Global Automotive Suspension Market
The Automotive Suspension Market is anticipated to witness a growth rate of 3.5% over the forecast period. The ongoing technological modernisations related to vehicular constituents, increasing production of vehicles, and growing demand for luxurious vehicles will strengthen the market growth.
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Automotive Suspension Market Dynamics
The ongoing technological innovations such as disposition of damper lane and springs with voice identification & control systems and navigation has bolstered the demand for the automotive, thereby proliferating the growth of the global automotive suspension market. For example, as per the IBEF, the sale of passenger vehicle was 2, 17,879 units in March 2020 and 279,745 during March 2021.
Suspension is accountable for the nature of rides and control on vehicle, as vehicles with stable suspension can introduce better control of body developments and faster responses. For instance, ambulances have an exceptional need for better vehicle suspension to impede further harms to already ill passengers. Thus, the demand for sophisticated and lightweight suspension systems in vehicles will compel the market growth.
However, the rising agitation towards the modern suspension system with huge servicing costs may restrain the market growth. This superior luxury feature such as rear multi-link system raises the vehicles cost, which has obstructed the market growth.
Regional Drivers
Based on the regional analysis, the Asia Pacific region is projected to expand at a faster rate over the coming years. Countries like South Korea, Japan, India, and China, are the major market for automotive suspension system. For instance, as stated by the IBEF, the overall exports of India touched 4.77 million vehicles in the Financial Year 2020. Two-wheelers contributed to nearly 73.9% of the aggregate vehicles exported, accompanied by passenger vehicles at 14.2%, and commercial vehicles at 1.3%. The increasing agitation towards safety and the evolving need to proffer a more convenient driving experience has encouraged companies to develop sophisticated automotive suspension systems.
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