Factors such as increasing vehicle production, growing demand for light weight technology, growing importance for ride control performance, and increasing concern towards emission control and fuel economy standards are expected to drive the market.
The air spring segment is expected to grow at the fastest rate. The demand for luxury vehicles is increasing among customers. Hence, the demand for air springs is expected to increase. The shock absorber is the largest aftermarket component in terms of value. Shock absorber is the essential component in all vehicle types and is more prone to damage. Hence, these components need replacement after some time.
The passenger car segment is expected to be the largest and fastest growing. The demand for automotive suspension in passenger cars is projected to grow owing to the increasing population and lack of public transportation in the countries such as India and China. HEV is the largest market, by electric & hybrid vehicle type, in terms of value. Owing to the increasingly stringent emission norms and growing pollution levels, the adoption of electric & hybrid vehicles has increased across the globe.
Asia Oceania is expected to hold the largest share of the automotive suspension market. Increasing vehicle production and awareness about advanced suspension technology are the factors that boost the market in this region. The presence of top suspension system manufacturers who have heavily invested in setting up the production facility in these countries to meet increasing demand for suspension systems is also a major factor fuelling the growth of the market in this region. In this region, consumers are more interested about the comfort levels and safety of the vehicle. Hence, the region is expected to dominate the market.
Key market players include ZF (Germany), Tenneco (US), KYB (Japan), Continental (Germany), Magneti Marelli (Italy), Mando (South Korea), NHK Spring (Japan), ThyssenKrupp (Germany), Sogefi (Italy), and Benteler (Austria).
Key questions the report answers:
· Which new regions, suspension manufacturers are exploring for potential business avenues?
· Which are the key players in the market and how intense is the competition?
· Where will all these developments take the industry in the mid to long term?
· How will the new advancement affect the market?
*Company introduction, financial information, recent developments, SWOT analysis