LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive double wishbone suspension system market to grow at a CAGR of over 3% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive double wishbone suspension system market into the following applications (SUVs, MPVs and pickup truck, high-performance vehicles, and ATVs) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the rising preference for SUVs as a key factor contributing to the growth of the global automotive double wishbone suspension system market:
Rising preference for SUVs
The suspension systems, which are incorporated in SUVs are characterized by the ability to absorb heavy loads. At present, a double wishbone suspension system is considered the most economical and functional system in the market, which enhances the performance of SUVs. Occasionally, SUVs are used for off-road applications as well. Therefore, incorporation of effective suspension systems holds the key to regulating the performance and driving dynamics of an SUV. Vehicles such as SUVs are characterized by large platform areas. This implies that these vehicles provide enough space to accommodate double wishbone suspension systems. The increasing preference for SUVs suggests a corresponding growing demand for double wishbone suspension systems.
According to a senior analyst at Technavio for automotive components, “SUVs are high-power vehicles that are characterized by expanded seating capacities and improved ground clearance. They are majorly employed in off-road conditions. The Americas is considered the market leader in the global SUV market. The dominance of the market can be credited to low fuel prices and technological advancements. Besides, SUVs and crossover SUVs are increasingly preferred in Europe because of the increased safety features, improved road view, and increased passenger seating capacities. In Europe, the luxury SUV segment is expected to witness increased demand during the forecast period.”
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Global automotive double wishbone suspension system market segmentation
Among the various applications, the SUV segment was the most dominant segment of the global automotive double wishbone suspension system market in 2017, with a market share of more than 81%.
The demand for double wishbone suspension systems is high in the European and American countries due to the increased focus on vehicle performance. The Americas is the market leader in the global double wishbone suspension system market. The Americas market is followed by APAC. Lately, R&D initiatives in the global double wishbone suspension system market concentrate on cost-effective technologies.
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