Pune, March 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, The global automotive suspension market is expected to grow from USD 46.58 billion in 2020 to USD 76.59 billion by 2028, at a CAGR of 6.41% during the forecast period 2021-2028.
The increase in the demand of the car and the need for luxury & comfort in the car are some of the factors fuelling the automotive suspension market.
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The technical condition of the automotive suspension system decides the vehicle behaviour under different conditions like the road condition, the speed at which it is driven, braking distance, grip, acceleration etc. The main job of the suspension is to increase the friction between the tire and the road surface, which gives the steering stability, good handling and gives comfort to the passenger. The advancement in technology in vehicular components, increase in the demand of cars have led to increase in the production of cars, the need for luxury and comfort in the car are some of the factors driving the automotive suspension market. The increase in demand for lightweight suspension system, due to the requirement of better fuel efficiency will fuel this market in the forecasting period. Good suspension leads to better driving experience, comfort in the car, by enhancing the body movement of the vehicle. The surge in per capita income of the people in the developed and developing countries have raised the standard of living in the people. This has also raised the standard in car. People are now looking for the car that gives more comfort and luxury. This has increased the production of such cars. The advancement in technologies are helping the car manufacturers in producing the car with all the latest facilities.To make the car more comfortable and to improve the fuel efficiency of the car, the lightweight suspension system are growing in demand. These are made of aluminium, titanium alloys, carbon fiber etc.
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The maintenance cost for the advanced suspension system is high, and that is acting as a major restraint for the market. The further advancement or maintenance requires manpower, hardware, and all the latest tools required for an update. All these things could be expensive. The maintenance of advanced system also requires the skilled worker, for the installation of the device and tools, this would further increase the price, all these things are adding up the price so acting as a restraint for the market.
Key players for the global automotive suspension market include Continental AG, Fox Factory, Inc., Gabriel India Limited, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi S.P.A., Tenneco INC., Wabco and ZF TRW among others.
• For instance, in February 2020, Fox Factory Holding is to acquire SCA performance holdings Inc. This acquisition will help the organization in strengthen its performance defining aftermarket solutions and also increase in the production of powered vehicle.
• In March 2019, Continental AG got the approval to acquire the anti-vibration system segment of Cooper-Standard organization. This acquisition provides the Cooper Standard expertise of material and product design, system integration and vehicle testing etc.
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Semi-active system is accounted for the highest market value of USD 18.08 Billion in 2020
The system segment is divided into a passive system, semi-active and active system. Semi-active system is accounted for the highest market value of USD 18.08 Billion in 2020. This is because it performs better than the passive system and cheaper compared to the active system.
The passenger car accounts for the highest market value of USD 26.68 Billion in 2020
The vehicle type segment includes passenger car and commercial vehicle. The passenger car accounts for the highest market value of USD 26.68 Billion in 2020. The rise in the disposable income has raised the living standards of the people, which has created the demand for luxurious cars. So the production of passenger vehicle has increased.
The shock dampener segment is accounted for the highest market value USD 15.11 billion in 2020
The component segment includes air compressor, ball joint, spring, shock dampener and others. The shock dampener segment is accounted for the highest market value USD 15.11 billion in 2020. This helps in providing god driving experience to the driver and comfort journey to the traveller. It makes the vehicle more stable.
Regional Segment Analysis of the Automotive Suspension Market
• North America (U.S. , Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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The regions analyzed for the Automotive Suspension market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. Asia Pacific region is having the highest market value of USD 18.38 Billion in 2020. This is because of the rapid urbanization in the emerging economies like China, India etc., increasing per capita income, surge in population have created the demand for the vehicle, and so there is an increase in the production of the vehicle by the manufacturer. This, in turn, is driving the automotive suspension market in the region. North America had the second-largest market value of USD 14.37 Billion in 2020. Some of the major factors are all the big players in car manufacturing companies’ lies on this belt. The trend in this region is that the people like to buy the car with the latest technology as the standard of living in the region is high, which in turn drives the automotive suspension market in the region.
About the report:
The global Automotive Suspension market is analysed on the basis of value (USD Billion).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, and competitor position grid analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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