Asia Pacific Automotive Suspension Systems Market size was accounted for USD 30.5 Billion in 2016. It is anticipated to witness growth with 4.44% CAGR during the forecasted period, 2017 to 2025. This growth can be attributed to the rising production of vehicles, rapid advances being carried out in the vehicle technologies, and boosting the automobile industry across the globe.
Such systems are used for the
absorption of shocks cased while driving the vehicles. Also, they maintain
required contact between roads and tires which improves the vehicle’s lifespan.
They also enhance the driving experience and cornering and braking functions.
Moreover, their feature of preventing shock transmission to the frame of
vehicles is projected to drive its market demand in the upcoming years.
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The key driving factors responsible for the growth of Asia Pacific
Automotive Suspension Systems market :
The rising demand for vehicles having
comfort features is projected to drive the demand for luxury vehicles. Several
vehicle manufacturers like Audi, Mercedes-Benz, BMW, Lamborghini, and MINI are
witnessing a significant rise in their sales across the APAC region. Also,
increasing disposable income among the working population across countries like
India and China is contributing majorly to the demand for luxury vehicles.
The rising awareness about the
safety of vehicles against potholes and vibrations is increasing continuously.
Thus, technologically advanced products like steel springs, axle systems, and
intelligent CDC and PDC damping systems are gaining traction across the globe.
Further, stringent governmental regulations for ensuring passenger safety are
expected to drive the demand for products like suspension systems in the
upcoming years.
Systems Type Insights
The APAC automotive suspension
systems market can be segmented into dependent (rigid) and independent systems
based on the system types. The independent systems dominated the APAC market in
2016. They are also projected to grow with 4.6% CAGR from 2017 to 2025. This
can be attributed to its smooth and stable drive feature with enhanced safety
and comfort. Further, the rising demand for luxury vehicles is anticipated to
contribute majorly in their market growth.
The dependent systems are largely
being used across HCVs like buses and trucks. In these systems, the movement of
wheels is independent that can cause loss of control when the speed of the
vehicle is high, and even when applying brakes. Moreover, issues related to
oscillations, wheel alignment, and heavyweight are anticipated to hinder the
market growth of this segment.
Component Type Insights
Based on the component type, the
market can be segmented into control arms, springs, ball joints, shock
absorbers or dampeners, and others. Springs are majorly used for absorbing
shocks on roads and dampeners reduce the oscillations. The control arms help
the tires to align with the vehicle frame thereby providing strong and rigid
support to the vehicle body.
The segment of ball joints is
projected to witness the highest growth during the forecasted years, 2017 to
2025. This can be attributed to its usage for connecting the vehicle with front
suspension thereby providing stability to the vehicle. They also enable the
movement of suspension and wheel simultaneously.
Vehicle Type Insights
The passenger vehicle segment
dominated the APAC market in 2016. This can be attributed to the surging demand
for vehicles like luxury cars, vans, sedans, and SUVs having a carrying
capacity of not more than 5 passengers. Further, enhanced features like
convenience, safety, and comfort to drivers are projected to drive the market
demand for suspension systems.
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