Portland, OR, April 28, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive suspension market garnered $55.28 billion in 2019, and is expected to garner $73.36 billion by 2027, portraying a CAGR of 3.5% from 2020 to 2027. The report offers a detailed analysis of changing market trends, top investment pockets, market trends & estimations, major segments, and competitive scenario.
Advancements in technologies, increase in demand for comfort & luxury in vehicles, and surge in vehicle production fuel the global automotive suspension market. However, expensive maintenance for advanced suspension systems and improved standards for vehicles restrain the market growth up to certain extent. On the other hand, demand for lightweight suspension systems and development of advanced suspension systems offer new opportunities in next few years.
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On the basis of component, the struts segment contributed to the largest market share in 2019, accounting for nearly one-third of the global automotive suspension market share, and is expected to dominate in terms of revenue during the forecast period. This is due to benefits related to balancing the overall weight of the vehicles and increase in manufacturing of technically advanced components. However, the air compressor segment is estimated to portray the fastest CAGR of 5.3% from 2020 to 2027.
Among the sub-segments of suspension type, the hydraulic suspension segment accounted for more than half of the total market share in 2019, and is expected to continue to lead in terms of during the forecast period. This is attributed to its utilization as a convention suspension system in the automotive sector. However, the air suspension segment is estimated to witness the largest CAGR of 4.3% from 2020 to 2027.
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Geographically, Asia-Pacific accounted for nearly two-fifths of the total market share in 2019, and is projected to maintain its dominant share during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 4.1% from 2020 to 2027. This is due to developed automotive sector along with ongoing research activities and developments related to vehicle components in the region. North America held the second-highest market share in terms of revenue by 2026. The research also analyzes the regions including Europe and LAMEA.
Leading market players analyzed in the research include Continental AG, Gabriel India Limited, Fox Factory, Inc., KYB Corporation, Hendrickson USA, L.L.C., Sogefi S.P.A., Mando Corporation, Wabco, Tenneco Inc., and ZF TRW.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.