Do I need to replace any of the suspension components (i.e. spring, shocks or what not) to install larger rims? I am planning to get 16" and if possible I don't want to touch any suspension parts.

no you dont have to change anything. In fact you can run 19's if you want to. In fact you can even have it lowered on 19's of thats what you want. If you are running 16's, make sure the outside diameter of the new tire is the same as the stock ones of there will be a HUGE gap and it wont look right.

205/45R16 would be ideal