AUTOMOTIVE SUSPENSION SYSTEM MARKET

 The market for automobile suspension systems was estimated to be worth USD 61.05 billion in 2021, and it is anticipated to grow to USD 86.16 billion by 2027, with a CAGR of roughly 5.76% from 2022 to 2027. The COVID-19 outbreak had a negative impact on the vehicle suspension system market. Sales of passenger cars and commercial vehicles have decreased in 2020, and facilities that make vehicles and their components have temporarily shut down as a result. However, as the number of cases has decreased, production facilities have restarted, and car sales have increased globally.

Demand for luxury vehicles and the uptake of active suspension systems are anticipated to fuel market growth over the medium term. The market for sensor- and electronic-based suspension systems is anticipated to grow in response to the increase in vehicle autonomy. One of the biggest developments in the business was the introduction of air suspension in cars.

The introduction of efficient performance components into automobiles by manufacturers will be necessary due to the changing paradigm of automotive manufacturing and rising consumer demands. OEMs are spending money on research and development to incorporate cutting-edge technologies into suspension systems to enhance steering stability and offer a smooth ride. Such innovations will advance the market for automobile suspension. For example, Continental will add air suspension dampers to its product lineup in 2021. The products will initially be made available for VW and Audi vehicles, including the VW Touareg, Audi Q7, and Audi A8. ​

The expanding logistics sector and rising use of light commercial vehicles, such vans, are driving up demand for commercial vehicles. The growing preference for pickup trucks and compact vans over heavy-duty trucks and trains for logistics is one of the major reasons influencing the use of light commercial vehicles. The worldwide e-commerce industry's expansion is the cause of the rising need for logistics. The demand for pickup vans, small trucks, and other LCVs is projected to rise as the e-commerce business continues to develop.

Light commercial vehicle new car sales in Germany totaled 267832 units in 2020 and 265732 units in 2021. In France, 401154 new light commercial vehicle sales were recorded in 2020. The same 431385 units were sold in 2021, representing a YOY rise of almost 7.5% from 2020 to 2021.

During the projected period, the Asia-Pacific automobile suspension system market is anticipated to expand significantly in terms of revenue. The market is experiencing significant expansion as new vehicle sales, particularly those of passenger automobiles and commercial vehicles, rise throughout the region. Major corporations presumably will present a market opportunity by extending their production facilities around the region.

The automobile suspension system market is moderately concentrated, with large players holding the lion's share of the industry, including Continental AG, Mando Corporation, ZF, Magneti Marelli, Thyssenkrupp AG, Mando Corporation, etc. The success of any operator in the vehicle suspension market will be greatly influenced by product innovation and geographic development into new markets.

Major Players:  Continental AG, Mando Corporation, ZF, Magneti Marelli, Thyssenkrupp AG, Mando Corporation.

To Get The Market Report Click Here: AUTOMOTIVE SUSPENSION SYSTEM MARKET 




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