Automotive Suspension Market

Market Leader - Automotive Suspension Market

The global automotive suspension market is expected to grow from USD 42.9 billion in 2021 and is projected to reach USD 50.7 billion in 2026, at a CAGR of 3.4% during the forecast period. Automotive suspension plays a key role in the efficient and smooth functioning of any vehicle. At present, there are different types of suspension architecture such as MacPherson, Torsion Beam, Double Wishbone, MultiLink, Leaf Spring, and Air Suspension. The selection of each architecture varies in vehicle depending upon factors such as ride control requirement, availability of space, the segment of the vehicle, and cost of the suspension system.

Automotive OEMs are investing in R&D activities to introduce innovative suspension systems to enhance ride comfort. For example, in August 2020, ZF Friedrichshafen designed air suspension with ECAS technology to address issues such as higher fuel consumption, decreased rider comfort, and compromised passenger safety and vehicular instability. The market for suspension systems is mainly driven by the increasing demand for luxury vehicles, especially passenger cars, and the increasing preference of buyers for a comfortable ride and smooth operation of the vehicle. Asia Pacific is expected to be the leading market for suspension systems, owing to the increasing vehicle production in countries such as China, Japan, and India.

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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 BENTELER (Austria). 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 2018 to 2020, which helped them to innovate on their offerings and broaden their customer base.

Continental AG is a key player in the automotive suspension market. Continental AG has a Diverse & Innovative Product Portfolio as it offers a wide range of products as part of its suspension portfolio, giving it more leverage on various vehicle types ranging from passenger cars to heavy commercial vehicles. The company has focused on innovative new products related to suspension systems. For example, in September 2019, Continental AG launched a new air supply system named Continental Air Supply (CAirS), an electric air suspension system for improved driving dynamics control

Over the years, the company has established partnerships, collaborations, and supply contracts with many other automobile companies. This helps the company retain its dominance in the automotive suspension market.

ZF Friedrichshafen AG is one of the key players in the automotive suspension market. The company has strong presence in Europe and North America as more than 70% of its overall revenue is generated from these regions. The company offers both OE and aftermarket suspension products. The aftermarket supplies include passenger car steering and chassis parts, suspension joints, control arms, tie rods, and stabilizer links, along with the necessary service information, which further enhances its presence in this region.
The company has developed a strong R&D division over the years, which constantly focuses on developing new technologies. In 2020, the company invested 7.7% of overall sales in research and development activities as compared to 7.3% in 2019. This is expected to enhance new product development in suspension systems, especially for the e-mobility segment.

Related Reports:

Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multi-link, Twist Beam, Leaf Spring, Air Suspension), System Type, Actuation, Component OE & Aftermarket, Vehicle (ICE, BEV, HEV, PHEV), and Region - Global Forecast to 2026

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Report Code
AT 2511
RI Published ON
5/12/2021
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