Automotive Suspension System Market Will Reach at a 5% CAGR by 2023
Global Automotive Suspension System Market: By Suspension System (Active Suspension System, Semi-Active Suspension System and Passive Suspension System), By Damping Type (Hydraulic and Electromagnetic), By Vehicle Type (Passenger Cars and Commercial Vehicle), By Sales Channel (OEM and Aftermarket), and Region – Forecast Till 2023
The increasing level of importance placed on automobile performance is closely related to the quality of the suspension systems. Market reports connected to the automobile industry have been offered by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market is on track to achieve a 5 % CAGR in the forecast period.
The need to improve suspension systems has gained considerable traction, as automobiles become more efficient and streamlined. The rising incidences of accidents have increased the demand for enhanced automotive suspension systems. The augmented level of investment being directed towards the expansion in the automobile components such as suspension systems is expected to gain an increased level of momentum in the upcoming forecast period.
Segmental Analysis
The segmentation of the automotive suspension system market is carried out on the basis of vehicle type, suspension system, damping type, end market, and region. On the basis of vehicle type, the automotive suspension system market is segmented into commercial vehicle & passenger vehicle. Based on the suspension system, the automotive suspension system market is segmented into semi-active, passive, and active. On the basis of damping type, the automotive suspension system market is segmented into electromagnetic and hydraulic. On the basis of the end market, the automotive suspension system is divided into OEM and aftermarket. The regions included in the automotive suspension system are North America, Europe, South America, Middle East, and Africa.
Detailed Regional Analysis
The regional analysis of the automotive suspension system market encompasses regions such as North America, Europe, South America, Asia Pacific, Middle East, and Africa. The Asia Pacific region dominates the automotive suspension system market globally, due to the increased production of technologically progressive & comfort vehicle. This region will display the speediest growth in the forecast period. The Asia Pacific regions follows the European region in terms of growth. The growing eco-friendly initiatives in this region will lead to substantial growth in the automotive suspension system market. Thus, driving the Asia Pacific region towards steady growth in the duration of the forecast period.
Competitive Analysis
The beginning of new technology is promoting the growth capability of the market. The market has the elements for displaying a better comparative or differential value. The market trends imply advantageous growth of the products that can bring in improvement to the product range and meet the customer need better. The prevalence of productive units is projected to generate more sales or greater margins as compared to its market adversaries. Sizable reductions in administrative finances are bringing more developments to the market. The making of a strong value chain is additionally encouraging the development of the market. The market contestants find themselves in a promising position with the capacity to handle the pace of change.
The principal challengers in the market for globally are TWR Automotive Holdings Corporation, KYB Corporation, Tenneco Inc., Benteler Group, Magneti Marelli S.P.A., Continental AG, Mando Corporation, Schaeffler AG, and ZF Friedrichshafen AG.
Industry Updates:
Feb 2019 WABCO Holdings Inc. which is regarded as the leading global supplier of braking control systems and other progressive technologies that correct the safety, connectivity and efficiency of commercial vehicles, recently announced that it has authorized a long-term contract to supply and develop innovative air suspension technology for one of the world’s major manufacturers of premium passenger cars, based out of the European region.
Nov 2018 Öhlins, a renowned premium suspension manufacturer is set to become a subsidiary of Tenneco Inc, and therefore joining one of the major global multi-line, multi-brand OEM and aftermarket firms in the world. Tenneco Inc has engaged the final contract to obtain Öhlins Racing AB, the Swedish technology company that creates premium suspension systems and components for the motorsport and automotive industries. Ohlins backs performance teams in Formula E, F1, MotoGP, and NASCAR racing.