The active suspension system results in enhanced vehicle dynamics and thus performance of vehicle, today, players focuses on vehicle performance characteristics to sustain the competitive automotive market, this tends to drive the automotive active suspension system market.
Although the automotive suspension market is growing exponentially, certain restraints such as lack of standardization and high prices of independent suspension systems are hindering its growth asia pacific dominated the global automotive suspension systems market in 2013, followed by europe. The asia pacific automotive suspension systems market size was valued at usd 305 billion in 2016 it is expected to expand at a cagr of 444% over the forecast period burgeoning sales of luxury vehicles, advancements in vehicle technologies, increasing global vehicle production, and flourishing automotive industry are the key trends escalating market growth.
Dublin, jan 6, 2015-- research and markets has announced the addition of the automotive suspension systems market by vehicle type, system type, damping type& geography- industry trends& forecast.
Automotive suspension market, by system type passive suspension semi-active suspension active suspension active suspension market, by actuation hydraulically actuated suspension automotive suspension market, by vehicle type passenger car light commercial vehicle (lcv) truck bus. There are four types of suspension systems used in the automotive industry: passive suspension system, semi-active, active, and air suspension passive suspension system was the most widely used system type in all the vehicle segments in 2015, however, active suspension system is expected to possess the highest growth during the forecast period.
Another prominent market driver for the automotive suspension system market is the rise in the production of vehicles and consequent increasing number of passenger and commercial vehicles the global light vehicle production volume grew by over 5% in 2017 from 2016, and is further projected to reach 1117 million units by 2023.
Automotive suspension market overview global automotive suspension market is expected to reach $284 billion by 2022, growing at a cagr of 49% during the forecast period 2016 - 2022 automotive suspension consists of a system of spring, shock absorbers, struts, control arms, and ball joints that connect the vehicle to the wheel and subsequently enable relative motion between the two. Automotive suspension systems market by vehicle type (passenger car, lcv & hcv), system type (passive & semi-active/active), damping type (hydraulic & electromagnetic) & geography - industry.