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Automotive Suspension System Market Size

Report ID: GMI1917
Published Date: Nov 2024
Report Format: PDF

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Automotive Suspension System Market Size

The global automotive suspension system market size was valued at USD 46.6 billion in 2024 and is projected to grow at a CAGR of 6.7% between 2025 and 2034. The growing adoption of semi-active and active suspension systems is propelling the market. These advanced systems automatically adjust vehicle suspension based on driving conditions, offering improved ride quality, handling, and safety. As consumer expectations for comfort and driving dynamics increase, these adaptive suspension systems are gaining popularity, especially in premium and luxury vehicles.

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Advancements in electronic control units and sensor technologies are enabling more precise and responsive adjustments, positioning these systems as standard features in future automotive designs, particularly for high-performance and electric vehicles. In February 2024, Volvo Trucks North America introduced Volvo VNL, marking a significant advancement in heavy-duty trucking. This new model features Volvo's innovative GRAS (Global Rear Air Suspension) system, paired with Volvo smart suspension software, designed to deliver an exceptionally smooth ride. By minimizing road vibrations, the system reduces driver fatigue and enhances overall performance, setting new standards for comfort and efficiency in trucking operations.

Automotive Suspension System Market Report Attributes
Report Attribute	Details
Base Year:	2024
Automotive Suspension System Market Size in 2024:	USD 46.6 Billion
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	6.7%
2034 Value Projection:	USD 88.6 Billion
Historical Data for:	2021 – 2024
No. of Pages:	180
Tables, Charts & Figures:	200
Segments covered:	System, Component, Vehicle, Sales Channel, Suspension
Growth Drivers:	Enhanced vehicle stability and control Rising demand for passenger comfort and safety Increased EV and luxury vehicle adoption Advancements in sensor and actuator technology
Pitfalls & Challenges:	High development and integration costs Complex maintenance requirements and costs

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The automotive suspension system market is experiencing growth due to the increasing use of lightweight components. Materials such as aluminum, carbon fiber, and advanced composites are becoming more prevalent in suspension system manufacturing, reducing overall vehicle weight. This weight reduction is crucial for improving fuel efficiency and vehicle performance, making lightweight suspensions attractive to automakers aiming to meet stricter fuel economy standards and reduce emissions. This trend is particularly significant in electric vehicles, where manufacturers seek to maximize battery range, driving demand for innovative, lighter suspension solutions.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive suspension system reached USD 46.6 billion in 2024 and is set to grow at a 6.7% CAGR from 2025 to 2034, driven by the growing adoption of semi-active and active suspension systems.

The OEM segment accounted for USD 32.9 billion in 2024 and is expected to grow significantly over the forecast period, led by the rising preference for original and high-quality suspension components.

Chinas market accounted for 35% of the revenue share in 2024, fueled by its substantial automotive manufacturing base and the rapid adoption of electric vehicles.

The key players in the industry include Bosch, Continental, Denso, Hyundai Mobis, KYB, Magna, Marelli, Schaeffler, Tenneco, and ZF.