The suspension system in automotives is an imperative part of the vehicle. It reduces the intensity of shocks to the automobile and helps the vehicle move smoothly by keeping it in constant contact with the ground, regardless of the contours. The system also protects the vehicle from damage by keeping the vehicle steady. Shock absorbers, springs, struts, control arm and ball joints are the major components of a suspension system. The most important part of a suspension system is the springs. Springs can be categorised as coil springs, leaf springs and torsion bars. Light coil springs are used in most of the passenger vehicles, coil and leaf springs are used in light commercial vehicles and leaf springs or air suspensions are used majorly in heavy commercial vehicles.
According to the market research report "Global and China Automotive Suspension Device Market Research Report Forecast 2017 to 2022", the automotive market has been growing rapidly in the recent years and hasbecome the major driving force for growth of suspension device industry. The demand for passengers and luxury cars has been rising with the increase in population and the rise in disposable income with the people. The demand for commercial vehicles has also been increasing due to rapid industrialisation in China. All of it has resulted it boosting the automotive suspension device market. The passenger cars dominate the suspension device market and are expected to continue to be the largest contributor. The electromagnetic suspension system is experiencing an expansion in demand despite its high price as it provides better control and ride quality than hydraulic suspension system.
The competition between firms is moderate with few large firms. The major companies that manufacture suspension devices are MagnetiMarelliS.p.A, Mando Corp., Tenneco Inc., TRW Automotive Holdings Inc., BWI Group, Continental, KYB, Multimaticand SANLUISRassini. These companies have been investing more in research and development in an effort to improve their products and to import new technologies. The companies also have been committed in expanding their consumer base by improving the overall consumer experience by providing soothe and safety. There has been focus on making the journey smooth and safe with better ride control performance. The companies have been signing long-term contracts with the suppliers to maintain their quality and cost of raw materials.
The companies have been trying to develop new technologies for suspension and the recent innovation in the industry is the electrical generator suspensions. These suspension systems not only help in minimising shocks to the vehicle but also provide energy for some functions of the vehicle. Even though the technology is in its initial phase, its demand is likely to increase at a fast pace because of the dual purpose it serves. The luxury and ultra-luxury cars are now increasingly using air suspensions, which increase the revenue of the suspension device industry. The industry is characterised by a lack of standardisation, which sometimes leads to poor quality suspensions being produced. The price of independent suspension systems is high which further restricts the intensification of the industry. The active suspension system, which controls the vertical movements in the vehicle, has a high price and requires frequent maintenance costs. This also hinders the growth of this segment.
Topics Covered in the Report
China Automotive Suspension Device Market Research Report
China Automotive Suspension Device Market Size
China Automotive Suspension Device industry
China Automotive Suspension Device Trade Market
China Automotive Suspension Device Retail Market
China Automotive Suspension Device Production Output
China Automotive Suspension Device Import Volume
China Automotive Suspension Device Export Volume
China Automotive Suspension Device Market Future Outlook
China Automotive Suspension Device Market competition
China Automotive Suspension Device Market share
China Automotive Suspension Device Market future
China Automotive Suspension Device Market trends
China Automotive Suspension Device Market growth
China Automotive Suspension Device Market analysis
China Automotive Suspension Device Market
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Ankur Gupta, Head Marketing & Communications