The Asia Pacific Automotive Suspension Systems Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The Asia Pacific automotive suspension systems market size is anticipated to reach USD 44.51 billion by 2025. It is also expected to register 4.44% CAGR during the forecasted period, 2017 to 2025. This can be associated with the rising demand for automobiles prevailing among the millennial population across developing countries like India and China.
Key Players:
- Continental AG
- Tenneco Inc.
- F-TECH INC.
- WABCO Holdings Inc.
- Multimatic Inc.
- thyssenkrupp AG
- NHK Spring Co., Ltd.
- Rassini
- p.A.
- Sogefi Group
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Growth Drivers:
The market growth can be attributed to the rising production of vehicles, rapid advances being carried out in the vehicle technologies, and boosting the automobile industry across the globe. Such systems are used for the absorption of shocks cased while driving the vehicles. Also, they maintain required contact between roads and tires which improves the vehicle’s lifespan. They also enhance the driving experience and cornering and braking functions. Moreover, their feature of preventing shock transmission to the frame of vehicles is projected to drive its market demand in the upcoming years.
The rising demand for vehicles having comfort features is projected to drive the demand for luxury vehicles. Also, increasing disposable income among the working population across countries like India and China is contributing majorly to the demand for luxury vehicles. The rising awareness about the safety of vehicles against potholes and vibrations is increasing continuously. Thus, technologically advanced products like steel springs, axle systems, and intelligent CDC and PDC damping systems are gaining traction across the globe. Further, stringent governmental regulations for ensuring passenger safety are expected to drive the demand for products like suspension systems in the upcoming years.
Type Outlook:
- Dependent (Rigid) Suspension System
- Independent Suspension System
Component Type Outlook:
- Springs
- Control Arms
- Shock Absorbers/Dampeners
- Ball Joints
Vehicle Type Outlook:
- Passenger vehicles
- Commercial vehicles
Damping Type Outlook:
- Electromagnetic
- Hydraulic
- Air Suspension
Regional Outlook:
The automotive suspension systems market is projected to register substantial growth in the upcoming years. This can be associated with the rising passenger car production coupled with the surging demand for luxury vehicles. For example, in 2016, the sales of vehicles across India and China have surged by 7.1% and 3.3% respectively. This can be associated with the establishment of several assembly and manufacturing plants across this region.
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