APAC suspension systems market to register 2.5% CAGR over 2023-28, forecasts GlobalData

Suspension systems are becoming increasingly important for automobile manufacturers and suppliers to provide enhanced driving experiences and vehicles that are well-equipped to handle the challenges of any region, with a focus on safety, comfort, and sustainability. Against this backdrop, the automotive suspension systems market in Asia-Pacific (APAC) is forecast to register a compound annual growth rate (CAGR) of 2.5% over 2023-28, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report “Global Sector Overview & Forecast –  Suspension Systems,” reveals that APAC’s automotive steering systems market is estimated to reach 220.4 million units in 2028 from 195.1 million units in 2023.

Lucy Tripathi, Senior Automotive Senior Analyst at GlobalData, comments: “Suspension systems are essential to ensuring that cars can handle a range of road conditions and driver preferences as the automotive industry pushes the limits of innovation. Manufacturers and suppliers are putting in a lot of effort to create innovative solutions that provide an enhanced driving experience.

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Materials like steel or alloys of steel, such as carbon and stainless steel, are used to make conventional suspension components. In contrast to other materials, these materials are less strong and heavier. Consequently, the development of lightweight automotive materials like carbon fiber, titanium alloys, and aluminum is taking place due to technological advancements in the automotive industry. Owing to their enhanced qualities — such as low weight, high specific stiffness, corrosion resistance, capacity to form complex shapes, high specific strength, and high impact energy absorption —these materials are utilized in the production of suspension components.

Tripathi concludes: “Furthermore, the automotive industry is anticipated to heavily adopt lightweight materials because of the increase in demand for fuel-efficient vehicles and the introduction of stricter vehicle emission regulations, which are anticipated to present profitable growth prospects for the automotive suspension market’s expansion soon.”


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