Suspension Tuning Market Forecast to 2030
The Global Suspension Tuning Market research report is a complete document that explains the most recent breakthroughs and advancements in the Suspension Tuning industry, using 2019 as the base year and 2022–2030 as the forecast year. The analysis offers insightful data on the market’s size, share, sales channels, distribution networks, market segmentation, consumer demands and trends, and growth prospects. The expansion of regional and global markets is also examined in the study. In the paper, the effect of the COVID-19 pandemic on the market for Suspension Tuning and its important sectors is studied.
The global suspension tuning market size was USD 42.90 billion in 2021 and is expected to register a revenue CAGR of 3.1% during the forecast period, according to the latest analysis by Emergen Research. Rapid advancements in existing vehicle technologies, as well as significant investments by prominent market participants, are key factors driving market revenue growth.
Suspension tuning is a rigorous process that involves modifying various internal components of a vehicle’s suspension system to improve its performance. For example, off-road vehicles are typically tuned to have longer suspension and larger tires to ride more smoothly over obstacles. In addition, low-riders, on the other hand, are frequently outfitted with hydraulic suspensions that allow the height of each wheel to be quickly adjusted. Installing stiffer and sway bars, which act like stiffer springs to improve cornering and handling, is another method of tuning a vehicle’s suspension to achieve better balance. Moreover, strut bars can also be added to improve body stiffness and aid in the maintenance of proper suspension during cornering. Furthermore, adjusting the front and back axles separately can help further customize the suspension.
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The global Suspension Tuning market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Suspension Tuning industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
Continental AG, FOX Factory, Inc., ANAND Group India, Hendrickson USA, L.L.C., KYB Corporation, Mando Corporation, Sogefi SpA, Tenneco Inc., ZF Friedrichshafen, Duroshox, Hitachi Astemo Americas, Inc., and Marelli Holdings Co., Ltd
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Some Key Highlights From the Report
The air suspension segment accounted for a significant revenue share in 2021. Increasing demand for suspension systems that aid in providing added stability, particularly during heavy-duty driving, is a key factor driving growth in this segment. In addition, increasing demand for air suspension can be attributed to its ability to reduce harshness and vibration. Furthermore, air suspension systems compensate for road potholes, uneven surfaces, and speed bumps by allowing vehicles to glide easily over the road surface.
The shock absorber segment accounted for a significant revenue share in 2021. Increasing consumer demand for electric and self-driving vehicles in various regions is a key factor driving this segment’s growth. Electric vehicles are powered and accelerated by renewable energy sources. As a result, Original Equipment Manufacturers (OEMs) are investing heavily in shock absorbing technologies that aid in converting kinetic energy and heat generated by conventional shock absorbers and effectively converting it into electricity. This improves vehicle’s performance while also increasing its mileage. Furthermore, rising demand for shock absorbers can be attributed to various cost-effective products offered by aftermarket providers. Factory shock absorbers are typically set up for stock ride height, which can be an issue when taking vehicles off-road. However, aftermarket shock absorbers give users more wiggle room when cruising over rocks and trees.
The commercial vehicles segment accounted for a moderate revenue share in 2021. Rising partnerships and greater emphasis on optimizing vehicle performance are important factors driving this segment’s revenue growth. Commercial vehicles are an essential part of today’s transportation network, accounting for vast majority of freight transport worldwide. As a result, demand for improved ride comfort and safety in these vehicles is critical. In addition, major automotive manufacturers are making significant investments to improve vehicle stability. Moreover, OEMs are focusing on developing suspension parts that are more reliable and last longer.
The aftermarket segment accounted for a moderate revenue share in 2021. Increasing demand for low-cost suspension system components is a major factor driving this segment’s revenue growth. For example, suspension components, such as shock absorbers, are in high demand. In any driving situation, aftermarket shock absorbers improve handling at high speeds. In addition, majority of shock absorbers in the market are adjustable. As a result, user can tune according to their preferences. Moreover, high-quality aftermarket shocks may be more durable than stock shocks.
The Europe market accounted for second-largest revenue share in 2021. Stringent vehicle safety regulations enacted by governments in various countries is a crucial factor driving market growth in this region. Suspension tuning excels in improving vehicle safety and enables drivers as well as passengers to enjoy the ride more comfortably. Germany accounted for largest regional share due to increasing prevalence of prominent automotive manufacturers such as Audi, BMW, Mercedes, and others. These manufacturers are increasingly incorporating high-performance and advanced suspension systems to improve their vehicle performance and also offer their prospective consumers various customization options.
The report bifurcates the Suspension Tuning market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Architecture Outlook (Revenue, USD Billion; 2019-2030)
Double Wishbone Suspension
Rigid Axle Suspension
Component Outlook (Revenue, USD Billion; 2019-2030)
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
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