Albany NY, United States, June 01, 2022 (GLOBE NEWSWIRE) -- Suspension parts for automotive industry are witnessing lucrative demand for next-gen suspension technologies that can overcome the limitations of hydraulic suspension. Of note, growing incorporation of gas charged suspension components and air suspension systems have opened up new revenue streams in automotive suspension parts market. A TMR study scrutinizing drivers and opportunities for suspension system parts & components project the global automotive suspension parts market valuation to surpass US$ 37.1 Bn by 2021.
Top automotive component manufacturers are geared toward integrating active suspension systems with state-of-the-art sensor, microprocessors, and actuators to constantly improve ride quality and safety of the passengers. In particular, they have expanded their product line in automotive suspension parts market by engaging in extensive R&D on advanced features for shock absorbers.
Original equipment manufacturers (OEMs) of premium and luxury cars are incorporating newer generation of suspension technologies to be able to meet changes in safety regulations in the automotive sector. They are stridently demanding range of shock absorbers that can adjust to varying road conditions. On the other hand, the demand for hydraulic systems in entry & mid-range vehicles is anticipated to remain robust in near future, which is expected to catalyse sales in the automotive suspension parts market.
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Key Findings of Automotive Suspension Parts Market Study
- Firms Tap into Profitable Avenues from Widespread Demand for Shock Absorbers: The growing use of continuous damping control (CDC) technology in improving the driving experience is increasingly expanding the avenue for product advancements in the automotive suspension parts market. Market players are tapping into stable revenue streams from massive demand for advanced shock absorbers. Newer automotive suspension parts are characterized by integration of next-gen sensors and valve mechanisms with shock absorbers, especially for commercial vehicles. This has been a highly lucrative product segment and the authors of the TMR study found that it held a promising 38.3% market share in 2021. The demand is likely to continue rising due to growing number of commercial vehicles for off-road projects.
- Advancements in Hydraulic Suspension Systems to Open Up New Revenue Streams: Widespread application of hydraulic suspension systems for range of entry & mid-range commercial and passenger vehicles has generated enormous revenue streams. However, with preference toward next-gen active and semi-active suspension technologies among manufacturers of premium & luxury vehicles, the demand is anticipated to wane in near future. Indeed, the TMR study on the automotive suspension parts market project the opportunities in the segment to grow at a tepid pace. Nevertheless, automotive suspension parts manufacturers are keen on capturing demand on the back of need for tailor-made suspension solutions among automotive companies.
- Manufacturers & Suppliers of Automotive Suspension Parts Benefit from Growing Demand Active Suspensions Systems for Premium Vehicles: Rise in popularity of active suspension systems in premium vehicles has unlocked abundant avenues during the forecast period. Thus, parts manufacturers and suppliers are witnessing enormous demand for suspension parts for premium light commercial vehicles. Additionally, the production of electric & hybrid electric vehicles is propelling sales in the automotive suspension parts market.
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Automotive Suspension Parts Market: Key Drivers
- Growing focus on safety and driving experience has propelled technological advancements in suspension parts, thus catalyzing the expansion of the automotive suspension parts market.
- Implementation of safety regulations for consumers especially in developed countries has broadened the avenue for commercialization of a range of automotive suspension parts. Rise in numbers of passenger vehicles in developing regions is a key trend bolstering the automotive suspension parts market prospects.
Automotive Suspension Parts Market: Regional Growth Dynamics
- Asia Pacific held a major share of the automotive suspension parts market in 2021. Widespread use of suspension technologies in passenger vehicles has boosted the revenue growth of the regional market. India, China, and South Korea are witnessing enormous revenue possibilities.
- Europe and North America are lucrative markets. Rise in consumer spending on high-end passenger & light commercial vehicles has fueled the revenue growth of these markets.
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Automotive Suspension Parts Market: Key Players
Some of the prominent companies in the market are Robert Bosch GmbH, Ride Control, LLC, Kalyani Forge, Halla Holdings Corp., FCS Auto, Duroshox, Motherson Sumi Systems Limited, Datsons Engineering Works Pvt. Ltd., Continental AG, BWI Group, and Brinn Inc.
Segmentation
- Suspension Parts Type
- Shock Absorbers
- Conventional
- Regenerative
- Struts
- Links
- Forged
- Cast
- Stamped
- Springs
- Coil
- Leaf
- Torsion Bar
- Shock Absorbers
- Technology Type
- Gas charged suspension components
- Hydraulic suspension components
- Gas charged suspension components
- Vehicle Type
- Passenger Vehicles
- Entry
- Mid
- Premium/luxury
- Commercial Vehicle
- Light Commercial Vehicle
- Medium and Heavy Duty Vehicle
- Buses and Coaches
- Passenger Vehicles
- Sales Channel
- OEM
- Aftermarket
- OEM
Region
- Americas
- Europe
- Asia Pacific
- Middle East & Africa
Countries Covered
- U.S.
- Canada
- Mexico
- Brazil
- Argentina
- Colombia
- Rest of Americas
- Germany
- U. K.
- France
- Italy
- Spain
- Czech Republic
- Slovakia
- Poland
- Romania
- Hungary
- Belgium
- Nordic Countries
- Russia & CIS
- Rest of Europe
- China
- India
- Japan
- South Korea
- ANZ
- ASEAN Countries
- Rest of Asia Pacific
- GCC Countries
- Turkey
- South Africa
- Rest of Middle East & Africa
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