The automotive suspension systems market is estimated to reach $66.2 billion by 2018, with a projected CAGR of 5.72%, indicating the potential growth in the automotive industry
Dallas, TX -- (SBWIRE) -- 11/17/2014 -- The report "Automotive Suspension Systems Market by Vehicle Type (Passenger Car, LCV, & HCV), System Type (Passive & Semi-Active/Active), Damping Type (Hydraulic & Electromagnetic), & Geography - Industry Trends & Forecast to 2018" defines and segments the global automotive suspension systems market with analysis and projection of the market size in terms of volume and value.
Browse more than 108 market data tables and 38 figures spread through 241 slides and in-depth TOC on "Automotive Suspension Systems Market - Industry Trends & Forecast to 2018"
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Asia-Pacific - Potential market for suspension systems
In the last few years, Asia-Pacific has been the top market for investments and expansions for the automotive industry, as both the leading automobile manufacturer and the largest automobile market in the world are situated in this region. With the vast population and increasing disposable income of consumers in the countries of China, Japan, and India, important premium/luxury passenger car manufacturers, such as BMW (Germany), Volkswagen Group (Germany), and Mercedes Benz (Germany)have already set up their manufacturing units and started producing vehicles on a large scale in these countries. As most of the premium/luxury passenger cars are equipped with semi-active/active suspension systems, the Asia-Pacific region acts as a potential market for these suspension systems in the coming years. The region is expected to witness a fast growth in its vehicle production levels alongside the growth in the automotive manufacturing industry. These factors together are expected to uphold the Asia-Pacific region’s position as the largest market for suspension systems from 2013 to 2018. The region’s suspension systems market is projected to grow at a CAGR of 7.06% over the forecasted period.
Air Suspension Systems - A growing phenomena
Air suspension systems, a type of semi-active/active suspension, are gradually gaining preference from the automotive manufacturers as well as the consumers on account of the performance advantages they hold over the passive suspension systems. Since the disposable income of the consumers has increased and their attitude towards spending for comfort has become more liberal, the demand for air suspension systems is increasing gradually. The air suspension systems are known for the superior ride quality, control, comfort, and performance they provide to the driver. But, with the high cost of the air suspension systems as well as the associated high maintenance costs, the growth in the adoption of air suspensions has been slow. Continuous advancements in suspension system technology are slowly bridging the gap between their performance and cost related to the air suspension systems. This has led to semi-active/active suspension systems slowly acquiring the share of passive systems in the market. This would give rise to increase in the installation of more number of semi-active/active suspension systems in vehicles. Presently, air suspension systems are widely used in HCVs, premium passenger cars, and LCVs segments only.
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