Growth in the automobile industry is intensifying automotive suspension market. The product helps in providing synchronization and direction to the wheels. It is a linkage between various system of vehicles and supports both handling and ride quality. It protects vehicle, cargo or luggage from damages. Up surging automobile industry is boosting product demand and usage.
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Increasing traffic congestion, population, high fuel mileage, lower emission are the major factors driving two-wheeler industry thus, driving the automotive suspension market. Continued sales in global car industry has boosted automotive suspension market. Being an essential component of the vehicle, product has gained prominence in the industry. Economic backdrop around the world and positive sales outlook solidifies demand of the component. 2016 was record breaking year for global car sales. It registered over 4% hike in sales of vehicles worldwide. Growing investment on cars has positively impacted demand of the product.
Automotive suspension market is segmented based on system including, active, passive and semi active. Various components are used in the product including spring, ball point, struts, leaf string and air compressor. Dependent, semi dependent and independent are its geometry classification. Some of the categories of products include hydraulic, air leaf spring. The product is used in different automobiles including, commercial vehicles, two wheelers and passenger cars.
Asia Pacific, especially India and China have world’s biggest two wheelers market. Rising income, growing rural infrastructure, specially increasing women commuters are major reasons that drives two wheelers demand for the region. High population in both the countries is another factor responsible for rise in demand for two wheelers.
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The U.S. is one of the largest car manufacturer in the world. Economy of the region is powered by combination of cheap gas, easy credit and pent up demand, unemployment rate of the country is below 5% that creates plenty of opportunity for vehicle sales and demand. With increasing demand for cars in the region automotive suspension market will foresee growth.
Europe holds the major share for automotive suspension market due to growing automotive industry in the region. Germany is major region for vehicle production, it accounts for over 25% of the total European automobile sector. Additionally, France provides employment to around 300,000 employees in automobile sector with major companies including Renault and Venturi, that are amongst top leaders in the sector. With increasing demand for vehicles, the commodity demand is anticipated to grow at higher speed and will boost automotive suspension market.
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The automotive suspension market is consolidated with the presence of few top industry players occupying the major share. Some of the prominent players are Multimatic, Kumpulan Belton Berhad, BWI Group, Magnetic Marelli, ZF TRW, Wabco, Fox Factory Tenneco, Gabriel India Limited, Sogefi SpA and Tinsley Bridge Group.