Global Automotive Advanced Suspension System Market Size By Product (Independent, Non-independent), By Application (Light Commercial Vehicle, Heavy Commercial Vehicle), By Geographic Scope And Forecast
Report ID: 14633|No. of Pages: 202
Global Automotive Advanced Suspension System Market Size By Product (Independent, Non-independent), By Application (Light Commercial Vehicle, Heavy Commercial Vehicle), By Geographic Scope And Forecast
Automotive Advanced Suspension System Market Size And Forecast
Automotive Advanced Suspension System Market size was valued at USD 47.43 Billion in 2023 and is projected to reach USD 61.97 Billion by 2031, growing at a CAGR of 3.4% from 2024 to 2031.
- An automotive advanced suspension system is a sophisticated setup designed to enhance vehicle stability, comfort, and performance by actively modifying various components such as dampers, springs, and anti-roll bars in response to changing road conditions and driving dynamics.
- These systems use sensors, actuators, and control algorithms to continually monitor variables such as wheel speed, steering input, and vehicle body movement, allowing for real-time modifications to improve ride quality, handling, and traction.
- Advanced suspension systems are used in a variety of applications, from luxury cars seeking improved comfort to high-performance vehicles requiring precise handling and stability.
- Furthermore, off-road cars and trucks benefit from sophisticated suspension systems, which improve traction and manoeuvrability on difficult terrain.
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Global Automotive Advanced Suspension System Market Dynamics
The key market dynamics that are shaping the Automotive Advanced Suspension System Market include:
Key Market Drivers
- Demand for Enhanced Ride Comfort: Consumers’ growing need for vehicles with greater ride comfort and handling characteristics is a major driver in the market. Advanced suspension systems fulfil consumer desires by improving road shock absorption and vehicle stability, resulting in market growth.
- Technological Advancements: The ongoing advancement of technology in automotive engineering is resulting in the creation of increasingly sophisticated and efficient suspension systems. Vehicle dynamics are improved by innovations such as electronically controlled air suspension systems and adaptive damping technology is driving market expansion.
- Growth in Luxury and Sports Vehicle Segments: The rising luxury and sports vehicle sectors, which feature upgraded suspension systems for increased performance and comfort, make a substantial contribution to market growth. The need for high-performance automobiles with excellent ride quality and handling fuels the demand for advanced suspension systems.
- Regulatory and Safety Standards: Stricter regulatory regulations and safety standards around the world is encouraging automakers to adopt improved suspension systems that contribute to safer driving experiences. These systems increase vehicle control and lower the chance of rollovers, thereby meeting safety rules and driving market growth.
Key Challenges:
- High Costs and Complexity: Advanced suspension systems in vehicles are more expensive due to the sophisticated components and technology required. These technologies necessitate precise engineering and high-quality materials, which greatly raises the vehicle’s overall cost. Furthermore, the difficulty of installation and maintenance presents hurdles for both producers and consumers, limiting market adoption.
- Integration with Existing Platforms: Integrating sophisticated suspension systems onto conventional automotive platforms is a challenge for the market. Manufacturers need to ensure that these technologies are compatible with different vehicle architectures necessitating significant changes to the vehicle’s design and structure. This process is time-consuming and expensive, influencing the rate at which new technologies are accepted in the market.
Key Trends:
- Electrification and Hybridization: The electrification and hybridization of vehicles are having an increasing impact on the Automotive Advanced Suspension System Market. As automakers transition to electric and hybrid vehicles, there is an increasing demand for suspension systems that can handle the extra weight of batteries, provide regenerative braking, and improve overall ride comfort and handling to match the vehicle’s performance characteristics.
- Lightweight and Sustainable Materials: The use of lightweight materials in suspension systems is becoming more common as the automobile industry focuses on sustainability and fuel efficiency. Materials such as aluminium, carbon fibre, and high-strength steel are being used to reduce overall vehicle weight for improving fuel efficiency and reducing emissions while maintaining performance and safety.
- Autonomous and Connected Vehicles: The transition to autonomous and connected vehicles is increasing the demand for sophisticated suspension systems that can provide higher levels of ride comfort and stability posing critical for maintaining passenger comfort in driverless scenarios. Suspension systems are being designed to connect with other vehicle components and adjust to changing conditions without requiring human intervention.
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Global Automotive Advanced Suspension System Market Regional Analysis
Here is a more detailed regional analysis of the Automotive Advanced Suspension System Market:
Asia Pacific:
- According to VMR analyst, Asia Pacific is estimated to dominate the Automotive Advanced Suspension System Market during the forecast period. Asia Pacific dominates worldwide automobile production, with China, India, and Japan at the vanguard. This high volume of vehicle production generates a massive demand for modern suspension systems, fueling the region’s market supremacy as automakers strive to incorporate cutting-edge technologies for greater vehicle performance and comfort.
- The region’s burgeoning middle class and rising disposable incomes are driving demand for vehicles with modern features, such as superior suspension systems for improved ride comfort and handling. The movement in customer preferences towards luxury and premium vehicles is a primary driver of the Asia Pacific advanced suspension system market.
- Furthermore, Asia Pacific is a technological innovation hotspot, with major investments in R&D from both domestic and multinational manufacturers. The region’s emphasis on developing and integrating new suspension technologies, such as electronic and adaptive suspension systems, puts it as a pioneer in implementing modern suspension solutions.
North America:
- North America’s strict safety and pollution regulations encourage the use of modern suspension systems, which help to reduce emissions and improve safety features. These rules encourage manufacturers to innovate and integrate advanced suspension systems to meet compliance, propelling the regional market forward.
- The market in this region is experiencing an increase in the use of electric and self-driving vehicles, creating high demand for sophisticated suspension systems for best performance and passenger comfort. The necessity for suspension systems that can withstand the extra weight of batteries while also providing stability for autonomous operations is a major driver.
- Furthermore, the strong preference for SUVs and trucks in North America drives demand for sophisticated suspension systems. These vehicle types benefit considerably from advanced suspension technology that improves handling, ride comfort, and off-road capabilities, satisfying consumer expectations for toughness and luxury.
Europe:
- Europe’s stringent environmental requirements, along with a strong effort to reduce carbon footprints, are driving the adoption of sophisticated suspension systems. These technologies play an essential role in boosting fuel efficiency and lowering emissions by improving vehicle aerodynamics and reducing weight, which aligns with Europe’s strong environmental goals.
- European consumers have high expectations for vehicle comfort, safety, and performance, driving demand for improved suspension systems. The region’s penchant for premium and luxury automobiles equipped with cutting-edge technology such as adaptive and active suspension systems is likely to have a substantial impact on market growth.
- Furthermore, the wide and varied road network in Europe, from well-maintained highways to tough terrains, needs vehicles with modern suspension systems capable of giving excellent handling and comfort in a variety of driving circumstances. This criterion drives the use of novel suspension systems designed to improve driving performance in European conditions.
Global Automotive Advanced Suspension System Market: Segmentation Analysis
The Global Automotive Advanced Suspension System Market is segmented on the basis of Product, Application, And Geography.
Automotive Advanced Suspension System Market, By Product
- Independent
- Non-Independent
Based on Product, The market is segmented into Independent and Non-Independent. The independent automotive suspension system segment is estimated to dominate the automotive advanced suspension system market due to the greater handling and comfort given by independent suspension systems, which allow wheels to move independently of one another. This function greatly improves ride quality, particularly in uneven terrain, by reducing the influence of road irregularities on vehicle stability and passenger comfort. Furthermore, independent suspension systems provide higher traction and are more adaptable to a diverse range of vehicle types, including luxury and performance automobiles, SUVs, and light trucks. Independent suspension systems are becoming more popular as consumers demand vehicles with higher levels of comfort, safety, and performance.
Automotive Advanced Suspension System Market, By Application
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Based on Application, The market is segmented into Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV). The light commercial vehicle is estimated to hold the majority share in the forecast period in the Automotive Advanced Suspension System Market due to the extensive usage of light commercial vehicles in both emerging and established countries for several purposes, including the transportation of products, services, and passengers. Advancements in suspension technology assist LCVs greatly by improving load-carrying capacity, handling, and ride comfort, which is critical for vehicles that spend a lot of time on the road and frequently navigate through varied road conditions. Furthermore, the rise of e-commerce and online retail has increased demand for efficient and dependable delivery trucks, fueling the expansion of innovative suspension systems in the LCV segment.
Key Players
The “Global Automotive Advanced Suspension System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ZF Friedrichshafen AG, Bilstein GmbH & Co. KG, Continental AG, KYB Corporation, Tenneco Inc., Fox Factory Inc., Öhlins Racing AB, Koni B.V., Monroe Shocks & Struts, Arnott Air Suspension Products, Magna International Inc., Mando Corporation, Hitachi Astemo Ltd., SHOWA Corporation and Cobo Group.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In February 2024, ZF partnered with Innoviz Technologies to develop and incorporate LiDAR sensors into its next-generation sophisticated suspension systems. This integration attempts to improve ride comfort and handling by feeding real-time road and obstacle data into the suspension system.
- In February 2024, KYB introduced its new KYB EXCEL-G gas shock absorbers, which are designed to provide better ride comfort and handling than regular shock absorbers. This launch is part of KYB’s strategy to increase its aftermarket solutions for passenger cars.
- In February 2024, Continental established a collaboration with Hyundai Motor Group to develop and deliver active suspension systems for the next Hyundai and Kia vehicles. This system will use Continental’s electronically controlled air suspension technology.
- In February 2024, Tenneco’s Monroe brand expanded its RideSense® electrically adjustable suspension technology to suit additional vehicle applications. This feature allows drivers to choose between comfort and sport modes for a more personalised driving experience.
- In January 2024, Bilstein unveiled its latest electronically adjustable damping system, the B8 DampMatic® iC, at the 2024 Auto Expo in Delhi. This method provides fine control over damping properties and may be modified using a smartphone application.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2020-2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Period | 2020-2022 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ZF Friedrichshafen AG, Bilstein GmbH & Co. KG, Continental AG, KYB Corporation, Tenneco Inc., Fox Factory Inc., Öhlins Racing AB. |
| Segments Covered |
|
| Customization Scope | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
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Research Methodology of Verified Market Research:
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
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Frequently Asked Questions
1. Introduction of Global Automotive Advanced Suspension System Market
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Research
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4. Global Automotive Advanced Suspension System Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5. Global Automotive Advanced Suspension System Market, By Product
5.1 Overview
5.2 Independent
5.3 Non-independent
6. Global Automotive Advanced Suspension System Market, By Application
6.1 Overview
6.2 Light Commercial Vehicle (LCV)
6.3 Heavy Commercial Vehicle (HCV)
7. Global Automotive Advanced Suspension System Market, By Geography
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East & Africa
8. Global Automotive Advanced Suspension System Market Competitive Landscape
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9. Company Profiles
9.1 Mando
9.2 ZF
9.3 ThyssenKrupp
9.4 Ten
9.5 Magneti Marelli
9.6 Benteler
9.7 Dongfeng Motor Suspension
9.8Wanxiang Qianchao
9.9 Hendrickson
9.10 F-TECH
9.11 WABCO
9.12 Fawer Automotive Parts
9.13 Fangzheng Machinery
9.14 Shanghai Komman
9.15 Hongyan Fangda
10. Appendix
10.1 Related Research
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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