Premium Vehicles Suspension: Introduction
- A premium vehicles suspension system controls the vertical movement of the wheels relative to vehicle body. This system uses actuators that lower or raise the chassis according to the road condition.
- Currently, every vehicle manufacturer is focused on providing comfort and safety in their vehicles. The suspension system for premium vehicles has the capability to adjust itself continuously according to the changing road conditions. The basic principle of the active suspension is to measure vertical movement and roll and pitch of the body of the vehicle. This information prompts the system to adjust the dampers according to road conditions.
Key Drivers of Global Premium Vehicles Suspension Market:
- Demand for SUVs has been increasing for the last few years globally. The SUV & sub-compact SUV market has witnessed considerable expansion in countries such as the U.S., China, India, and Mexico, owing to the low cost, compact size, advanced designs, and better maneuverability. This has increased the installation of multilink suspensions. Decreasing cost of multilink suspension and ease of adjustment have increased the installation of multilink suspension in mid to high-segment cars.
- SUVs generally employ independent suspension at the front and rear wheels. Hence, the demand for independent suspension systems is increasing. The leaf spring suspension, which is a dependent suspension, was traditionally used in all medium and heavy-duty trucks and buses. Currently, leaf springs are getting replaced with air suspension that provides maximum comfort and luxury to passengers. Hence, an increase in demand for comfort and luxury is boosting the demand for independent suspension systems for premium vehicles across the globe.
- The trend of urbanization is growing at an exponential rate, which is augmenting in the average income of urban population, thereby enabling them to enhance their lifestyles. Furthermore, a rise in demand for passenger cars is prompting manufacturers to increase the production of premium vehicles, which in turn, is boosting the premium vehicles suspension market across the globe.
Passenger Vehicle Segment to Offer Attractive Opportunities:
- The passenger vehicle segment is likely to hold a significant share of the market by the end of forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- High demand for e-class, crossovers, SUVs, and hatchbacks is driving the passenger vehicle segment, which in turn is likely to boost the premium vehicles suspension market. Rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
- The suspension system is one of the essential systems in any type of vehicle. Hence, rise in demand for the suspension system is directly proportional to the production volume of passenger vehicles. Increase in demand for comfort and safety features has also boosted the installation of independent suspension systems in modern cars.
Lack of Standardization of Independent Suspension Systems to Hamper Market
- The standardization of suspension systems with respect to vehicle type is estimated to help Tier 1 and component manufacturers produce suspension systems in large volumes, as there would be specific suspension types for each model, which in turn is expected to reduce the overall manufacturing cost. OEMs and suspension suppliers can establish standardization for independent suspension with respect to significant parameters while establishing supply contracts. This could offer a win-win situation to both OEMs and suspension suppliers. Thus, manufacturers have to observe changes in preferences in different countries due to a lack of standardization and remain competitive in the market. Any change in preference or implementation of new regulation compels manufacturers to change their investments, which makes the market volatile for them. This, in turn, also directly impacts component suppliers, as they are dependent on demand from tier 1 suppliers. Hence, a lack of standardization makes it challenging for manufacturers of suspension systems to cater to diverse architecture demands with respect to vehicle type. This is expected to restrain the premium vehicles suspension market in the near future.
Asia Pacific to Hold Significant Share of Global Premium Vehicles Suspension Market
- Asia Pacific is a highly populous region. The urban population across Asia Pacific is increasing consistently, which can be attributed to employment opportunities and increased standards of living in urban areas.
- This market in the region is projected to expand at a considerable pace, as the region comprises rapidly developing economies, such as China, Japan, and India. The market in Asia Pacific is primarily driven by China, where the rate of adoption of premium vehicles is increasing. This, in turn, is driving the premium vehicles suspension market in the country.
Key Players Operating in Global Market:
The global premium vehicles suspension market is highly consulted with top manufacturers across the global market. A few of the key players operating and potential in the global premium vehicles suspension market are:
- Tenneco Inc.
- Bose Corporation
- ZF Friedrichshafen AG
- KOITO MANUFACTURING CO., LTD.
- Delphi Technologies Ltd
- ThyssenKrupp AG
- Daimler AG
- Continental AG
- Quanser Inc.
- BWI Group
Global Premium Vehicles Suspension Market: Research Scope
Global Premium Vehicles Suspension Market, by Component
- Shock Absorbers
Global Premium Vehicles Suspension Market, by Vehicle Type
- Passenger Vehicle
- Utility Vehicles
Global Premium Vehicles Suspension Market, by Electric Vehicle Type
- Battery Electric Vehicles
- Plug-In Hybrid Electric vehicles
- Hybrid Electric Vehicles
Global Premium Vehicles Suspension Market, by Sales Channel
Global Premium Vehicles Suspension Market, by Region
- North America
- Russia & CIS
- 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
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- 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
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Below is a snapshot of these quadrants.
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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 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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