Automotive Suspension Market

ZF Friedrichshafen AG (Germany), Tenneco Inc. (US) and Continental AG (Germany) are leading players in Automotive Suspension Market

The global automotive suspension market is expected to grow from USD 45.3 billion in 2022 and is projected to reach USD 51.6 billion in 2027, at a CAGR of 2.6% in the forecast period. Automotive suspension plays an important part in the effective and smooth functioning of the vehicle. Different architectures that are being used by OMEs in their products include MacPherson, Torsion Beam, Double Wishbone, MultiLink, Leaf Spring, and Air Suspension. The adoption of the mentioned architectures depend on multiple factors such as ride control requirement, space availability, vehicle segment, and the suspension system cost.

The automotive suspension market is dominated by few global players and many regional players. Few of the key players include ZF Friedrichshafen AG (Germany), Tenneco Inc. (US), Continental AG (Germany), ThyssenKrupp AG (Germany), and KYB Corporation (Japan). Major strategies include new product launches, expansions, mergers & acquisitions, and partnerships/collaborations to further expand their presence in automotive suspension market. New product launches, supply contract, and acquisitions/partnerships/collaborations have been the most dominating strategy adopted by major players from 2019 to 2022, which helped them to innovate on their offerings and broaden their customer base.

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ZF Friedrichshafen AG mainly operates through Cars and Light Commercial Vehicles; Commercial Vehicles; and Construction and Agricultural Machinery, Marine Craft, Aircraft, and Wind Power segments. The company offers automotive suspension products under its Cars and Light Commercial Vehicles segment. The suspension products consist of independent front suspension, suspension rear twin axles, and suspension strut modules. The company had a global workforce of 157,549 as of 2021, with a presence in 271 locations in 42 countries. The company has a strong R&D budget with 8% of total revenue allocated for it. In May 2020, ZF Friedrichshafen AG acquired WABCO to strengthen its presence in the North American and European regions.ZF Friedrichshafen AG has a global footprint in regions such as Europe, North America, Asia Pacific, South America, and Africa.

Tenneco Inc. is a manufacturer of powertrain and ride performance systems and products for light vehicles, commercial trucks, and off-highway vehicles. Tenneco Inc. operates through four major segments: Clean Air, Powertrain, Motorparts, and Ride performance. The company offers automotive suspension products such as strut modules, coil-over modules, air spring modules, damper modules, full axle modules, and cabin damper modules under its Ride Performance segment. The company’s operations are spread across North America, South America, Europe, and Asia Pacific. It employs nearly 73,000 people at more than 270 sites worldwide. Tenneco Inc. has established strong supply contracts for its innovative suspension system with leading OEMs, such as Volkswagen, Mercedes, Nissan, and Toyota. With the acquisition of Öhlins Racing A.B., the company is expected to further strengthen its ride performance segment under which it offers innovative automotive suspension products.

Continental AG’s business is divided mainly into two segments—Automotive and Rubber. The Automotive segment is further divided into Vehicle Networking and Information, Tires, Autonomous Mobility and Safety, Contract Manufacturing, and ContiTech. The company offers complete air spring systems, modules, and components for all types of cars and vans, especially for luxury limousines, SUVs, and transport vehicles. Continental AG has a strong aftermarket presence in automotive suspension with its brands such as PHOENIX Air Springs and PRIME-RIDE Air Springs. As of 2021, the total number of employees in the company was 190,875. The company operates through 595 locations in 59 countries. The company has expanded its aftermarket portfolio, with parts that were supplied to OEMs now available in repair shops. This will increase the market reach of the company’s products.

Related Reports:

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

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Automotive Suspension Market Size,  Share & Growth Report
Report Code
AT 2511
RI Published ON
7/27/2022
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