Automotive Suspension holds a great potential in changing the global safety scenario, thus, making it more comfortable and safe vehicle. The Automotive Suspension System have witnessed a steep growth in passenger cars and commercial vehicles segment due to stringent vehicle safety norms and standards by various transport authorities globally.
Portland, OR -- (SBWIRE) -- 09/27/2017 -- Automotive Suspension Market report, published by Allied Market Research, forecasts that the global market is expected to garner $284 billion by 2022, growing at a CAGR of 4.9% during the period 2014 - 2022. The passenger vehicle segment is estimated to dominate the market from 2016 to 2022. Asia-Pacific dominated the global market accounting for a market share of around 37% in 2015.
The global automotive suspension market analysis reveals considerable growth in the recent years due to technological advancements, rise in production of vehicles, and increase in demand for luxury and comfort. However, rise in demand for lightweight suspension system and development of advanced suspension system for two wheelers is expected to boost the market growth. However, increasing global vehicle standards and high maintenance cost of advanced suspension systems may hamper the market growth.
Asia-Pacific is projected to be the fastest growing region throughout the analysis period. China is expected to dominate this region in terms of sales of passenger cars. This is attributed to the implementation of stringent vehicular safety norms, rise in awareness of safe and comfortable vehicles, and growth in buying power of consumers in the emerging markets such as India, Malaysia, and China to adopt advance automotive suspension technologies. Rise in demand for lightweight suspension system and development of advanced suspension systems for two wheelers offer lucrative opportunities to the players in the automotive suspension market.
Automotive Suspension Market Key Findings:
In 2015, passenger cars led the market revenue, and this segment is projected to grow at a CAGR of 4.9% during the forecast period.
Two-wheeler segment is expected to grow at the highest CAGR of 7.4%, owing to the wider adoption of air suspension technologies around the globe.
The hydraulic suspension system is projected to generate the largest revenue by suspension type.
China is the major shareholder, accounting for about 60% of the Asia-Pacific automotive suspension market in 2015.
India is expected to be the fastest growing country and expected to exhibit a double-digit growth.
The key players in the automotive suspension market have focused on expanding their business operations in the developing countries, with new product launches as a preferred strategy. The major players profiled in this report include KYB Corporation (Japan), Hendrickson USA, L.L.C (U.S.), Gabriel India Limited (India), FOX Factory, Inc. (U.S.), WABCO (Belgium), Continental AG (Germany), ZF TRW (U.S.), Magneti Marelli S.p.A (Italy), Tenneco Inc. (U.S.), and Sogefi SpA (Italy).
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