The Global Automotive Suspension Market is projected to reach USD 75.85 billion by 2028, at a CAGR of 4.1% between 2018 and 2028. According to Quince Market Insights, the increasing demand for vehicles is one of the major factors influencing the growth of the automotive suspension market. The report provides a detailed analysis of emerging market trends, market size, and forecasting, detailed overview of major companies operating in the market, impact factors influencing the market, etc.
The automotive suspension market is one of the established markets globally. Every vehicle produced needs a suspension in it, which is driving the growth of the automotive suspension market. The increasing focus on vehicle stability at high speeds is also one of the major factors influencing the growth of the automotive suspension market. Modern vehicles have higher speeds and decent engines and larger capacities of taking loads, which enable the need for advanced suspension systems for stability during high speeds and better load taking capacity. The increasing sales of commercial vehicles have also contributed to the growth of the automotive suspension market. Moreover, the increasing disposable income of consumers has led to the growth in sales of vehicles globally, which is driving the automotive suspension market. Strict regulations laid down by the governments of various countries have positively affected the automotive suspension market.
Growth of the passenger vehicles market is driving the automotive suspension market
Countries in developing regions such as the Asia Pacific, the Middle East, and South America have witnessed economic growth in the past few decades. Due to this, there is an increased demand and sales for passenger vehicles, which is driving the automotive suspension market rapidly. The increasing demand for sports and luxury vehicles is also fueling the growth of the automotive suspension market. These vehicles use adaptive suspensions, which can change their type according to the conditions of the road or mode in which the consumer is driving. Consumers demand vehicles that offer better mileage, better controlling, comfortable drive, etc. Modern suspension systems add safety to the vehicle, as it absorbs shocks from bumps and other irregularities and keeps the vehicle stable at high speeds. The suspension works as an important factor in the case of the comfort of the vehicle. The better suspension means more comfort.
The Asia Pacific is expected to witness high demand for automotive suspension during the forecast period
The Asia Pacific is the fastest growing market for automotive suspension, owing to the increasing population, which is leading to the rise in demand for vehicles in the region. Moreover, safety regulations by governments have affected the automotive suspension market by making air suspension mandatory in trucks and buses. In some countries of the Asia Pacific region such as China, there has been an increase in demand for luxury vehicles, which is driving the automotive suspension market.
Major companies manufacturing automotive suspension such as PBS Velka Bites, Textron Inc., ABB, Hartzell Engine Technologies, Cummins, Kawasaki Heavy Industries, General Electric, Lycoming Engines, Main Turbo Systems, Mitsubishi Heavy Industries, Van Der Lee Turbo Systems, Mahindra Aerospace, Sprintareo, and Man Energy Solutions, among others, have been profiled in the study to provide a competitive view about the market.
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