20 March 2019, The global automotive suspension market is expected to reach USD 104.32 billion by 2024, driven by the increasing annual production of light commercial vehicles, medium & heavy duty commercial vehicles, and passenger cars. In addition, need for a lightweight suspension system for vehicle stability, comfort and safety is anticipated to boost the market over the forecast period.
Asia Pacific was the largest market accounting for 36.2% of the revenue share in the year 2016 and is expected to maintain its dominance owing to growing automobile industry in India and China. North America and Europe followed suit.
Rise in disposable income in developing nations such as China and India is expected to fuel the growth of air suspension in the region. Uncertain road conditions in countries such as India has increased the market for replacements which is expected to drive the market in the region.
Air suspension is expected to grow at the fastest CAGR over the forecast period. Furthermore, the passenger vehicle segment is expected to grow with significant CAGR compared to light commercial vehicles and heavy commercial vehicles.
Consumer perception of having a personal car is expected to fuel the market for automobiles which is the only end use of suspension systems. Focus on a safe and smooth ride with minimal vibrations for the driver as well as passengers are key reasons which have changed the scenario for automotive suspension market.
Increasing focus on research and development by automotive suspension manufacturers is expected to fuel the market over the forecast period. Companies are concentrating on developing advanced suspension systems which will provide a luxury driving experience which will boost the market over the forecast period.
Browse Details of Report @
Technological advancements in the automotive suspension industry are expected to fuel the market on a global level. For instance, Tenneco Inc is involved in providing light weight suspensions for vehicles which help in reducing emissions and increase aerodynamic properties of the vehicle. However, stringent vehicle standards such as fuel efficiency and pollution norms are forcing the suspension manufacturers to modify existing products or manufacture new products. Additionally, the high cost of advanced suspension systems is expected to hamper the growth of the market.
Hexa Research has segmented the global automotive suspension market based on type:
Segmentation by type, 2014 – 2024 (USD Billion)
Segmentation by vehicle type, 2014 – 2024 (USD Billion)
• Passenger car
• Commercial vehicle
Segmentation by system, 2014 – 2024 (USD Billion)
• Semi active/active
Segmentation by region, 2014 – 2024 (USD Billion)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Key players analyzed
• ZF Friedrichshafen AG
• ThyssenKrupp AG
• KYB Corporation
• Mubea Fahrwerksfedern GmbH
• NHK Springs Co., Ltd
• Magneti Marelli S.p.A
• Mando Corp
• Tenneco Inc
• Benteler International AG
Browse Related Reports in Automotive & Transportation Industry:
Vocational Truck Market: The global vocational truck market is anticipated to witness significant growth in coming years owing to rising demand for vocational trucks across the globe to perform specific tasks.
U.S. Electric Vehicle (EV) Charging Infrastructure Market: The U.S. electric vehicle charging infrastructure market was valued at USD 167.6 million in 2017 and is predicted to grow further over the forecast period.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
More Information Visit @ www.hexaresearch.com
Company Name: Hexa Research
Contact Person: Ryan Shaw
Email: Send Email
Phone: +1-408-342-1548, Toll Free:+1-800-489-3075
Address:Felton Office Plaza, 6265 Highway 9
Country: United States