According to the report, the global automotive suspension parts market is projected to surpass ~US$ 13 Bn by 2030, expanding at a CAGR of ~3%, owing to an increase in affordability for vehicles among consumers and transition of people into middle and upper middle income groups. The global automotive suspension parts market is mature; however, developments on improving performance of shock absorbers are still boosting the market worldwide.
Expansion of Automotive Suspension Parts Market
The expansion of the automotive industry in East Asia and Latin America is driving the global automotive suspension parts market. The automotive industry in East Asia has been expanding since the last decade. The auto industry in Japan is highly mature; however, China and South Korea have made rapid advances in terms of volume production of vehicles and subsequently, drive the global automotive suspension parts market. Improvement in infrastructure and easy availability of finance in East Asia and Latin America are likely to boost sales of vehicles and consequently, drive the global automotive suspension parts market. Increase in average age of vehicles, globally, is boosting the aftermarket demand for suspension parts. Average age of vehicles in the U.S. has reached 11.8 years. Owning of vehicles for prolonged periods is set to boost the demand for maintenance and thereby, boost the sales of suspension parts.
Segmentation of Automotive Suspension Parts Market
In terms of technology, the hydraulic segment dominated the global automotive suspension parts market in 2019. Hydraulic technology is a conventional technology and is highly popular among entry and mid-range vehicles, which is attributable for its higher market share in the automotive suspension parts market. Increasing trends toward utility vehicles and luxury vehicles in conjunction with a rise in the demand for comfort and luxury among consumers globally is anticipated to propel the global automotive suspension parts market.
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Regional Analysis of Automotive Suspension Parts Market
In terms of region, the global automotive suspension parts market has been segregated into North America, Europe, East Asia, South Asia Pacific, Middle East & Africa, and Latin America. East Asia held a significant share of the global automotive suspension parts market in 2019, owing to high production of vehicles and rising demand for premium and luxury vehicles among rapidly developing economies in the region. The global automotive suspension parts market is directly influenced by vehicle production and sales. Europe followed East Asia, in terms of revenue, in the global automotive suspension parts market, while Europe was followed by North America in terms of share of the global market.
This report answers these questions and more about the automotive suspension parts market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
Automotive Suspension Parts Market: Research Methodology
This TMR report on the automotive suspension parts market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive suspension parts market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive suspension parts market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive suspension parts market, with both a bottom-up and top-down approach.