Latest News- Automotive Suspension Member Market: OEM is expected to lead the Distribution Channel segment during 2024-2028

The Automotive Suspension Member Market is being driven by Rising penetration of high-performance vehicles

The Automotive Suspension Member Market is expected to grow at a CAGR of 6.46% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4148.61 million. In the automotive industry, there is a growing focus on producing lighter vehicles that reduce emissions and improve fuel efficiency. To achieve this, manufacturers are replacing heavier systems and components with lighter alternatives, such as electronic systems and components made of lightweight materials like composite plastics, carbon fiber, and glass-reinforced plastics. The suspension system, which significantly contributes to a vehicle's curb weight, is a key area of interest for weight reduction. Consequently, suspension members are being designed using these advanced materials to minimize weight while maintaining optimal performance. This trend towards lightweighting is driving technological advancements in various automotive systems, including suspension systems. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • OEM
  • Aftermarket
• Application
  • PC
  • LCV
  • M and HCVs
• Material Type
  • Steel
  • Aluminum
  • Composite
• Component Specificity
  • Control Arms
  • Chassis Frames
  • Struts
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising penetration of high-performance vehicles
• Increasing focus on improving vehicle handling
• Development of electric vehicles

However, the market also witnesses some limitations, which are as follows:

• Increased incidence of suspension-related recalls
• Lack of related government standards and regulations in manufacturing automotive suspension member
• Sharp decline in automobile production and sales

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Market Scope in Automotive Suspension Member Market Research Report

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Research Analysis Overview

The Automotive Suspension Member Market encompasses components that ensure vehicle safety and stability through elements like damping, stiffness, calibration, and geometry. These members offer comfort, handling characteristics, and NVH performance via hydraulic, semi-independent, and semi-active systems. Lightweight construction and chassis design are essential for optimization, while handling, stability, and acoustic comfort are improved through tuning. Digital transformation brings smart electrics, artificial intelligence, connected solutions, predictive maintenance, and upgrades to enhance performance, safety, and mobility solutions. Alternative fuels and off-road performance are also catered to in this market, offering cost-effective solutions.

Market Research Overview

The global automotive suspension member market is a significant segment of the larger automotive parts and equipment market, which encompasses businesses producing components and accessories for various automotive categories, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Technavio estimates the size of the global automotive components and equipment market based on the combined revenues of its constituent manufacturers. Factors fueling market expansion include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and infotainment systems, resulting from the increasing sales of EVs, PCs, and other vehicle types. Additionally, advancements in automotive lightweight materials, like aluminum and carbon fiber, and the integration of passive suspension systems, air compressors, and connected alarm systems, contribute to market growth. Shock absorbers, a crucial suspension component, are also experiencing significant demand due to their role in enhancing vehicle handling and reducing cabin vibrations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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