NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The automotive suspension system market size is anticipated to exceed US$ 64,956.8 million in 2023 and is likely to attain a valuation of US$ 100,875.9 million by 2033. The automotive suspension system market share is expected to rise at a CAGR of 4.5% from 2023 to 2033.
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With the development of multi-link systems, rear suspensions are evolving. Multi-link rear suspensions offer better handling, stability, and ride comfort in performance and luxury automobiles. Multi-link rear suspensions are becoming increasingly popular as manufacturers work to improve vehicle dynamics and cornering skills while retaining ride comfort.
Artificial intelligence (AI) and machine learning are being used to improve suspension systems' predictive and adaptive skills. Artificial intelligence (AI) systems can evaluate data from several sensors to forecast impending road conditions and adjust the suspension as necessary. As a result, the ride is safer and more comfortable. Further personalizing the driving experience, machine learning enables suspension systems to adjust to different driving preferences. Enhancing suspension technology is mostly accomplished via AI and machine learning integration.
Autonomous vehicles (AVs) and electric cars (EVs) have particular suspension needs. For example, hefty battery packs in EVs need specialist suspension tuning in order to distribute weight properly and preserve handling characteristics. With their emphasis on passenger comfort, AVs require suspension systems that can deliver a supple and steady ride without the need for driver assistance. As a result, the development of novel suspension technology is being driven by these new vehicle categories.
Key Takeaways from the Automotive Suspension System Market Report:
- In 2018, the global market size stood at US$ 53,135.5 million.
- The market grew at a 4.0% CAGR from 2018 to 2022.
- In 2022, the global market size stood at US$ 62,173.0 million.
- In 2023, the automotive shock dampers segment holds 25.60% of the automotive suspension market shares
- In 2023, the two-wheeler segment holds 36.70% of the global automotive suspension market shares.
- The automotive suspension system market in India will thrive at a 5.4% CAGR through 2033.
- The automotive suspension system market in China will rise at a 5.2% CAGR through 2033.
- The automotive suspension system market in the United Kingdom will rise at a 2.1% CAGR through 2033.
Recent Developments Observed by FMI:
- The DiSus Intelligent Body Control System, or DiSus, was presented by Chinese electric vehicle (EV) maker BYD in April 2023. The body control and suspension algorithms will enhance the driving experience of BYD's electric cars.
- In June 2021, Toyota launched the new Land Cruiser (300 Series) with its new Electronic Kinetic Dynamic Suspension System (E-KDSS).
Note from the Analysts:
"The automobile suspension system industry is undergoing a considerable change, driven by the continued trend towards electrification, connectivity, and sustainability. The future of the industry is being shaped by developments in electric and autonomous vehicles, sustainability, connected suspensions, and customization. These dynamics place suspension systems as essential elements in defining the next generation of automobiles, paving the way for a promising and innovative future,” says an FMI analyst.- opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI)
Top 10 Key Players in the Global Automotive Suspension System Market
- The Benteler Group
- Continental AG
- KYB Co. Ltd.
- Magneti Marelli S.p.A.
- Mando Corporation
- Schaeffler AG
- Tenneco Inc.
- TRW Automobile Holdings Coporation
- WABCO Holdings Inc.
- ZF Friedrichshafen AG
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Automotive Suspension System Market Segmentation
By Components:
- Spring
- Automotive Shock Dampener
- Struts
- Control Arms
- Ball Joint
- Air Compressor
- Leaf Spring
By Vehicle Type:
- Two-wheeler
- Passenger Cars
- Commercial Vehicle
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore wide-ranging Coverage of FMI's Automotive Market Insights Landscape
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