Automotive Suspension System Market Overview
Market Research Future (MRFR) projects the global Automotive Suspension System Market to exceed a
valuation of USD 89.21 billion with an annual growth rate of 4.80% from 2024 to
2032 (forecast period).
The automotive suspension system is
a system that connects the vehicle to the wheels by using tire air, tires, and
shock absorbers. The suspension system allows motion between the vehicle and
the wheel, and it also helps with road holding or handling and rides quality.
All modern vehicle has a suspension
system as a mechanism to reduce dumping and provide a smooth riding experience.
The increase in safety regulation by developing-country governments, as well as
the introduction of new innovative suspension systems, are expected to enhance
demand for passenger vehicles and commercial vehicles, which are some
supporting aspects for the worldwide Automotive Suspension System Market
growth. The increased use of lightweight materials in suspension systems is
predicted to increase demand for regenerative systems for hybrid and electric
vehicles, as well as enhance market growth for automotive suspension systems.
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System Market
Automotive Suspension System Market
Key Players
Schaeffler AG, ZF friedrichshafen
AG, Tenneco Inc., ThyssenKrupp AG, Continental AG, Magneti Marelli SpA, KYB
Corporation, BENTELER international AG, Sogefi SpA, Mondo Corp.
COVID-19 Impact on the Global Automotive
Suspension System Market
The outbreak of the COVID- 19
pandemic has greatly hampered demand for automobiles, and hence the demand for
automobiles is expected to recover in the coming months due to numerous
government preparations to lift the lockdown in a phased manner. The demand for
automotive suspension system is expected to increase in the approaching months.
Automotive Suspension System Market
Segmentation
The global Automotive Suspension
System Market has been segmented on the basis of the suspension system, damping
type, vehicle type, and sales channel.
By suspension system, the global Automotive
Suspension System Market has been segmented into the active suspension system,
semi-active suspension system and passive suspension system.
By damping type, the global Automotive
Suspension System Market has been segmented into hydraulic and electromagnetic.
By vehicle type, the global Automotive
Suspension System Market has been segmented into passenger cars and commercial
vehicles.
By sales channel, the global Automotive
Suspension System Market has been segmented into OEM and aftermarket.
Automotive Suspension System Market Regional
Analysis
Based on region, the global Automotive
Suspension System Market is segmented into North America, Europe, Asia Pacific,
and the rest of the world.
The Asia Pacific market is predicted
to have the highest share of the worldwide automobile suspension system. This
region accounts for 49.6% of the income generated by automotive suspension
systems. During the forecast period, the Asia Pacific region is expected to
demonstrate a significant CAGR. This region's phenomenal rise in the
manufacturing sector has led to the market's expansion.
Automotive Suspension System Market Competitive
landscape
In the worldwide Automotive
Suspension System Market, there are numerous vendors. Most of the main players
are anticipated to have a strong offshore presence. The well-known brands are
partnering with domestic vendors to further strengthen their position in the
global Automotive Suspension System Market. Collaborations and joint ventures,
as well as investments in R&D programs and product innovations, are the
primary growth tactics employed by these players.
Automotive Suspension System Market Summary
The global Automotive Suspension
System Market is set to exceed a valuation of USD 72,700 million with an annual
growth rate of 5.40% from 2018 to 2023 (forecast period). The rise in demand
for the worldwide market is related to the production of new vehicles where a
suspension system connects the vehicle frame to the wheel, and it is one of the
important parts of the vehicle. The advancement of technology, rise in
urbanization, and individual purchasing behaviors are all contributing to the
expansion of the automotive industry. It helps to improve the ride quality and
provides a better road holding capacity of vehicles.
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