Increasing demand for suspension systems that reduces wear and tear on vehicle components is a key factor driving suspension tuning market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, June 21, 2022 /EINPresswire.com/ — 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 latest analysis by Emergen Research. Rapid advancements in existing vehicle technologies, as well as significant investments by prominent market participants are key factor 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.
Our experienced market research team has provided updated information on the ongoing COVID-19 pandemic and its adverse economic impact in the latter segment of the report. The coronavirus outbreak has led to drastic changes in the current Suspension Tuning business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Suspension Tuning market growth assessed on both regional and global levels.
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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.
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Leading Players Profiled 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.
One of the report’s central components is the broad Suspension Tuning market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Suspension Tuning market players.
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Emergen Research has segmented the global suspension tuning market based on architecture, component, vehicle type, distribution channel, and region:
• Architecture Outlook (Revenue, USD Billion; 2019-2030)
o Double Wishbone Suspension
o Multi-Link Suspension
o Rigid Axle Suspension
o Macpherson Suspension
o Air Suspension
• Component Outlook (Revenue, USD Billion; 2019-2030)
o Shock Absorber
o Control Arm
o Rubber Bushing
o Leaf Spring
o Sway Bar
o Ball Joint
• Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
o Luxury Cars
o Commercial Vehicles
o Sports Cars
o Passenger Vehicles
• Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
• Regional Outlook (Revenue, USD Billion; 2019-2030)
o North America
7. Rest of Europe
o Asia Pacific
4. South Korea
5. Rest of APAC
o Latin America
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
3. South Africa
5. Rest of Middle East & Africa
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Key questions addressed in the report:
• What are the key factors driving the global Suspension Tuning market?
• Who are the key manufacturers in this market space?
• Who are the distributors, traders and dealers of this market?
• What are the market opportunities and risks affecting the performance of the vendors in the global Suspension Tuning market?
• What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Suspension Tuning Market Size Worth USD 56.65 Billion in 2030
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