Global Suspension Market is Forecasted to 67.22 Billion USD by 2021

Date: 2016-09-27

Global suspension market is projected to grow at a CAGR of 5.11% by value, and reach USD 67.22 Billion by 2021. Factors such as increasing vehicle production, demand for comfort, luxury and rising demand for commercial vehicles is driving the market for suspension systems.

Asia-Oceania: Highest Growing Market for Suspension System Market
Asia-Oceania, comprising countries such as China, Japan, India, and South Korea, is witnessing huge population growth. The increasing per capita income of the middle class population and cost advantages for OEMs is driving the market for high priced cars which in turn drives the market for advanced suspension systems. The increasing concern about quality and safety has ensured that suspension system manufacturers have developed advanced suspension systems which would cater to the customers demand. Moreover, stringent emission norms in Japan compel suspension system manufacturers to develop technologically advanced lightweight systems. These systems increase the fuel efficiency of the vehicle, while reducing its emissions. South Korea’s automotive industry is changing with technology, market, and competition. New players are entering the South Korean market to build on the existing potential and are replacing the traditional automobile companies.

There is a paradigm shift in South Korea’s automotive industry with changing trends in technology, market, and competition. This change and growth is attributed to the collaborative measures of the government and OEMs to promote exports and global expansion.

Semi-active/active Suspension System: Promising system in Automotive Suspension 
The semi-active/active Suspension System Market is the highest growing system type in the Automotive Suspension System Market. It is projected to grow at a promising CAGR from 2016 to 2021. Semi-active/active suspension systems achieve better ride comfort with superior vibration control. Unlike passive suspension systems, semi-active/active suspension systems have the potential to provide both improved ride quality and handling performance, and helps improve braking and cornering performance.

Leaf Spring Market: One of the major markets for Automotive Suspension System 
The leaf spring suspension system is one of the oldest suspension technologies used in automobiles. Leaf spring suspension is considered the simplest and subsequently the most suitable suspension technology for commercial vehicles. The emergence of coil spring independent suspension has led to a decline in the demand for leaf spring suspension in the passenger car segment. Global commercial vehicles production has been increased by 0.66 % from 2013 to 2014 according to the OICA (Organisation Internationale des Constructers Automobiles) which lead to increased demand for leaf springs suspensions. The emission standards in Europe and North America are very stringent which forces OEMs as well as leaf spring manufacturers in these regions to conduct extensive R&D. Some leaf spring manufacturers have developed composite leaf springs that are lighter and offer structural strength equal to that of steel.

Leading players in the Automotive Suspension System Market are ZF Friedrichshafen AG (Germany), Tenneco Inc. (U.S.), KYB Corporation (Japan), Continental AG (Germany), Magneti Marelli S.p.A (Italy), and others.

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Joanna | Executive – International Business and partner Relations
E-mail: | Tel: 510-400-8520

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