Advancements in technologies, surge in demand for comfort & luxury in vehicles, and increase in vehicle production fuel the global automotive suspension market.
According to the report published by Allied Market Research, the global automotive suspension market garnered $55.28 billion in 2019, and is expected to garner $73.36 billion by 2027, portraying a CAGR of 3.5% from 2020 to 2027. The report offers a detailed analysis of changing market trends, top investment pockets, market trends & estimations, major segments, and competitive scenario.
Advancements in technologies, increase in demand for comfort & luxury in vehicles, and surge in vehicle production fuel the global automotive suspension market. However, expensive maintenance for advanced suspension systems and improved standards for vehicles restrain the market growth up to certain extent. On the other hand, demand for lightweight suspension systems and development of advanced suspension systems offer new opportunities in next few years.
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On the basis of component, the struts segment contributed to the largest market share in 2019, accounting for nearly one-third of the global automotive suspension market share, and is expected to dominate in terms of revenue during the forecast period. This is due to benefits related to balancing the overall weight of the vehicles and increase in manufacturing of technically advanced components. However, the air compressor segment is estimated to portray the fastest CAGR of 5.3% from 2020 to 2027.
Among the sub-segments of suspension type, the hydraulic suspension segment accounted for more than half of the total market share in 2019, and is expected to continue to lead in terms of during the forecast period. This is attributed to its utilization as a convention suspension system in the automotive sector. However, the air suspension segment is estimated to witness the largest CAGR of 4.3% from 2020 to 2027.
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Geographically, Asia-Pacific accounted for nearly two-fifths of the total market share in 2019, and is projected to maintain its dominant share during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 4.1% from 2020 to 2027. This is due to developed automotive sector along with ongoing research activities and developments related to vehicle components in the region. North America held the second-highest market share in terms of revenue by 2026. The research also analyzes the regions including Europe and LAMEA.
Leading market players analyzed in the automotive suspenssion market research include Continental AG, Gabriel India Limited, Fox Factory, Inc., KYB Corporation, Hendrickson USA, L.L.C., Sogefi S.P.A., Mando Corporation, Wabco, Tenneco Inc., and ZF TRW.
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Air Suspension Market Key players including Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension and others holds major air suspension market share.
Automotive Advanced High Strength Steel Market: Key players includes AK Steel Holding Corporation, ArcelorMittal SA, Baoshan Iron & Steel Co. Ltd., Kobe Steel Ltd., Nucor, POSCO, SSAB AB, Tata Steel Ltd., ThyssenKrupp AG, and United Steel Corporation account for a major automotive AHSS (advanced high strength steel) share.
Luxury Car Market: Key players including Volkswagen AG, Daimler AG, Lexus, Infiniti, BMW AG, Volvo Car, Audi AG, Aston Martin Lagonda, Tesla, and Ferrari N.V., and others hold major luxury car market shares.
E-Axle Market: The key players operating in the E-Axle market include Robert Bosch GmbH, Nidec Corporation, ZF Friedrichshafen AG, GKN Plc, Schaeffler Technologies AG & Co. KG, Continental AG, Borgwarner Inc., AVL List GmbH, Axletech International, and Dana Limited.
Automotive Axle & Propeller Shaft Market: The market is segmented on the basis of axle & propeller shaft type, vehicle type, and geography.
Commercial Vehicle Axles Market: Key players profiled in the report include American Axle & Manufacturing (U.S.), Meritor (U.S.), DANA (U.S.), Benteler (Germany), RABA (Hungary), Axle Tech International (U.S.), SAF Holland (Luxembourg), PRESS KOGYO (Japan), Korea Flange (South Korea), and Ankai Futian Shuguang (China)
Automotive Chassis System Market: Some of the key players operating in the global automotive chassis system market include Continental AG, Robert Bosch GmbH, American Axle & Manufacturing, Inc., Magna International Inc., Benteler International AG, ZF Friedrichshafen AG, AISIN SEIKI Co., Ltd., Schaeffler AG, Hyundai Mobis, and Gestamp.
Press Releases:
Automotive Suspension Market Size to Hit $73.36 Billion, Globally, by 2027 at 3.5?GR: Allied Market Research – PRNewsWire.com
Automotive Suspension Market to Garner $73.36 Billion by 2027: AMR – GlobeNewsWire.com
Air Suspension Market to Portray $9.22 Bn, Globally, by 2026 at 6.5?GR, Says Allied Market Research – GlobeNewsWire.com
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