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Automotive Air Suspension System Market is Expected to Witness Fastest Growth in Passenger Car Segment
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According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,818.6 in 2010 to $4,692.9 in 2014. The per capita GDP of India increased from $1,432.3 in 2010 to $1,500.8 in 2012, and is expected to reach $1,869.3 by 2018. The overall annual disposable income in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013. Owing to such increase in the overall income of consumers, the per capita vehicle ownership has increased, especially in the developing Asia-Pacific countries, such as India and China.
In 2015, Europe accounted for the largest market of automotive air suspension systems; whereas the market during the forecast period is expected to witness fastest growth in Asia-Pacific. The major reason for the growth of the market in the region is increasing disposable income of people and growing demand for fuel efficient vehicles. North America was the second largest market for automotive air suspension system in 2015 owing to its increasing customer base and high disposable income of people in the region.
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Some of the major players operating in the global automotive air suspension system market include Thyssenkrupp AG, Hendrickson International Corporation, Continental AG, WABCO Holdings Inc., Hitachi Ltd., BWI Group, Firestone Industrial Products, Mando Corporation, Accuair Suspension, and Dunlop Systems and Components.
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