The global automotive suspension systems market is skyrocketing and is to be valued at US$ 62 Billion in 2022, forecast to grow at a stable CAGR of 4.36% to be valued at US$ 95 Billion from 2022 to 2032. Increasing urbanization, technical advances, and shift in purchasing habits are all contributing to the expansion of the automotive sector. Meticulous research and developments are assisting in updating the present automotive suspension systems in order to improve the ride quality and road holding capabilities of the vehicle.
Automotive suspension systems are an important component of modern vehicles that help to ensure a comfortable and safe ride. Here are some details about automotive suspension systems. The purpose of the suspension system is to absorb shock and maintain vehicle stability while driving on uneven road surfaces. It provides a smooth ride and helps to keep the vehicle's wheels in contact with the road. The suspension system plays a critical role in vehicle safety. A worn-out or damaged suspension system can cause the vehicle to handle poorly and increase the risk of accidents. It's essential to keep the suspension system in good condition to ensure safe driving.
Suspensions are considered an important part of an automobile because it helps to keep the vehicle's tires in touch with the road during the trip, protecting the vehicle and reducing shocks along with protecting its cargo from damage or wear. In addition to that, it isolates the car from high-frequency vibrations caused by tire excitation.
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Key Takeaways
Suspensions are vital for good ride quality and automobile handling control. A comfortable ride promotes convenience for passengers, prevents cargo damage, and decreases driver fatigue on extended voyages. Attributing to such crucial factors are resulting in surging sales of automotive suspension systems in the global market.
Since cars with firm suspension may result in better control of body motions and faster reflexes, it is increasingly becoming a crucial part of an automobile. Ambulances require improved vehicle suspension to minimize further damage to already unwell passengers. Such factors have increased the desire for greater driving comfort, which has benefited the worldwide automotive suspension systems market's development.
The SUV market has seen reasonable growth in recent years. Due to the cheap cost, small size, modern designs, and superior agility, the SUV & sub-compact SUV industry has seen significant expansion in nations such as the United States, China, India, and Mexico. The excessive use of multilink suspensions is witnessed in the market. The lower cost of multilink suspension and the simplicity of modification has expanded the use of multilink suspension in mid- to high-segment vehicles.
There is a multilink suspension seen in SUVs including Kia Sport, Volkswagen Tiguan, and Mahindra Scorpio. Throughout the projection period, the global automotive suspension systems market is predicted to increase at a pace of 4.36%. SUVs often have independent suspension at both the front and back wheels. As a result, the urge for independent suspension systems is growing.
At present, air suspensions are preferred more than leaf springs as it delivers optimum comfort and elegance to passengers. As a result, the growing demand for comfort and luxury is driving up demand for automotive suspension systems throughout the world.
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Competitive Landscape
The Benteler Group, Continental AG, KYB Co., Ltd., Magneti Marelli S.p.A., Mando Corporation, Schaeffler AG, Tenneco Inc., TRW Automobile Holdings Corporation, WABCO Holdings Inc., ZF Friedrichshafen AG are some of the key companies profiled in the full version of the report.
There are various players in the market for automotive suspension systems. The automotive suspension systems industry is extremely competitive, with competitors vying to increase their market share. Product innovation and regional growth into new markets will be critical to the success of any automotive suspension systems industry participant.
More Insights into the Automotive Suspension Systems Market
The Asia Pacific region is the largest manufacturer of automotive suspension systems. As per FMI reports, China is anticipated to maintain the dominant position in the automotive systems market during the projection period.
Owing to the surging demand for luxury vehicles, Asia Pacific becomes one of the leading manufacturers of fuel-efficient automobiles in the world. OEMs have begun to invest in and develop innovative automotive technology. Even though Japan and South Korea are technological leaders, India and China produce the most vehicles in the Asia Pacific.
Owing to the changing customer tastes, in recent years, have led to the rise in the per capita income of the middle-class population, and cost benefits for OEMs. Due to these factors, Asia Pacific has emerged as a center for automobile production in recent years.