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Automotive Suspension Systems Global Market Report 2022

Automotive Suspension Systems Global Market Report 2022

  • May 2022
  • 175 pages
  • ID: 6282414
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the automotive suspension systems market are Continental AG., ZF Friedrichshafen, Tenneco, Magneti Marelli S.p.A, ThyssenKrupp Automotive Systems, WABCO Vehicle Control Systems, Mando Corp., BWI Group, KYB, Hitachi Automotive Systems, TRW Automotive Holdings Inc., LORD Corporation, Porsche, Mercedes-Benz, Multimatic and SANLUIS Rassini

The global automotive suspension systems market is expected to grow from $56.87 billion in 2021 to $59.17 billion in 2022 at a compound annual growth rate (CAGR) of 4.05%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $69.78 billion in 2026 at a CAGR of 4.21%.

The automotive suspension systems market consists of sales of suspension systems by entities (organizations, sole traders and partnerships) for automotive, which are responsible for smoothening the vehicles ride and keeping them in control.The suspension system maximizes the friction between the tires and road for a softer movement of vehicles.

The suspension systems consists of tires, tire air, springs, shock absorbers and linkages that connects a vehicle to its wheels supporting road handling and ride quality of the vehicle.

The main types of automotive suspension systems include passive suspensions systems, semi-active suspensions systems and active suspensions systems.Passive suspensions systems respond to changes in the road using simple springs and shock absorbers, in order to prevent unwanted excess motion in the vehicle.

The different components of automotive suspension systems include coil spring, leaf spring, air spring, shock absorbers and other components, which are used for applications in passenger vehicles, and commercial vehicles.

Asia- Pacific was the largest region in the automotive suspension systems market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing demand for motor vehicles is expected to drive the automotive suspension systems market during the forecast period.Automotive suspension systems are integrated with vehicles to maximize the friction between tries and the road and ensure steering stability, good handling and damage protection.

According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing demand of vehicles around the world is expected to drive the automotive suspension systems market.

The new technological developments is a key trend gaining popularity in the automotive suspension systems market.The automotive industry is increasingly focusing on integrating smarter and safer suspension systems into vehicles for better experience in different terrains and conditions.

For instance, in November 2021, American automotive components company, Tenneco introduced a new electronic suspension technology (CVSAe) on the ZEEKR 001 premium electric shooting brake in China, which would provide better ride comfort and more dynamic vehicle handling than conventional suspension systems. Furthermore, in 2020, Germany based suspension company, Bilstein introduced the E2 suspension system, which uses a continuous control algorithm and multiple vehicle sensors to determine vehicle speed, throttle pedal position, brake torque, steering angle, and ride height.

In January 2019, Tenneco Inc, a US-based original equipment manufacturer of automotive components, acquired Ohlins Racing A.B, for $160 million. This transaction helps Tenneco’s strategy of leveraging key technologies to better position, to capitalize on secular trends in intelligent suspension, autonomous driving, and mobility. Ohlins Racing is a Swedish company that develops suspension systems for the automotive, mountain bike, motorcycle and motorsport industries.

The countries covered in the Automotive Suspension Systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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