Press release
Global Automotive Suspension System Market Trends, Business Overview, Industry Growth and Forecast to 2022-2028
The global automotive suspension system market is anticipated to grow at a considerable CAGR of 5.6% during the forecast period (2022-2028). The automotive suspension system is the protective system of a motor vehicle consisting of shock-absorbing components including springs and dampers. The major factor attributing to the growth of the global automotive suspension system market includes the increasing use of suspension systems in motor vehicles due to several advantages provided by suspension systems. These advantages include improvement in handling & cornering, enhanced comfortable ride, improvement in stability & steering, and many others providing a smooth ride on bumpy roads. Thus, increasing the application of suspension systems in motor vehicles.The application of automotive suspension systems is also increasing for installation in motor vehicles while manufacturing due to the increasing production of motor vehicles across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles including light commercial vehicles and heavy commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, propelling the growth of the global automotive suspension system market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
• In April 2021, Tenneco Inc. started supplying Monroe Intelligent suspension technology to the new electric crossover SUV of BMW "BMW iX3". The BMW iX3 is an all-electric SUV equipped with an optional feature of Monroe intelligent suspension technology that features Continuously Variable Semi-Active Suspension with an External valve (CVSAe) technology.
• In March 2021, ThyssenKrupp AG, an American-based damper specialist expanded its services in China by investing in Changzhou. This will open new production capacities for electronically adjustable damper systems.
• In August 2020, ZF Commercial Vehicle Control Systems, a division of ZF Friedrichshafen AG in India designed a new Electronically Controlled Air Suspension (ECAS) technology. The ECAS will benefit vehicle owners in efficient fuel consumption, increased rider comfort, and enhanced vehicle stability.
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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- ZF Friedrichshafen AG, Continental AG, Tenneco Inc., Endurance Technologies Ltd., and thyssenkrupp AG, among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
A full report of Global Automotive Suspension System Market is available at:
https://orionmarketreports.com/global-automotive-suspension-system-market/110482/
Global Automotive Suspension System Market Report by Segment
By Type
• MacPherson Strut
• Double Wishbone
• MultiLink
• Twist Beam
• Leaf Spring
• Air Suspension
By Application
• Passenger Vehicles
• Commercial Vehicles
Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
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