Global Automotive Suspension Systems Market Price 2024, Forecast To 2033
15 Feb, 2024
The automotive suspension systems market has exhibited steady growth, increasing from $62.96 billion in 2023 to $65.99 billion in 2024 at a 4.8% CAGR. Historical growth is attributed to increased demand for comfort and safety, government regulations, economic conditions, and environmental regulations promoting fuel efficiency. Forecasts suggest continued steady growth, projecting the market to reach $79.13 billion in 2028, showcasing a 4.6% CAGR. Growth drivers include increased demand for electric and autonomous vehicles, growing focus on sustainability and reducing emissions, changes in consumer preferences towards more versatile and adaptable vehicles, government regulations, and safety standards related to autonomous vehicles.
Global Automotive Suspension Systems Market Key Driver
The automotive suspension systems market is set to thrive with the increasing demand for vehicles globally. Vehicle production, rising to 57.2 million units in the first three quarters of 2021, showcases a 10.2% YoY increase. The surge in vehicle demand globally fuels the need for efficient suspension systems, propelling market growth.
Get A Free Sample Of The Global Automotive Suspension Systems Market ReportGlobal Automotive Suspension Systems Market Segments
The automotive suspension systems market covered in this report is segmented –
1) By Type: Passive Suspensions Systems, Semi-Active Suspensions Systems, Active Suspensions Systems
2) By Component: Coil Spring, Leaf Spring, Air Spring, Shock Absorbers, Other Components
3) By Application: Passenger Vehicles, Commercial Vehicles
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
Asia-Pacificwas the largest region in the automotive suspension systems market in 2023. The regions covered in the automotive suspension systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Automotive Suspension Systems Industry Players
Continental AG; ZF Friedrichshafen AG; Tenneco Inc.; Magneti Marelli SpA; ThyssenKrupp Automotive Systems; WABCO Vehicle Control Systems; Mando Corporation; BeijingWest Industries International Limited; KYB Corporation; Hitachi Astemo Americas Inc.; TRW Automotive Holdings Inc.; LORD Corporation; Porsche AG; Mercedes-Benz AG; Multimatic Inc.; Sanluis Corporacion S. A. B. de C. V.; Hyundai Mobis Co. Ltd.; Sogefi SpA; Skyjacker Suspensions; HSD Co. Ltd.; Eibach GmbH; KW automotive GmbH; GReddy Performance Products Inc.; Fabtech Motorsports; Koni BV; Dorman Products Inc.; Öhlins Racing AB; TEIN Inc.; Yellow Speed Racing Inc.; Gabriel India Limited
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Automotive Suspension Systems Market Overview
The automotive suspension systems 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 system 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.
Automotive Suspension Systems Global Market Report 2023 provides data on the global automotive suspension systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive suspension systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.