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.
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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.
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.
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Suspension Market Report
Hexa Research has segmented the global automotive
suspension market based on type:
Segmentation by type, 2014 - 2024 (USD Billion)
• Air
• Hydraulic
• Leaf
Segmentation by vehicle type, 2014 - 2024 (USD
Billion)
• Passenger car
• Commercial vehicle
Segmentation by system, 2014 - 2024 (USD Billion)
• Semi active/active
• Passive
Segmentation by region, 2014 - 2024 (USD Billion)
• North America
• U.S.
• Europe
• Germany
• Asia Pacific
• China
• Japan
• India
• Central & South America
• Middle East & Africa
Key players analysed
• ZF Friedrichshafen AG
• ThyssenKrupp AG
• KYB Corporation
• MubeaFahrwerksfedern GmbH
• NHK Springs Co., Ltd
• MagnetiMarelli S.p.A
• Mando Corp
• Rassini
• Tenneco Inc
• Benteler International AG
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