Global automotive suspension market is anticipated to reach USD 127.6 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Key highlights of the report are enumerated below:
- Based on vehicle type, passenger cars segment led the global market in the year 2017 in terms of revenue.
- Speaking of the regional segmentation, North America held the biggest share of the global market in the year 2017.
According to the report, the surging need to provide superior quality driving experience in consort with enhanced safety and comfort boosts the automotive suspension market size. Also, the growing automotive production across the globe, and increasing popularity of luxury vehicles drives the implementation of automotive suspension.The burgeoning concerns pertaining to safety have prompted market players to incorporate advanced automotive suspension systems in vehicles to augment the complete driving experience.
The report also cites that factors such as technological enhancements, and the increasing utilization of light-weight materials in suspension systems is projected to support market growth in the coming years. Emerging new markets, growing automobiles demand, and rising safety concerns are factors anticipated to stimulate the product demand during the projected period.
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In terms of regional penetration, Asia-Pacific is predicted to dominate the global market in the coming years. Huge investments by distinguished payers to enhance driving experience in consort with favorable regulatory outlook pertaining to transportation safety propels industry growth in the region. The report cites that technological enhancement and introduction of advanced suspension systems by industry behemoths has bolstered the adoption of these systems in the region. The growing demand for luxury automotives, and economic development in nations like India and China amplifies automotive suspension market size in the region. Geographical expansion initiatives undertaken by global players across these nations to tap market potential augments industry growth, cites the report.
The notable players profiled in the automotive suspension market include NHK Spring Co., Ltd, WABCO Holdings Inc., Sogefi SpA, Magneti Marelli S.p.A, Thyssenkrupp AG, Hendrickson USA, L.L.C, ZF TRW, Tenneco Inc., Continental AG, and Multimatic Inc. These market majors enhance their foothold in the global market by employing growth tactics such as new product launches, collaboration with other giants, and geographical expansion to suffice burgeoning customer needs.
The report also provides an in-depth analysis of market dynamics of the automotive suspension market, including a thorough examination of market forces detailed under sections, namely market driver analysis, market restraint/challenges analysis, and market opportunity analysis. The study also provides pivotal insights about automotive suspension market pest analysis, automotive suspension market value chain analysis, and automotive suspension industry trends during the forecast period.