South Korea Automotive Suspension Market Outlook
According to the report by Expert Market Research (EMR), the South Korea automotive suspension market size is projected to grow at a CAGR of 3.3% between 2024 and 2032. Aided by the technological advancements in automotive designs and the rising demand for a comfortable and safe driving experience, the market is expected to grow significantly by 2032.
Automotive suspension, a crucial component of the automobile industry, pertains to the system of tires, tire air, springs, shock absorbers, and linkages connecting a vehicle to its wheels. It serves dual functions: ensuring optimal vehicle handling and braking for active safety and driving pleasure, and keeping passengers comfortable by minimising noise, bumps, and vibrations. Advanced suspension systems are integral to modern-day vehicles, from daily commuting cars to high-performance sports cars and heavy-duty trucks.
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Several factors contribute to the South Korea automotive suspension market growth. First, the country’s strong emphasis on technological innovations in the automotive sector ensures continuous advancements in suspension systems. With increased R&D, manufacturers are focusing on developing lightweight and more durable suspension components, which can effectively reduce the vehicle’s overall weight, ensuring better fuel efficiency and performance.
As per the South Korea automotive suspension market analysis, South Korea’s booming automotive industry, which houses giants like Hyundai and Kia, has seen substantial growth in domestic car sales and exports. As these brands aim for global prominence, there’s a heightened focus on integrating top-notch suspension systems to cater to the demands of international consumers who prioritise safety and driving comfort.
Additionally, the rise in consumer demand for electric vehicles (EVs) in South Korea necessitates the development of specialised suspension systems, further propelling the South Korea automotive suspension market demand. With EVs having distinct weight distribution due to heavy batteries, suspension systems need to adapt to maintain ride comfort, handling, and safety. The surge in EV production and adoption further drives the automotive suspension market in the region.
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The growing trends towards autonomous vehicles also bring attention to the automotive suspension sector. As self-driving cars become more prevalent, the need for reliable and efficient suspension systems becomes paramount, which contributes to the South Korea automotive suspension market size. These vehicles, given their automated nature, will require suspension systems that can instantly adapt to road conditions, ensuring passenger safety and comfort.
South Korea Automotive Suspension Market Segmentation
The market can be divided based on system, suspension type, component, vehicle type, and provinces.
Market Breakup by System
- Passive System
- Semi-Active/Active System
Market Breakup by Suspension Type
- Hydraulic Suspension
- Air Suspension
Market Breakup by Component
- Spring
- Shock Dampener
- Air compressor
- Struts
- Others
Market Breakup by Vehicle Type
- Passenger Vehicle
- Two-Wheeler
- Commercial Vehicle
- Others
Market Breakup by Provinces
- North Chungcheong
- South Chungcheong
- Gangwon
- Gyeonggi
- North Gyeongsang
- South Gyeongsang
- North Jeolla
- South Jeolla
- Jeju Special Self-Governing Province
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the South Korea automotive suspension market. Some of the major players explored in the report by Expert Market Research are as follows:
- HYUNDAI TRANSYS Inc.
- Hyundai Mobis Co., Ltd.
- ZF Friedrichshafen AG
- Continental AG
- Mando Corporation
- ThyssenKrupp AG
- Marelli Holdings Co., Ltd.
- Benteler International AG
- Others
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