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Sep 10, 2020 (Market Insight Reports) —
Selbyville, Delaware According to the research report titled ‘Automotive Suspension Market Size By Architecture, By Type, By Distribution Channel, By Vehicle Type Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global automotive suspension market is anticipated to witness substantial growth over 202-2026.
For the record, an automotive suspension system negates most of the external forces an automobile while moving on the road. The system enables steering stability by facilitating maximum friction between the vehicle tires and the road surface, thereby favoring passenger comfort as well as vehicle handling.
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Factors such as rising disposable incomes along with technological advancements in the automotive vertical are augmenting the growth of global automotive suspension market.
Based on architecture, the rigid axle four-wheeler suspension segment is expected to expand with a modest growth rate over the analysis timeframe, due to increasing adoption of the product in heavy commercial vehicles.
On the other hand, the twist beam four-wheeler segment is estimated to account for around 13% of the overall volume share by 2026, owing to surging demand of the product from various rear axle applications.
With regards to type, the report states that front telescopic two-wheeler suspension segment is projected to register a healthy CAGR of 8.5% over 2020-2026. Minimal maintenance requirements and cost efficiency associated with telescopic two-wheeler suspension systems have augmented the adoption of the product, which in turn is fueling the growth of the segment.
Meanwhile, industry experts claim that the rear dual shock suspension segment accounted for around 7% of the share of global automotive suspension market in the year 2019, due to their smooth manufacturing processes and low costs properties.
Moving on to vehicle type, the passenger cars segment is expected to attain considerable expansion through 2026. Rising population along with increasing spendable incomes has increased the sales of passenger cars, which in turn is propelling the expansion of the segment. On the other hand, the report states that the heavy commercial vehicles suspension segment is anticipated to exhibit a robust CAGR of 8% over 2020-2026, primarily due to surging demand for heavy commercial vehicles in the logistics vertical for goods transportation.
From a regional frame of reference, Europe automotive suspension market is predicted to record a CAGR of 7% from 2020 to 2026. Technological advancements in the automotive suspension systems are bolstering the growth of the Europe market.
Alternatively, Latin America is also projected to register a 7% CAGR over the forecast period, owing to evolving trends pertaining to the use of two-wheelers in the region.
Key players that define the competitive landscape of worldwide automotive suspension market include Hendrickson, Endurance Technologies Limited, TFX Suspension Technology, Showa Corporation, Nitron Racing Systems Ltd., Ohlins USA Inc., NHK Spring Co., Ltd., Sogefi Group, ThyssenKrupp AG, KYB Corporation, Mando Corporation, Magneti Marelli S.P.A., Continental AG, Tenneco Inc., and ZF Friedrichshafen AG among others.
Question and Answers: Global Automotive Suspension Market
Q1) Which factors are driving the growth of global automotive suspension market?
Answer: Factors such as rising disposable incomes along with technological advancements in the automotive vertical are augmenting the growth of global automotive suspension market.
Q2) What are the growth prospects of Europe automotive suspension market?
Answer: Technological advancements in the automotive suspension systems vertical are bolstering the growth of automotive suspension market in Europe.
Q3) Which companies hold a strong presence in worldwide automotive suspension market?
Answer: The major players operating in worldwide automotive suspension market are ThyssenKrupp AG, KYB Corporation, Mando Corporation, Magneti Marelli S.P.A., Continental AG, Tenneco Inc., and ZF Friedrichshafen AG among others.
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