Automotive Cab Suspension Market: Introduction
Cab suspension systems isolate the cabin from the vibrations of the chassis and driveline while traveling on uneven terrain. These systems help improve driver comfort and reduce stress on both the driver and vehicle, especially fatigue of cabin-mounted equipment such as electronics.
Key Drivers of Automotive Cab Suspension Market
- Macroeconomic and demographic trends, such as rapid urbanization, rising incomes, and increased participation of women and youth in the labor force, have fueled the demand for mobility. For instance in developing economies, such as India, growing working population and expanding middle class are driving the demand for automobiles with comfort features. Therefore, these factors are fueling the demand for cab suspension systems from OEMs and in the aftermarket.
Challenges in Automotive Cab Suspension Market
- The COVID-19 pandemic has affected local as well as global automotive supply chains, manufacturing and R&D operations, thus hampering the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations. Thus, the COVID-19 impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has forced governments to impose a second round of lockdown restrictions. Consequently, uncertainty in the automotive industry continues. However, easing of lockdown restrictions and stagnant demand during the times of lockdown have resulted in the recovery of automotive and ancillary sales in the last few months.
Opportunities in Automotive Cab Suspension Market
- Cab suspension systems improve vehicle ride comfort, handling, and safety. Market expectations from vehicle suspension systems have been increasing consistently for the last few years. Initially, superior suspension systems were available to the high end vehicle class models; however, integration of the systems in vehicle ranges below the high-end models increased due a surge in customer awareness. This showcases the growing need for improvement of comfort, which is offering significant opportunity for the automotive cab suspension market.
Europe to Dominate Automotive Cab Suspension Market
- In terms of geography, Asia Pacific held a significant share of the global cab suspension system market. China is a prominent market for the automotive industry with an annual sale of 25.76 million new vehicle units. India is a favorable market for cab suspension components with future sales and production of vehicles in the country driven by a rise in the population and income levels of the middle class. In 2019, India became the fourth-largest auto market in terms of sales, displacing Germany, with about 3.99 million units sold in the passenger and commercial vehicles categories. Moreover, the Government of India is focused on the development of domestic manufacturing and R&D in the country under the scheme of ‘Make in India’ initiative, thus boosting the cab suspension market in the country. Japan and South Korea are major automotive producing countries in the region with the presence of prominent and established automotive brands such as Hyundai, Honda, Nissan, and Kia that are export-centric and cater to the domestic demand for automobiles. Consequently, these factors propel the cab suspension market in the region.
Key Players Operating in Automotive Cab Suspension Market
The global automotive cab suspension market is moderately consolidated. A few of the key players operating in the global automotive cab suspension market are:
- Parker Hannifin Corp
- Continental AG
- ZF Friedrichshafen AG
- Power-Packer, Inc.
- Link Manufacturing, Ltd.
- Lord Corp
- Samo Maschinenbau GmbH
- Bison Parts Limited
Global Automotive Cab Suspension Mark: Research Scope
Global Automotive Cab Suspension Market, by Type
- Steel Spring Modules
- Air Spring Modules.
Global Automotive Cab Suspension Market, by Vehicle Type
- Passenger Vehicle
- Light Duty Vehicle
- Medium & Heavy Duty Trucks
- Buses & Coaches
- Agricultural machinery
- Construction machinery
Global Automotive Cab Suspension Market, by Sales Channel
Global Automotive Cab Suspension Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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