In a recent published report, Kenneth Research has updated the market report for Automotive Suspension Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Automotive Suspension Market products.
The worldwide Automotive Suspension Market is anticipated to reach USD 127.6 billion by 2026 according to a new study published by Polaris Market Research. In 2017, the passenger cars segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global automotive suspension market.
The increasing need to offer high quality driving experience along with enhanced comfort and safety drives the automotive suspension market growth. The increasing production of motor vehicles across the world, and growing popularity of luxury automobiles boosts the adoption of automotive suspension. The growing safety concerns have encouraged market players to integrate advanced automotive suspension systems in vehicles to improve the overall driving experience.
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Factors such as technological advancements, and use of light-weight material for suspension systems would fuel the automotive suspension market growth during the forecast period. New emerging markets, increasing demand of automobiles, and growing safety concerns are factors expected to influence the market in the coming years.
Asia-Pacific is expected to lead the global automotive suspension market during the forecast period. Significant investment by market players to improve driving experience coupled with favorable regulations regarding transportation safety drive the growth of Automotive Suspension market in this region. Technological advancement and introduction of advanced automotive suspension systems by the market players has increased the acceptance of automotive suspension systems in the region. The rising demand for luxury vehicles, and economic growth in countries such as China and India boost the market growth in the region. Expansion of global players into these countries to tap market potential boosts the market growth.
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The key players operating in the automotive suspension market include Multimatic Inc., Continental AG, Tenneco Inc., ZF TRW, Hendrickson USA, L.L.C, Thyssenkrupp AG, Magneti Marelli S.p.A, Sogefi SpA, WABCO Holdings Inc., and NHK Spring Co., Ltd. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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