As per the analysis by Market Research Future Reports (MRFR), the global automotive suspension system market is estimated to be valued at USD 72,700, with a CAGR of 5.40% by the end of 2023. From the last few years, there has been an exponential augmentation in the auto component manufacturing sector. Increased stringent safety regulations, growing demand for passenger and commercial vehicles, and innovation of suspension systems are some of the crucial factors elevating the global automotive suspension systems market 2020. The advent of advanced technology, an increase in vehicle production, an increase in demand for comfort and luxury have propelled the global automotive suspension market. Furthermore, increasing demand for a regenerative suspension system for hybrid and electric vehicles and the growing use of lightweight materials in the suspension system is presenting lucrative market opportunities. The global automotive suspension system market consists of a large number of key players. Companies are collaborating with domestic brands to increase their presence. Collaborations and joint ventures are the major primary expansion strategies adopted by the key players. Besides, the increasing initiative for research and development and product innovation are the other strategies that help in augmenting the market.
The outbreak of COVID-19 has brought significant changes in market dynamics. Certain regions are likely to be affected and bring downfall to the regional market. We will provide COVID-19 impact analysis with report.
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Key Players
The forefront players of the global automotive suspension system market are Continental AG, ZF friedrichshafen AG, Tenneco Inc.¸, ThyssenKrupp AG, BENTELER international AG KYB Corporation, Magneti Marelli SpA, Mondo Corp, Sogefi SpA, and Schaeffler AG.
Market Segmentation
The global automotive suspension system market can be segregated based on damping type, sales channel, suspension system, and sales channel.
Based on the damping type, the global automotive suspension system market can be classified into electromagnetic and hydraulic.
Based on the sales channel, the global automotive suspension system market can be classified into aftermarket and OEM. The OEM segment acquires the largest market share.
Based on the suspension system, the global automotive suspension system market can be classified into the semi-active suspension system, active suspension system, and passive suspension system.
Based on region, the global automotive suspension system market can be classified into Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
Regional Analysis
The geographical analysis of Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa has been conducted. As per the analysis, the APAC region is likely to dominate the global automotive suspension market. The market in the APAC region is likely to expand at a CAGR of 7.12% during the forecast period. The APAC market was the most lucrative in 2017 with seizing almost 50% of the market share. The regional market is propelling due to the presence of developing countries like China and India. In addition to China and India, Indonesia also plays a significant role in expanding the market. The availability of raw material and cheap labor are the key reason why the APAC region has taken over the market. It is an attractive prospect for foreign manufacturers. The region is likely to offer lucrative opportunities in the forthcoming period.
On the other hand, Europe and North America are the two other lucrative markets. After the APAC region, the European market stands at the second position. The European market was valued for more than USD 13,000 million in 2017, which was the second most lucrative market after APAC. However, the sudden outbreak of COVID-19 has changed the market dynamics.
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List Of Table:
TABLE 1 MARKET SYNOPSIS 16
TABLE 2 LIST OF ASSUMPTIONS 19
TABLE 3 MAJOR PREMIUM HIGH-END PASSENGER VEHICLE MODELS EQUIPPED WITH AIR SUSPENSION: 27
TABLE 4 DRIVER IMPACT ANALYSIS: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET 29
TABLE 5 RESTRAINT IMPACT ANALYSIS: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET 30
TABLE 6 EV SALES IN 2030, PROJECTED BY VEHICLE MANUFACTURER 31
TABLE 7 MAJOR GRANTED PATENTS ON AUTOMOTIVE SUSPENSION SYSTEM (JANUARY 20, 2014 – JANUARY 20, 2019) 37
TABLE 8 REGULATORY LANDSCAPE: AUTOMOTIVE SUSPENSION SYSTEM 40
TABLE 9 COMPARISON BETWEEN ACTIVE, SEMI-ACTIVE, AND PASSIVE SUSPENSION SYSTEM 44
TABLE 10 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY SUSPENSION SYSTEM, 2016–2023 (USD MILLION) 45
TABLE 11 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY DAMPING TYPE, 2016–2023 (USD MILLION) 48
TABLE 12 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY VEHICLE TYPE, 2016–2023 (USD MILLION) 51
TABLE 13 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY SALES CHANNEL 2016–2023 (USD MILLION) 54
TABLE 14 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY REGION, 2016–2023 (USD MILLION) 56
TABLE 15 NORTH AMERICA: AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY COUNTRY, 2016–2023 (USD MILLION) 57
Continue……
List Of Figure:
FIGURE 1 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET: MARKET STRUCTURE 19
FIGURE 2 RESEARCH PROCESS OF MRFR 21
FIGURE 3 TOP-DOWN AND BOTTOM-UP APPROACHES 24
FIGURE 4 DRO: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET 26
FIGURE 5 GLOBAL VEHICLE SALES, UNITS (2012–2017) 28
FIGURE 6 PORTER’S FIVE FORCES ANALYSIS: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET 33
FIGURE 7 SUPPLY CHAIN: GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET 35
FIGURE 8 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY SUSPENSION SYSTEM, 2017 (% SHARE) 45
FIGURE 9 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY DAMPING TYPE, 2017 (% SHARE) 47
FIGURE 10 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY VEHICLE TYPE, 2017 (% SHARE) 50
FIGURE 11 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY SALES CHANNEL, 2017 (% SHARE) 53
FIGURE 12 GLOBAL AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY REGION, 2017 (USD MILLION) 56
FIGURE 13 NORTH AMERICA: AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY COUNTRY, 2017 (%) 57
FIGURE 14 EUROPE: AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY COUNTRY, 2017 (%) 63
FIGURE 15 ASIA-PACIFIC: AUTOMOTIVE SUSPENSION SYSTEM MARKET, BY COUNTRY, 2017 (%) 75
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