By 2033, the Automotive Suspension System Market is expected to grow above a valuation of US$ 100,875.9 million. According to our automotive researchers, car suspension system manufacturers should anticipate a compound annual growth rate (CAGR) of 4.5% through 2033, with a current market capitalization of US$ 64,956.8 million in 2023.
Delivery trucks made to order are usually necessary for e-commerce companies because of their particular needs. These vehicles can be electric delivery vehicles designed for urban areas, or they can be parcel delivery trucks or refrigerated vans for food delivery. Any of these vehicle types needs to adhere to specific suspension requirements in order to guarantee the efficient and safe transportation of freight. Sustainability is a growing concern in the logistics and delivery sector. Some delivery services are moving to electric delivery cars in order to reduce their emissions and environmental impact. These electric automobiles' weight distribution of the battery packs may require unique suspension designs, creating new opportunities for innovation in the suspension systems market.
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Suspensions are considered an important part of an automobile because it helps to keep the vehicle's tires in touch with the road during the trip, protecting the vehicle and reducing shocks along with protecting its cargo from damage or wear. In addition to that, it isolates the car from high-frequency vibrations caused by tire excitation.
Key Takeaways
Suspensions are vital for good ride quality and automobile handling control. A comfortable ride promotes convenience for passengers, prevents cargo damage, and decreases driver fatigue on extended voyages. Attributing to such crucial factors are resulting in surging sales of automotive suspension systems in the global market.
Since cars with firm suspension may result in better control of body motions and faster reflexes, it is increasingly becoming a crucial part of an automobile. Ambulances require improved vehicle suspension to minimize further damage to already unwell passengers. Such factors have increased the desire for greater driving comfort, which has benefited the worldwide automotive suspension systems market's development.
The SUV market has seen reasonable growth in recent years. Due to the cheap cost, small size, modern designs, and superior agility, the SUV & sub-compact SUV industry has seen significant expansion in nations such as the United States, China, India, and Mexico. The excessive use of multilink suspensions is witnessed in the market. The lower cost of multilink suspension and the simplicity of modification has expanded the use of multilink suspension in mid- to high-segment vehicles.
There is a multilink suspension seen in SUVs including Kia Sport, Volkswagen Tiguan, and Mahindra Scorpio. Throughout the projection period, the global automotive suspension systems market is predicted to increase at a pace of 4.36%. SUVs often have independent suspension at both the front and back wheels. As a result, the urge for independent suspension systems is growing.
At present, air suspensions are preferred more than leaf springs as it delivers optimum comfort and elegance to passengers. As a result, the growing demand for comfort and luxury is driving up demand for automotive suspension systems throughout the world.
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Competitive Landscape
The Benteler Group, Continental AG, KYB Co., Ltd., Magneti Marelli S.p.A., Mando Corporation, Schaeffler AG, Tenneco Inc., TRW Automobile Holdings Corporation, WABCO Holdings Inc., ZF Friedrichshafen AG are some of the key companies profiled in the full version of the report.
There are various players in the market for automotive suspension systems. The automotive suspension systems industry is extremely competitive, with competitors vying to increase their market share. Product innovation and regional growth into new markets will be critical to the success of any automotive suspension systems industry participant.
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