Pune, India, Feb. 07, 2022 (GLOBE NEWSWIRE) -- According to the report, Automotive Suspension System Market size is projected to grow from USD 42.62 billion in 2021 to USD 54.22 billion in 2028 at a CAGR of 3.5% during the 2021-2028 period. Factors, such as rising demand for mobility with enhanced comfort and increasing requirement for safe and comfortable transportation, are expected to boost the market growth during the forecast period. Also, increasing adoption of e-mobility will further fuel the growth of the market.
Pandemic to Force Market Towards a Decline due to Lockdown and Decreasing Sales
The COVID-19 pandemic has severely affected various sectors across the globe. Shutdown of various transportation services has led to disruptions in supply chains. Also, lockdowns and restrictions on people’s movement has led to a decline in automobile sales further leading to a domino effect for automotive suspension systems. However, the market is expected to make a revival due to removal of lockdowns.
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Rising Demand for SUVs Growth to Augment Growth
Increasing trend of adopting SUVs and compact SUVs coupled with increasing automotive sales worldwide will drive the automotive suspension system market growth during the forecast period. Also, rising consumer awareness regarding road safety and comfort coupled with increasing demand for compact and light-weight suspension systems will fuel the growth of the market. Additionally, increasing adoption of electric and autonomous vehicles for public & personal mobility will increase the footprint of the market.
However, a lack of suspension system standardization on a global scale will hinder the growth of the market during the forecast period. This makes it an extreme challenge for manufacturers and suppliers for providing effective suspension systems compatible with various vehicle models.
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System, Component, Suspension Type, Vehicle Type, and Region are studied for the Market
- Based on system, the market is segmented into passive, active, and semi-active.
- By component, it is divided into shock dampeners, struts, control arms, ball joints, air compressors, and others.
- Within suspension type, it is classified into hydraulic suspension, air suspension, and leaf spring.
- On the basis of vehicle type, it is fragmented into two-wheelers, passenger cars, and commercial vehicles.
- In terms of geography, it is studied across North America, Europe, Asia Pacific, and the Rest of the World.
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Regional Insights:
Asia Pacific to Lead Global Market due to Rising Automotive Sales
Factors such as rocketing automotive sales and rising electric vehicle production will push the Asia Pacific automotive suspension system market share toward higher revenue. Additionally, the presence of key players in the region will further fuel the growth of the market during the forecast period. Also, easy availability of raw materials and a well-established automotive industry will boost the growth of the market.
North America will contribute a significant revenue towards the global contribution due to rising technological advancement coupled with increasing demand for active suspension systems to name a few.
Europe will also witness a considerable CAGR growth due to the presence of a well-established automotive industry.
Online Sales and Mergers & Acquisitions to Boost Market Growth
The automotive suspension system sector is highly competitive due to rising presence of numerous automotive suspension system manufacturers globally. Dominant players in the market are utilizing high-volume online retailer platforms such as Alibaba, Walmart, and others for increasing revenue. Other players are often integrating various strategies such as mergers & acquisitions along with collaborating with like-minded players for capturing a large consumer base. For example, in March 2021, ThyssenKrupp Bilstein announced expansion plans in China by investing in Changzhou in new production capacities for electronically adjustable damper systems.
List of Key Players Present in the Market:
- ZF Friedrichshafen AG (Germany)
- Tenneco Inc. (U.S.)
- Continental AG (Germany)
- thyssenkrupp AG (Germany)
- BENTELER (Austria)
- Morelli Corporation (Japan)
- KYB Corporation (Japan)
- Mando Corporation (South Korea)
- NHK Spring (Japan)
- Sogefi S.P.A (Italy)
- WABCO (France)
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Global Automotive Suspension System Market Segmentation:
By System:
- Passive
- Active
- Semi-Active
By Component Type:
- Shock Dampener
- Struts, Control Arm
- Ball Joint
- Air Compressor
- Others
By Suspension Type:
- Hydraulic Suspension
- Air Suspension
- Leaf Spring
By Vehicle Type:
- Two Wheelers
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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