for suspension manufacturers.

Key Market Players:

The Automotive Suspension Market is dominated by global players and comprises several regional players. The key players in the Automotive Suspension Market are ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Continental AG (Germany), ThyssenKrupp AG (Germany), and KYB Corporation (Japan).

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