NEW YORK, June 20, 2016 /PRNewswire/ -- The suspension system market is projected to grow at the CAGR of 5.11% from 2016 to 2021 to reach the market size of USD 67.22 billion by 2021. The major factors driving the growth of this market include demand for better comfort, safety, and road handling capabilities of suspension systems. Additionally, the demand for light-weight vehicles is leading to the increased demand for advanced suspension systems.
"Asia-Oceania: High Growth Potential Market"
The suspension system market has witnessed considerable growth in emerging economies such as China and India. The Chinese automotive market is growing as the economy and spending capability of the population is growing. Infrastructural developments are boosting the growth of the commercial vehicle segment. The substantial population in this region and government support for foreign direct investments (FDIs) has presented attractive market opportunities for suspension manufacturers and suspension suppliers. For instance, the Government of India allows 100% FDI for the automotive sector. Additionally, improving socio-economic conditions in countries such as India, Thailand, and Indonesia has resulted in increased demand for high end vehicles, in turn increasing demand for advanced suspension systems.
"Semi-independent/independent suspension: Technology for present and future"
The demand for semi-independent/independent suspension systems is increasing continuously as it isolates the body from road shocks and vibrations, hence providing increased safety and comfort for passengers while travelling. The major types of semi-independent/independent suspension system are MacPherson strut and double wishbone, which are majorly used in the passenger car segment. The demand for semi-independent and independent suspension systems is highest in North America. The factor which is majorly driving the market is increasing demand for luxury vehicles in this region. In the U.S., sales of BMW (Germany), Lexus (Japan) and Mercedes Benz (Germany) have increased by 1.8%, 10.7%, and 3.8%, respectively, in 2015 as compared to 2014. The sales of light vehicle were up by 5.7% compared to 2014. These factors directly impact the semi-independent/independent suspension system market.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – OEM 63%, Tier-1 - 29 %, Tier-2 - 8%
- By Designation - C level - 45%, D- level - 43%, and Others - 12%
- By Region - North America - 58%, Europe - 30%, and Asia-Oceania - 12%
There are various upcoming technologies in the field of suspension systems such as energy recovery suspension system, E-corner suspension modules, active curve tilting, magnetic dampers, AIRMATIC and others. The technology named AIRMATIC, is a combination of adaptive damping system (ADS) and air springs. The AIRMATIC air suspension system adapts the suspension bumps and uneven road surfaces. It is employed in the new Mercedes C-Class and provides a high level of comfort and safety.
The report covers the detailed profiles of the following companies:
- ZF Friedrichshafen AG (Germany)
- Tenneco Inc. (U.S.)
- KYB Corporation (Japan)
- Continental AG (Germany)
- Magneti Marelli S.p.A (Italy).
- Benteler International AG (Austria)
- Schaeffler AG (Germany)
- WABCO holdings Inc. (Belgium)
- Mando Corporation (South Korea)
- ThyssenKrupp AG (Germany)
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis (industry trends and Porter's Five Forces), supply chain analysis, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the automotive suspension system market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better to help them to acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for automotive suspension system market across regions
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive suspension system market
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the automotive suspension system market
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the automotive suspension system market
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