Automotive Suspension Market – Analysis with Ongoing Trends & Market Revenue
The Automotive Suspension Market is projected to grow from USD 42.9 billion in 2021 to USD 50.7 billion by 2026, at a CAGR of 3.4% during the forecast period. 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. Automotive OEMs are focusing on lightweight materials to enhance fuel efficiency and reduce vehicle emissions. The increasing sales of electric and hybrid vehicles is expected to increase the adoption of active and semi-active suspension and thereby drive the m...