About this market
Vehicle makers specifically design high-performance vehicles with advanced features and composite materials to withstand the increased pressure of high-speed driving and offer superior handling. The systems and components used on a high-performance vehicle, especially suspension systems, are designed to offer improved vehicle handling. Hence, the rising demand for high-performance vehicles will drive the global automotive suspension member market in terms of materials and additional features used in the suspension system. The rising sales of high-performance vehicles will be a major driving force for the global automotive suspension members market. analysts have predicted that the automotive suspension member market will register a CAGR of almost 4% by 2023.
Market Overview
Development of electric vehicles
The progressing global electric vehicle market is having a major impact on the automotive manufacturing sector, driving the market of automotive suspension member in terms of technology. The development of electric vehicle generates the need for different systems and components that drive suspension manufacturers to develop newer types of automotive suspension members compatible with the electric vehicle chassis.
Lack of related government standards and regulations
The lack of proper government-implemented standards and regulations is causing the technological development in automotive suspension member market to be slow during the forecast period. The growing competition in different vehicle segments is pushing automotive manufacturers to offer differentiating systems or features to increase the value proposition, especially in top-end vehicles. However, a lack of systemized regulations or standards for vehicle suspension will prove to be a significant challenge for the global automotive suspension member market.
For the detailed list of factors that will drive and challenge the growth of the automotive suspension member market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.