Global Automotive Suspension Systems market size in 2022 was USD 46,600 million, market value to grow to USD 63,700 Million by 2032 at 2.9% CAGR as per Acumen Research and Consulting
Introduction:
The automotive industry is rapidly evolving, and so is the automotive suspension systems market. Suspension systems are essential components of any vehicle as they ensure that the driver and passengers have a comfortable ride while also providing stability and safety on the road. The global automotive suspension systems market is expected to grow significantly in the coming years, driven by increased demand for vehicles with advanced suspension systems. In this article, we will provide a comprehensive overview of the automotive suspension systems market, including its diverse applications, market segmentation, market dynamics, market challenges, regional overview, and a list of key market players.
Market Overview:
The automotive suspension systems market is expected to grow at a significant rate in the coming years, driven by factors such as increased demand for vehicles with advanced suspension systems, growing vehicle production, and rising demand for comfortable and safe driving experiences. Suspension systems are used in a wide range of applications, including passenger cars, commercial vehicles, and sports vehicles, among others.
Market Segmentation:
The automotive suspension systems market can be segmented based on type, component, vehicle type, and geography. Based on type, the market can be divided into passive suspension systems and active suspension systems. By component, the market can be classified into shock absorbers, struts, and springs. Based on vehicle type, the market can be segmented into passenger cars, commercial vehicles, and sports vehicles.
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Market Dynamics:
Increasing Demand for Comfortable Driving Experience: One of the significant drivers of the automotive suspension systems market is the increasing demand for comfortable driving experiences. The suspension system provides a smooth and stable ride, reducing the impact of road imperfections, and ensures the driver and passengers have a comfortable ride.
Growing Vehicle Production: Another factor driving the automotive suspension systems market is the growing vehicle production globally. The increase in the number of vehicles produced translates to increased demand for suspension systems.
Technological Advancements: The automotive suspension systems market is also driven by technological advancements, such as the development of active suspension systems. These systems provide better ride control and handling, thereby improving the driving experience.
Market Challenges:
High Cost: One of the major challenges faced by the automotive suspension systems market is the high cost of advanced suspension systems. These systems can be expensive, making them unaffordable for some customers.
Complex Design: Another challenge faced by the market is the complex design of advanced suspension systems. The complex design makes it challenging to manufacture and repair these systems, increasing their cost.
Environmental Concerns: The automotive suspension systems market is also facing environmental concerns. The manufacturing process of suspension systems requires the use of materials that can be harmful to the environment, increasing the industry's carbon footprint.
Market Regional Overview:
The automotive suspension systems market can be segmented based on geography into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to dominate the market in the coming years, driven by the growing demand for vehicles with advanced suspension systems and the increasing vehicle production in the region.
List of Key Market Players:
- ZF Group AG
- KYB Corporation
- Tenneco Inc.
- Magneti Marelli S.p.A.
- MANDO AUTOMOTIVE INDIA LIMITED
- BENTELER Group
- Continental AG
- WABCO Holdings Inc.
- Hyundai MOBIS Co., Ltd.
- Hitachi Automotive Systems, Ltd.
- BWI GROUP
- Schaeffler AG
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Mar 12, 2020: The global Prosthetics and Orthotics market size is expected to reach USD 13.3 billion by 2027, according to a new report by Radiant Insights, Inc., registering a 4.6% CAGR over the forecast period.
Increasing incidences of sports injuries, rising incidence of osteosarcoma, and expanding geriatric population base are key factors driving the market.Rising geriatric population across the globe has become a major factor driving demand for prosthetics and orthotics.
For instance, as per the United Nations, the number of people aged 60 years or over globally is expected to more than double by 2050, increasing from 962 million in 2017 to 2.1 billion in 2050.
The elderly are more susceptible to conditions such as osteoporosis and osteopenia, making them common users of various orthopedic solutions.To Request A Sample Copy Of This Report @: https://www.radiantinsights.com/research/prosthetics-and-orthotics-market/request-sampleIncreasing incidence of osteosarcoma in young adults and children is also driving the market to a great extent.
Around 800 to 900 new cases of osteosarcoma are reported in the U.S. each year as of 2018.Further key findings from the report suggest:In terms of revenue, the orthotics segment is projected to expand at a CAGR of 4.0% over the forecast period.
Increasing cases of diabetes-related amputations across the globe are acting as the driving factor for this segmentBy revenue, Asia Pacific is expected to exhibit the highest growth rate over the forecast period.
Automotive suspension systems are ceaselessly developing to enable enhanced ride quality and improved street holding capacity with respect to the vehicle.
Lack of standardization and higher expense of independent automotive suspension systems may impede market development throughout the following years.
The electromagnetic suspension systems are developing at a quick pace because of expanding figure of high-end vehicles which provide superior control and better ride quality.
These suspensions fill their standard need and furthermore go about as a source of power for certain energy demands of the vehicle.
The inactive suspension system, the drive could rethink the mode, for example, sports and comfort by clicking buttons, involved.
The technology alteration in the automotive sector has prompted the progressions in a versatile suspension system.Dissimilar to the passive suspension system which changes the development by the surface of the street, the adaptive suspension system can control the vehicle movement in the course of the onboard system.
