The global automotive suspension market seems to reach USD 76.59 billion by 2028, at a CAGR of 6.41% from 2021 to 2028. The global automotive suspension market is continuing to grow due to increasing demand for higher vehicle performance and comfort.
The demand for automotive suspension systems is increasing due to the rising demand for enhanced vehicle performance, comfort, and safety. The market is driven by the increasing production of vehicles and stringent safety regulations being imposed by governments around the world. The demand for luxury vehicles and sports cars is also increasing, which is driving the demand for advanced suspension systems.
The growing demand for advanced suspension systems is also driving the demand for lightweight suspension components. This is due to the increasing focus on fuel efficiency and performance. The increasing focus on electric vehicles is also expected to drive the demand for lighter suspension components.
However, high manufacturing costs and the fluctuating prices of raw materials are some of the major restraints of the global automotive suspension market. The high cost of automotive suspension systems is also hampering the growth of the market.
Despite these restraints, the market is expected to grow in the coming years due to the increasing demand for advanced suspension systems and the growing production of vehicles. The market is expected to be driven by the increasing demand for luxury and sports vehicles, as well as the increasing focus on fuel efficiency and vehicle performance.
The global automotive suspension market is segmented based on type, vehicle type, technology, and geography. Based on type, the market is classified as passive suspension, which is the traditional form of suspension, and active suspension, which is the modern form of suspension system. Based on technology, the market is classified as variable damping control systems, active roll control systems, and others.
The major players in the automotive suspension market are Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Delphi Automotive PLC, Magneti Marelli S.p.A., and Tenneco Inc. The major companies are focusing on the development of new and advanced technologies to gain a competitive edge in the market.
Geographically, the global automotive suspension market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Asia Pacific Automotive Suspension Market Share in 2020 was 39.45%. Asia Pacific is expected to dominate the market due to the presence of major vehicle manufacturing companies, growing demand for luxury vehicles, and increasing disposable income. North America is expected to witness steady growth over the forecast period due to the increasing demand for vehicles and the presence of major automotive suspension companies. The growing disposable income of people in this region is also expected to drive the growth of the market.