The Asia Pacific automotive suspension systems market size is expected to reach USD 44.51 billion by
2025, according to a study conducted by Grand View Research, Inc., registering
a CAGR of 4.44% during the forecast period. Automotive suspension systems are
witnessing tremendous upsurge in the demand in the region owing to growing
consciousness regarding vehicle safety and increasing sales of luxury vehicles.
These systems play a vital role in keeping vehicle tires in contact with the
road.
Failure or poor functioning of suspension
systems can pose a threat to passengers and drivers, even well-trained ones.
Such failures occur due to negligence of driver, equipment failure, inadequate
road maintenance, or poor road construction. Suspension systems are used in
passenger vehicles, light commercial vehicles, and heavy-duty commercial
vehicles. They promote even and balanced tire and brake wear, maintain wheel
alignment, and absorb sudden road shocks. These factors are estimated to drive
the growth of the automotive suspension systems market in the region.
Continuous strengthening of global vehicle
standards is the major constraint hampering the growth of the market. Frequent
updates in vehicle safety standards and increasing need for passenger safety
may affect the production of vehicles. Prominent automakers are implementing
lightweight suspension solutions to meet requirements of buyers and abide by
environmental standards. Moreover, implementation of lightweight solutions is
easy for established market players whereas, new entrants may find it difficult
to implement as lightweight suspension solutions are high in cost. Prominent
vendors in the market include Continental AG; Tenneco Inc.; F-TECH INC.; WABCO
Holdings.; and Multimatic Inc.
Further key findings from the study suggest:
· Increasing demand for passenger vehicles
and luxury vehicles will drive the market in the region over the forecast
period
· The passenger vehicle segment is estimated
to reach about USD 39.2 billion by 2025
· In 2016, the independent suspension system
segment accounted for the leading share and is expected to expand at a CAGR of
close to 4.6% over the forecast period
· The electromagnetic damping type segment is
projected to post the highest CAGR over the forecast period, followed by air
suspension damping type
· On the basis of components, the ball joint
segment is estimated to progress at the highest CAGR over the forecast period
· Prominent players in the market include
Continental AG; Tenneco Inc.; F-TECH INC.; WABCO Holdings.; and Multimatic Inc.
Grand View Research has segmented the Asia
Pacific automotive suspension systems market report based on system type,
component type, vehicle type, damping type, and region:
APAC Automotive Suspension System Type
Outlook (Revenue, USD Billion, 2014 - 2025)
·
Dependent (Rigid) Suspension System
·
Independent Suspension System
APAC Automotive Suspension Systems
Component Type Outlook (Revenue, USD Billion, 2014 - 2025)
·
Springs
·
Control Arms
·
Shock Absorbers/Dampeners
·
Ball Joints
·
Others
APAC Automotive Suspension Systems
Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025)
·
Passenger Vehicles
·
Commercial Vehicles
APAC Automotive Suspension Systems
Damping Type Outlook (Revenue, USD Billion, 2014 - 2025)
·
Electromagnetic
·
Hydraulic
·
Air Suspension
·
Others
APAC Automotive Suspension Systems
Region Outlook (Revenue, USD Billion, 2014 - 2025)
·
Asia Pacific
o
India
o
China
o
Japan
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment