ALBANY, New York, June 11, 2020 /PRNewswire/ -- Transparency Market Research has recently published a market research report that provides detailed information about the global Automotive Suspension Parts market. The research report tries to provide detailed information about the key driving factors, prominent restraining factors, important market segments, geographical outlook, and the overall situation of the vendor landscape.
According to the research report, the global Automotive Suspension Parts market is projected to showcase a steady CAGR of ~3% over the course of the given forecast period ranging from 2020 to 2030. Given the rate of growth, the overall valuation of the global market is expected to reach worth US$13 Bn by the fall 2030.
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Global Automotive Suspension Parts Market – Key Takeaways
- The global Automotive Suspension Parts market is segmented in terms of technology, sales channel, type of product, vehicle, and region.
- Based on the technology, the global market is divided into gas charged and hydraulic. Of these, the segment of hydraulic has been the dominant one in recent years. The segment dominated in the year 2019 and is projected to lead over the course of the given period of forecast. The dominance of segment is because it is a traditional technology and is highly popular among base and mid-range vehicles. This is projected to drive the market segmentation.
- In terms of product type, the global market is segmented into strut, regenerative, conventional, and shock absorber. Of these, currently, the global market is being dominated by the segment of shock absorbers. Their popularity is high among masses.
- In terms of sales channel, OEM and aftermarket are the key segments of the global Automotive Suspension Parts market.
- In terms of vehicle, the global Automotive Suspension Parts market is segmented into passenger vehicle, entry, mid, premium/luxury, and commercial vehicle.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Automotive Suspension Parts Market (Technology: Gas Charged and Hydraulic; Product Type: Shock Absorber [Conventional and Regenerative) and Struts; Sales Channel: OEM and Aftermarket; Vehicle: Passenger Vehicle [Entry, Mid, and Premium/Luxury] and Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/automotive-suspension-market.html
Global Automotive Suspension Parts Market – Key Driving Factors
- One of the key driving factors for the growth of the global Automotive Suspension Parts market is the increasing demand for these product for enriching the user experience for driving the vehicle.
- Automotive Suspension Parts helps in reducing the wear and tear of the vehicle and helps in maintaining it for longer periods.
- Another important factor for the growth of the global market is increasing disposable income of people who are able to purchase automobile and thus drive the demand for these products.
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Global Automotive Suspension Parts Market – Key Restraining Factors
- The impact of Covid-19 has affected the overall manufacturing of the Automotive Suspension Parts and thus the overall growth of the market.
- Another important factor restraining for the market growth has been the prolonged waiting period of customers for replacing these suspension parts.
- Moreover, consumer negligence on replacing Automotive Suspension Parts is also an important factor restraining the market growth.
Global Automotive Suspension Parts Market – Geographical Outlook
- Currently, the global market is being dominated by the regional segment of East Asia. The region held a dominant share in the global market in recent years and is expected to lead over the course of the forecast period.
- The growth of the regional segment is mainly attributed to the increasing production of vehicles and growing demand for luxury and premium vehicles among emerging economies such as India and China.
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Global Automotive Suspension Parts Market – Key Players
Prominent players operating in the global Automotive Suspension Parts market include Brinn Inc., BWI Group, Continental AG, Datsons Engineering Works Pvt. Ltd., DMA Sales, Inc., Duroshox, Endurance Technologies Limited, FCS Auto, and Halla Holdings Corp.
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Global Automotive Suspension Parts Market: Segmentation
- Automotive Suspension Parts Market, by Technology
- Gas Charged
- Automotive Suspension Parts Market, by Product Type
- Shock Absorber
- Automotive Suspension Parts Market, by Sales Channel
- Automotive Suspension Parts Market, by Vehicle
- Passenger Vehicle
- Commercial Vehicle
- Automotive Suspension Parts market, by Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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