Growing emphasis on superior comfort and ride quality would propel automotive suspension market size over the coming years. The zest to deliver smooth ride quality to customers has impelled automakers to incorporate advanced suspension systems in their vehicles.
Suspension systems are responsible for keeping the vehicle stable while driving on road as well as off-road. These systems maximize the friction between the road and the tires to deliver superior handling and steering stability. Apart from this, suspension system ensures comfortable rides for passengers by reducing the impact of specific harsh road conditions on the vehicle.
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Consumers mostly preferring OEM developed automotive suspensions as they normally have a longer service life and provide better quality. Over the years, OEMs have managed to hold majority of the market share and are likely to maintain their dominance in the future. Considering these aspects, Global Market Insights, Inc., estimates that the market may cross USD 695 billion by the year 2026.
Why is North America an ideal avenue for automotive suspension manufacturers?
North America is considered to be a promising market for automobile suspension companies as the region is witnessing healthy growth in goods transportation and commercial vehicle sales. Earlier in 2019, the region had controlled nearly 14% of the overall automotive suspension market share. Exponentially growing regional e-commerce sector favored by rapid urbanization will generate lucrative demand for light commercial vehicles, benefiting market size.
How will the two-wheeler and four-wheeler suspensions segment amass growth?
Motorcycle manufacturers prefer the use of rear dual shock suspension, rear mono-shock suspension, or front telescopic suspension systems for their vehicles. Taking May 2020 for instance, Japanese motorcycle manufacturer, Kawasaki launched its BS6 compliant Ninja 650 model that comes with adjustable preload mono-shock suspension at the rear and 41 mm USD telescopic suspensions at the front wheel.
The rear mono-shock suspension market is expected to amass substantial growth, recording almost 8.5% CAGR by 2026. These suspensions provide appropriate riding maneuvering as they are centered around single point load. They offer remarkable damping characteristics which aid in providing enhanced handling & stability. However, rear mono-shock suspensions have some disadvantages like minimal service life, high maintenance cost and inability to carry high loads.
Meanwhile, the four-wheeler suspensions are categorized into semi-independent, dependent, and independent. Semi-independent suspension systems are anticipated to observe steady growth over the years. They are mostly used with rear axle due to its simple design and durable and lightweight features. Besides, these suspensions are relatively cheaper than independent versions and offer superior ride handling in comparison with dependent suspensions models.
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What are the major challenges faced by companies in the automotive suspension market?
Driving vehicle on rough terrains for prolong durations can cause wear and tear to automotive suspension components. Parts like bushings, struts, ball joints, shock absorbers, and springs weaken over time due to constant strain. High maintenance & repair costs associated with these systems might negatively impact companies operating in the automotive market.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Market definitions
1.2. Base estimations & working
1.2.1. North America
1.2.3. Asia Pacific
1.2.4. Latin America
1.2.5. Middle East & Africa
1.3. Forecast calculation
1.3.1. COVID-19 impact calculations on industry forecast
1.4. Data sources
184.108.40.206. Paid sources
220.127.116.11. Public sources
Chapter 2. Automotive Suspension Market Summary
2.1. Automotive Suspension market 360° synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Architecture trends
2.1.3. Type trends
2.1.4. Technology trends
2.1.5. Distribution channel trends
2.1.6. Vehicle type trends
2.1.7. Regional trends
Chapter 3. Automotive Suspension Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.2.1. COVID-19 impact on industry landscape
3.3. Industry ecosystem analysis
3.3.2. Distribution channel analysis
3.3.3. Vendor matrix
3.4. Innovation & sustainability
3.4.1. Patent analysis
3.4.2. Technology landscape
3.4.3. Future trends including COVID-19 impact
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