The Asia Pacific automotive suspension systems market size is anticipated to reach USD 44.51 billion by 2025. It is also expected to register 4.44% CAGR during the forecasted period, 2017 to 2025. This can be associated with the rising demand for automobiles prevailing among the millennial population across developing countries like India and China.
In 2016, the segment of passenger vehicle held the largest share across the APAC region due to rising demand for vehicles like luxury cars, vans, sedans, and SUVs. The segment of commercial vehicle is also anticipated to register moderate growth in the upcoming years due to rising need for vehicles to carry luggage.
The electromagnetic damping segment is projected to witness the highest CAGR from 2017 to 2025. On the other hand, the segment of air suspension is expected to witness significant growth in the upcoming years on account of rising preference over conventional traditional steel rings.
The APAC automotive suspension systems market includes key players such as Multimatic Inc., WABCO Holdings., F-TECH INC, Tenneco Inc., and Continental AG. They are constantly engaged in product development and innovation to gain a competitive advantage over other players.
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Further key findings from the report suggest:
• The ball joints component type are anticipated to register fastest growth from 2017 to 2025.
• The segment of passenger vehicles held the largest share across the global market in 2016.
• The electromagnetic damping segment is anticipated to register highest CAGR in the upcoming years.
• The key players in this market are Multimatic Inc., WABCO Holdings., F-TECH INC, Tenneco Inc., and Continental AG.
Million Insights has segmented the Asia Pacific automotive suspension systems market on the basis of system type, component type, vehicle type, damping type, and region:
APAC Automotive Suspension System Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Dependent (Rigid) Suspension System
• Independent Suspension System
APAC Automotive Suspension Systems Component Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Control Arms
• Shock Absorbers/Dampeners
• Ball Joints
APAC Automotive Suspension Systems Vehicle Type Outlook (Revenue, USD Billion, 2014 - 2025
• Passenger vehicles
• Commercial vehicles
APAC Automotive Suspension Systems Damping Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Air Suspension
APAC Automotive Suspension Systems Region Outlook (Revenue, USD Billion, 2014 - 2025)
• Asia Pacific