Global Automotive Suspension Member Market 2019-2023 | Development of Lightweight Vehicle Suspension Systems to Boost Growth | Technavio
The automotive suspension member market size is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio.
The rising penetration of high-performance vehicles will be one of the major factors behind the automotive suspension member market growth. Manufacturers are specifically designing high-performance vehicles with advanced features and composite materials to withstand the increased pressure of high-speed driving and offer superior handling. All high-performance vehicles are equipped with advanced suspensions systems such as active suspension system to improve the driving experience and represent the technological prowess of the car manufacturing company.
As per Technavio, the development of lightweight vehicle suspension systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Automotive Suspension Member Market: Development of Lightweight Vehicle Suspension Systems
Vehicle manufacturers have been focusing on the development of lightweight vehicles that produce less emissions and require less fuel to operate. Manufacturers have been striving to decrease the curb weight of vehicles by replacing heavier systems and components with lightweight electronic systems and components made of materials, such as composite plastic. Apart from materials, manufacturers are developing modular types of suspension systems that offer improved performance and lesser weight as compared to conventional systems. Modular independent suspension systems allow the accommodation of a larger engine and associated components. Thus, the development of lightweight vehicle suspension systems will drive the growth of the market.
“Other factors such as the introduction of carbon fiber suspension members, and the development of active chassis systems will have a significant impact on the growth of the automotive suspension member market value during the forecast period,” says a senior analyst at Technavio.
Automotive Suspension Member Market: Segmentation Analysis
This market research report segments the automotive suspension member market by application (passenger car, LCV, and MHCV), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the automotive suspension member market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the automotive suspension member market share in APAC can be attributed to several factors such as the low production costs, easy availability of skilled and unskilled labor, and the introduction of wider vehicle models in the region to target multiple customer segments.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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