The automotive suspension systems market is expected to witness substantial growth over the forecast period due to increased automotive sales, particularly in developing regions. The automotive industry is poised for growth owing to changing buying behavior, increasing urbanization and technological proliferation. Automotive suspension systems are constantly evolving, thereby enabling improving performance enabling enhanced road holding capacity of the vehicle.
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Surging demand for performance along with comfort in vehicles is also expected to favorably impact the automotive suspensions systems market growth over the next few years. Increasing use of active suspensions systems against passive systems owing to their improved performance and efficiency may also foster market growth. Presently, these systems are widely used across LCS, HCV and passenger cars. Stringent regulations pertaining to fuel economy and emission standards are also expected to fuel automotive suspension systems market growth over the next few years.
Issues such as lack of standardization and high-cost of independent automotive suspension systems may pose a challenge to automotive suspension systems market growth over the forecast period. However, increased demand for independent suspension systems and personal cars may provide avenues for market growth.
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Increasing demand for personal cars and independent suspension systems may provide growth opportunities. Asia Pacific is expected to emerge as the most dominant regional market, which can be attributed to increasing vehicle manufacturing in countries such India, China and Japan.
A few major industry players include TRW Automotive Holdings Corp, MagnetiMarelli S.P.A., Schaeffler AG and Continental Corp. Several industry participants focus on expanding their production capacity as well as product portfolio as a part of their growth strategy.
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