LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive suspension system market predicts a CAGR of around 4% during the period 2017-2021.
The report segments the global automotive suspension system market by vehicles (passenger cars and commercial vehicles), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive suspension system market, according to Technavio researchers:
- Electronic suspension systems for efficient ride handling and safety: a major market driver
- In 2016, the passenger cars segment dominated the market by occupying over 77% share
- APAC dominated the global automotive suspension system market with 54% share in 2016
- BWI Group, Continental, Magneti Marelli, and Tenneco are the leading players in the market
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Electronic suspension systems for efficient ride handling and safety: a major market driver
Electronic suspension systems for efficient ride handling and safety is one of the major factors driving the global automotive suspension system market. The automotive suspension system is evolving at a rapid pace. Ride technologies and systems are improving as safety and driving experience are becoming top priorities for customers, driving their purchase decisions. Manufacturers of suspension systems depend on new technologies and their expertise to maintain their competitive edge in ride-related technologies.
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APAC: largest automotive suspension system market
Technavio researchers anticipate high growth for the global automotive suspension system market in APAC. APAC consists of fast-growing economies with countries like China, India, Thailand, Indonesia, and South Korea. Rapid economic growth and activities in this region have increased the per capita income of the population, contributing to the increase in the purchasing power of consumers. This is leading to higher automotive sales in the region.
According to Ganesh Subramaniam, a lead analyst at Technavio for automotive components research, “The increase in per capita income and the rise in the disposable income in the economies of this region are shifting the market dynamics from a price-sensitive market to product feature based market. Customers give priority to automotive features like vehicle safety, ease of driving, comfort, and convenience. These factors will accelerate market growth, increasing the demand for improved ride-handling technologies such as advanced suspension control systems, among other driver-assisted systems.”
Competitive vendor landscape
The global automotive suspension system market comprises of few well-established manufacturers. The demand for efficient road handling, ride comfort, and enhanced safety in the market is intensifying the competition in the market. The trend in the automotive industry to shift toward lightweight vehicles and component downsizing to reduce the weight of the automobile are pushing manufacturers to produce innovative lightweight suspension systems. BWI Group, Continental, Magneti Marelli, and Tenneco are the key vendors in the global automotive suspension system market.
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