PUNE, India, March 27, 2018 /PRNewswire/ --
According to a new market research report "Automotive Suspension Market by Architecture (MacPherson Strut, Double Wishbone, Multi-link, Twist Beam, Leaf Spring, Air Suspension), System Type, Actuation, Component OE & Aftermarket, Vehicle (ICE, BEV, HEV, PHEV), and Region - Global Forecast to 2025"published by MarketsandMarkets™, the market is projected to grow at a CAGR of 3.88% from 2017 to 2025, and the market size is estimated to grow from USD 50.76 Billion in 2017 to USD 68.84 Billion by 2025.
Browse 139 market data Tables and 54 Figures spread through 198 Pages and in-depth TOC on "Automotive Suspension Market"
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The market is anticipated to grow due to the growing vehicle production, concern towards safety & comfort, and demand for better ride performance. Also, the semi-active/active systems, which are lighter in weight, smaller in size, and high on performance, are projected to drive the demand for advanced Automotive Suspension systems.
Passenger car is estimated to be the largest segment in Automotive Suspension Market.
Passenger car segment is estimated to be the fastest growing segment of the Automotive Suspension market. Factors such as growing consumer disposable income and increasing vehicle ownership with easy finance options have led to the rise in passenger car sales. Owing to these reasons, passenger car segment is witnessing tremendous growth in the Asia Oceania region, particularly in developing countries such as India and China. The demand for Automotive Suspension in LCVs is also projected to increase owing to the increasing production in the North American region as the people are prefer to travel off road with LCVs. The demand for Automotive Suspension in HCVs is also projected to increase owing to the increasing production in the North America and Europe region. European industry OEMs, led by Daimler, Volvo, and VW, continue to dominate the heavy truck market with their scale of operations and technological edge, which is boosting the trucking and transportation industry in these developed regions.
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Semi-Active/Active Suspension System is estimated to be the fastest growing segment of the Automotive Suspension Market
Owing to the increase in stringency of emissions and fuel efficiency regulations in the developed regions, the entry of comparatively lightweight semi-active/active suspension systems is estimated to be higher in developed regions such as North America and Europe. Europe and North America are projected to witness growth for semi-active/active system rather than passive suspension as the manufacturers and customers in these regions are open towards accepting new technology. Asia Oceania and RoW regions are expected witness moderate growth of semi-active and active suspension system as the consumers in these regions prefer compact & economic cars. High rate of technological adoption across the globe will be a driving factor for the growth of these systems.
Asia Oceania is estimated to be the leading market for Automotive Suspension Market.
Asia Oceania comprises countries such as China, Japan, India, and South Korea and they are witnessing huge population growth. The region is the world's largest producer of suspension systems. Key automotive manufacturers have shifted their focus toward this region due to various benefits such as easy availability of economical labour, lenient regulations for environment & safety, increased FDI for automotive industry in countries like India, and growing demand for vehicles. The increasing concern about quality and safety is propelling the manufacturers to develop advanced suspension systems. Hence, the region is anticipated to have the largest share of the Automotive Suspension Market.
The major players in the Automotive Suspension System Market are ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Austria). These companies collectively account for a major share of the Automotive Suspension Market.
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