Automotive Suspension Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1917
Automotive Suspension Market size is expected to witness a surge owing to its growth in automobile industry. The product is a system of springs, tires, shock absorber and linkages that connects a vehicle to the wheel for relative motion between the two. It is an essential component for car manufacturing, it gives direction and coordination between all the wheels present in the vehicles.
Increasing traffic congestion, population, high fuel mileage, lower emission are the major factors driving two-wheeler industry thus, driving the automotive suspension market. Continued sales in global car industry has boosted automotive suspension market. Being an essential component of the vehicle, product has gained prominence in the industry. Economic backdrop around the world and positive sales outlook solidifies demand of the component. 2016 was record breaking year for global car sales. It registered over 4% hike in sales of vehicles worldwide. Growing investment on cars has positively impacted demand of the product.
Growth in the automobile industry is intensifying automotive suspension market. The product helps in providing synchronization and direction to the wheels. It is a linkage between various system of vehicles and supports both handling and ride quality. It protects vehicle, cargo or luggage from damages. Up surging automobile industry is boosting product demand and usage.
Challenges faced by automotive suspension market includes its negative effects on car. It can roll over whole car if it hits a bump, beam of the vehicle itself is heavy, therefore additional weight can cause the other wheel to lift and lose surface contact. High chances of accident and losing control from the vehicles are some major factors hindering growth of the product.
Automotive suspension market is segmented based on system including, active, passive and semi active. Various components are used in the product including spring, ball point, struts, leaf string and air compressor. Dependent, semi dependent and independent are its geometry classification. Some of the categories of products include hydraulic, air leaf spring. The product is used in different automobiles including, commercial vehicles, two wheelers and passenger cars.
Asia Pacific, especially India and China have world’s biggest two wheelers market. Rising income, growing rural infrastructure, specially increasing women commuters are major reasons that drives two wheelers demand for the region. High population in both the countries is another factor responsible for rise in demand for two wheelers.
The U.S. is one of the largest car manufacturer in the world. Economy of the region is powered by combination of cheap gas, easy credit and pent up demand, unemployment rate of the country is below 5% that creates plenty of opportunity for vehicle sales and demand. With increasing demand for cars in the region automotive suspension market will foresee growth.
Europe holds the major share for automotive suspension market due to growing automotive industry in the region. Germany is major region for vehicle production, it accounts for over 25% of the total European automobile sector. Additionally, France provides employment to around 300,000 employees in automobile sector with major companies including Renault and Venturi, that are amongst top leaders in the sector. With increasing demand for vehicles, the commodity demand is anticipated to grow at higher speed and will boost automotive suspension market.
The automotive suspension market is consolidated with the presence of few top industry players occupying the major share. Some of the prominent players are Multimatic, Kumpulan Belton Berhad, BWI Group, Magnetic Marelli, ZF TRW, Wabco, Fox Factory Tenneco, Gabriel India Limited, Sogefi SpA and Tinsley Bridge Group.
Companies are adopting different strategies to capture automotive suspension market including, expansion, merger, acquisition and new product launch. For instance, BWI Group expands its facility to keep pace with international growth. Objective of expansion was to create a strong linkage between imports and exports and enlarge global footprint of the company. It has opened a new facility to expand its service capabilities, and plans to support local design of new products and systems for emerging business as well as to contribute in global development of advanced technologies for vehicles.
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