Global Automotive Independent Front Suspension System Market 2019-2023 | 6% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Dec 19, 2019--
The automotive independent front suspension system market is poised to grow at a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive independent front suspension system market 2019-2023. (Graphic: Business Wire)
Vehicle comfort, ride handling, and safety are among the key parameters that a buyer considers before purchase. Car buyers increasingly prefer models that offer a smoother ride especially while driving through unpaved roads and while cornering. Thus, vehicle manufacturers are increasingly equipping SUVs, crossovers, and pickup trucks with independent suspension systems. Independent front suspension systems offer a softer suspension setup which effectively absorbs the shocks from road bumps, and it largely filters away significant amounts of road shock from the vehicle cabin. Thus, the preference for safety and optimum ride handling will drive the growth of the market during the forecast period.
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As per Technavio, the advent of modular independent suspension systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Independent Front Suspension System Market: Advent of Independent Modular Suspension System
Vehicle manufacturers are developing modular systems that can be installed in multiple types of drivetrain designs. Modular independent suspension systems facilitate the accommodation of larger engines and associated components. For instance, AXLETECH developed a new modular independent suspension system for all-wheel drive (AWD) heavy-duty commercial vehicles in 2018. Moreover, a modular independent suspension setup reduces manufacturing costs as vehicle manufacturers can source an entire suspension solution from a single vendor. The use of modular independent suspensions in vehicles also decreases the production time of a car. As a result, vehicle dealers can offer a new vehicle in a shorter time compared with the competitor products. Thus, the advent of modular independent suspension system will drive the growth of the market during the forecast period.
“Integration of active steering controls with advanced suspension systems and development of active chassis systems will have a significant impact on the growth of the automotive independent front suspension system market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Independent Front Suspension System Market: Segmentation Analysis
This market research report segments the automotive independent front suspension system market by application (passenger cars and commercial vehicles), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The growth of the automotive independent front suspension system market share in APAC can be attributed to several factors such as the low production cost and low labor cost for the manufacture of automotive components in the region.
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PUB: 12/19/2019 06:30 AM/DISC: 12/19/2019 06:31 AM