Automotive Suspension System Market Strategic Growth, Innovation & Investment Trends

Automotive Suspension System Market Size, Forecast and Competitive Landscape

The automotive suspension system market is forecast to grow from USD 52.78 billion in 2025 to USD 103.16 billion by 2034, driven by a CAGR of 7.73% from 2025 to 2034.

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Introduction

The automotive suspension system market is a crucial sector of the automotive components industry. This industry deals in the manufacturing and distribution of automotive suspension system around the world. There are various types of suspension systems developed in this sector consisting of passive system, active system and semi-active systems. These systems consist of numerous components including shock dampener, struts, control arm, ball joint, air compressors and some others. It is designed for different types of vehicles such as two-wheelers, passenger cars, commercial vehicles and some others. The rising sales of electric vehicles across the world has increased the demand for advanced suspension systems, thereby boosting the market expansion. This market is growing drastically with the rise in the automotive industry around the world.

• According to the International Energy Agency, around 84000 electric vans were sold in 2020 that increased to 460000 in 2023.

Highlights of the Automotive Suspension System Market

• Asia Pacific held the largest share of the automotive suspension system market due to the presence of several automotive brands in this region.
• Europe is expected to grow with a significant CAGR due to the growing demand for luxury vehicles in this region.
• The hydraulic suspension segment led the industry due to its benefits such as improved handling, enhanced riding experience and some others.
• The passenger cars segment held the largest portion of the industry due to the rising demand for SUVs in different parts of the globe.

Key Metrics and Overview

Automotive Suspension System: Stats and Figures

• According to the International Energy Agency, around 1.7 million electric vehicles were sold in the U.S. during 2024.
• According to the Our World in Data, in 2023, around 93% vehicles sold in Norway were electric vehicles.
• According to the OICA, around 27452301 commercial vehicles were sold globally in 2023.
• According to the Malaysian Automotive Association, around 719,160 passenger cars were sold in Malaysia during 2023.

Industry Leader Announcement

In July 2023, Richardo Martin, the Vice President of International Operations at Hendrickson made an announcement stating that, “We work closely with fleets and truck and trailer manufacturers worldwide, collaborating on new product development. In addition to our innovative products, we provide extensive technical support and training services to ensure the proper installation, operation, service, and maintenance of Hendrickson equipment and aftermarket components.”

Geographical Insights

Asia Pacific held the largest share of the automotive suspension system market. The growing demand for high-quality suspension systems in automotives has boosted the market growth. Also, the rising sales and production of vehicles along with technological advancements in suspension systems has contributed to the industrial expansion. Moreover, the presence of several market players such as KYB Corporation, NHK Springs Co., Ltd., HL Mando Corp. and some others is predicted to drive the market growth in this region.

Competitive Landscape

The automotive suspension system market is a highly fragmented industry with the presence of several dominating players. Some of the prominent companies in this industry consists of NHK Springs Co., Ltd. (Japan), Benteler International AG (Germany), KYB Corporation (Japan), ZF Friedrichshafen AG (Germany), ThyssenKrupp AG (Germany), Tenneco Inc. (U.S.), Continental AG (Germany) and some others. These companies are constantly engaged in developing suspension systems for automotives and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of NHK Springs, the revenue of the company was 586904 million yen in 2022 that increased to 693246 million yen in 2023.

Automotive Suspension System Market Segments

By Suspension Type

• Hydraulic Suspension
• Air Suspension
• Leaf Spring

By Vehicle Type

• Passenger Cars
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa