With the emergence and long-term Impact of COVID-19, Global Automotive Suspension System Market to reach USD xx Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Automotive Suspension System Market is poised to raise up to USD xxx Billion by 2030. Automotive suspension system refers to the collection of components and parts that work together to provide a comfortable, stable, and safe ride for the occupants of a vehicle. The main function of a suspension system is to absorb shocks and vibrations that are created when the vehicle is in motion, thus ensuring that the tires maintain contact with the road surface. This not only enhances ride comfort but also improves handling and vehicle stability, particularly during cornering, braking, and acceleration. The key factors such as surge in demand for electric & autonomous vehicles and rising demand for SUVs are anticipated to create a lucrative demand for the market during the forecast period.
Geographically, the global Automotive Suspension System market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the rising vehicle demand in the region, growing demand for aftermarket high-performance suspension kits and rising disposable income. In terms of sales, Europe is expected to grow significantly during the forecast period, owing to factors such as presence of key market players, growing demand for electric vehicles and connected cars is driving the need for advanced suspension systems, thus propelling this market in this region.
The global Automotive Suspension System market industry is highly competitive owing to the presence of several key manufacturers such as KYB Corporation ZF Friedrichshafen AG ThyssenKrupp AG Tenneco Inc. Continental AG NHK Springs Co., Ltd. Benteler International AG HL Mando Corp. Sogefi Group Marelli Corporation and others.
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Key findings of the study suggest:
- Global Automotive Suspension System Market is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2023-2030.
- Asia Pacific is anticipated to hold the leading position owing to rising vehicle demand in the region, growing demand for aftermarket high-performance suspension kits and rising disposable income in the region.
- Europe is anticipated to emerge as the fastest growing market region due to presence of key market players, growing demand for electric vehicles and connected cars is driving the need for advanced suspension systems, thus propelling this market in this region.
Bizwit Research & Consulting has considered following segments for the study:
By Component Type:
- Coil Spring
- Leaf Spring
- Air Spring
- Shock Absorber
- Other Components
By Type:
- Passive Suspension
- Semi-active Suspension
- Active Suspension
By Vehicle Type:
- Passenger Car
- Commercial Vehicle
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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