Automotive Suspension Market 2018 | Competitive Analysis by Key Vendors, Growth Factors, Development Status, and Forecast 2014-2024

The global automotive suspension market is expected to reach USD 104.32 billion by 2024, driven by the increasing annual production of light commercial vehicles, medium & heavy duty commercial vehicles, and passenger cars. In addition, need for a lightweight suspension system for vehicle stability, comfort and safety is anticipated to boost the market over the forecast period.

Asia Pacific was the largest market accounting for 36.2% of the revenue share in the year 2016 and is expected to maintain its dominance owing to growing automobile industry in India and China. North America and Europe followed suit.

Increasing demand for passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV) in developing nations such as India and China is expected to drive the vehicle suspension market. Additionally, technological advancements and demand for better systems globally are fueling the growth of the market.

Rising demand for improved ride quality is expected to boost the market over the forecast period. However, increasing global vehicle standards and high maintenance cost of advanced systems are expected to hamper the market.

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Key players analyzed
• ZF Friedrichshafen AG
• ThyssenKrupp AG
• KYB Corporation
• Mubea Fahrwerksfedern GmbH
• NHK Springs Co., Ltd
• Magneti Marelli S.p.A
• Mando Corp
• Rassini
• Tenneco Inc
• Benteler International AG

Rise in disposable income in developing nations such as China and India is expected to fuel the growth of air suspension in the region. Uncertain road conditions in countries such as India has increased the market for replacements which is expected to drive the market in the region.

Air suspension is expected to grow at the fastest CAGR over the forecast period. Furthermore, the passenger vehicle segment is expected to grow with significant CAGR compared to light commercial vehicles and heavy commercial vehicles.

Consumer perception of having a personal car is expected to fuel the market for automobiles which is the only end use of suspension systems. Focus on a safe and smooth ride with minimal vibrations for the driver as well as passengers are key reasons which have changed the scenario for automotive suspension market.

Increasing focus on research and development by automotive suspension manufacturers is expected to fuel the market over the forecast period. Companies are concentrating on developing advanced suspension systems which will provide a luxury driving experience which will boost the market over the forecast period.

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