Dublin, Jan. 6, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/rmdh4f/automotive) has announced the addition of the "Automotive Suspension Systems Market by Vehicle Type, System Type, Damping Type & Geography - Industry Trends & Forecast to 2018" report to their offering.
The automotive suspension systems market is estimated to reach $66.2 billion by 2018, with a projected CAGR of 5.72%, indicating the potential growth in the automotive industry
The automotive industry has been constantly developing due to changing buyer preferences, technological advancements, growing urbanization rate, growing demand for fuel economy, and environmental concerns. These factors have triggered the automobile industry to grow at a constant pace over the course of time. As vehicles evolved from using leaf/coil springs in the early 90's to the current use of electromagnetic systems, the technology related to suspension systems has been growing rapidly, providing better ride quality and road holding capability to the vehicle.
The purpose of these systems is to contribute to the vehicle's handling and braking for safe and comfortable driving, keeping the occupants comfortable and reasonably well isolated from road noise, bumps, and vibrations. Another important function of suspensions is to keep the vehicle's wheel in contact with the road surface as the road or ground forces acting on the vehicle do so through the contact patches of the tires. As a result, these systems have become a very critical part of automobiles due to their functionality.
The key factors responsible for driving the demand for suspension systems are the increasing vehicle production levels and their growing demand mainly in the BRICS nations, growing importance for ride control performance in vehicles, and increasing concern towards emissions and fuel economy standards. The fuel efficiency of a vehicle depends on the weight of the systems equipped in the vehicle. Also, depending upon the vehicle class and the type of systems employed, the size of these suspension systems also change. Suspension systems, which are high in performance and at the same time are lightweight with smaller packaging, are the future of the industry.
The automotive suspension systems market is estimated to be led by Asia-Pacific, mainly due to the growing vehicle production levels in the countries of China and India. The top industry manufacturers have set up their plants in these countries in order to meet the growing demand.
The region is expected to continue its reign in the global market in the next five years as well. The present day consumers are concerned about the comfort levels and safety of the vehicle. The suspension systems form a very essential component in the vehicle, which help in protecting the vehicle chassis, provide comfort and safety to the passengers, and at the same time also help in reducing vehicle emissions. Hence, the automobile manufacturers are relying on high performance and high efficiency systems to meet the customer expectations.
The automotive industry in Europe and North America is still recuperating from the economic turmoil of 2009. The North American automotive industry is now growing with the help of significant government grants and investments. The vehicle production in the region witnessed an annual growth of 4.3% in 2013; while Europe is experiencing a slow but steady growth and is expected to become stable in the coming years. By 2018, the North American region would replace Europe and push it to the third position due to the growing vehicle production, mainly light duty vehicles in the U.S. and Mexico.
The key players in the automotive suspension system market are identified as KYB Co., Ltd. (Japan), ZF Group (Germany), Tenneco Inc. (U.S.), Show Corp. (Japan), Magneti Marelli S.P.A (Italy), Benteler Group (Austria), Continental Corp. (Germany), WABCO (Belgium), Mando Corp. (South Korea), Schaeffler AG (Germany), TRW Automotive Holdings Corp. (U.S.), and BWI Group (China). These companies collectively account for a major share of the suspension systems market.
Key Topics Covered:
2 Executive Summary
3 Premium Insights
4 Market Overview
5 Technology Overview
6 Automotive Suspension Systems Market, By Geography
7 Automotive Suspension System Market, By System Types
8 Automotive Suspension Systems Market, By Vehicle Types
9 Automotive Suspension System Market, By Damping Types
10 Competitive Landscape
11 Company Profiles
- Benteler Group
- Continental Corporation
- KYB Co., Ltd
- Magneti Marelli S.P.A.
- Mando Corp.
- Schaeffler AG
- TRW Automotive Holdings Corp.
- Tenneco Inc.
- WABCO Holdings Inc.
- Zf Friedrichshafen AG
For more information visit http://www.researchandmarkets.com/research/rmdh4f/automotive
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Source:Research and Markets