Automotive suspension systems have evolved over the years in response to changing consumer demands and advancements in technology. With the increasing disposable income of people in the Asia-Pacific (APAC) region, sales of passenger cars are rising, leading to a higher demand for suspension systems in the region. Furthermore, consumer preference for improved driving experiences and a willingness to embrace fuel-efficient technology are driving innovations within the sector. Against this backdrop, the APAC suspension systems market is expected to record a CAGR of 1.0% over 2023–28, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Global Sector Overview & Forecast: Suspension System – March 2024” reveals that the automotive suspension system segment in APAC was at 208.3 million units in 2023 and is forecast to reach 219.3 million units by 2028.
Madhuchhanda Palit, Automotive Analyst at GlobalData, comments: “Increasing consumer demand for driving comfort is driving the electronic suspension systems, including active and semi-active suspension systems markets in the region. These suspension systems take into account driving conditions such as speed, the surface of the road, cornering, stopping requirements, and acceleration and adjust the shock absorber firmness accordingly for a smooth driving experience, especially helpful for people with nausea and vomiting tendencies.
“Additionally, the growing demand for electric vehicles (EVs) is one of the major driving forces behind the growth of electronic suspension systems. Companies are devoting resources towards making suspension systems particularly suitable for EVs.”
While the primary requirement for suspension systems is to provide driving comfort to passengers on bumpy roads, automakers are now also focusing on technological advancements to increase energy efficiency through suspension systems. In this regard, the regenerative suspension system has become a trending technology that recovers energy from the movement of the suspension and converts it into electricity. This electricity can either be used immediately to power an electric motor or stored in a battery for later use. Automakers are also adopting advanced materials, such as carbon fiber and aluminum in the making of suspension systems to reduce weight for better energy efficiency.
Palit concludes: “While the market for conventional suspension systems in the APAC region remains the largest in terms of volume, electronic suspension systems have gained popularity for providing improved driving comfort. Furthermore, the increasing adoption of EVs worldwide is also spurring the demand for electric suspension systems, particularly in the APAC region, where the EV market is the largest globally.”
