Automotive suspension consists of springs, shock absorbers, struts, control arms, and ball joints that connect the vehicle to the wheel, allowing relative motion between the two. The geometry and system for designing suspension are determined by wheel camber, hub castor, vehicle toe, and control arm king pin inclination. Suspensions aid to keep the vehicle's tires in contact with the road while driving, lowering shocks and preserving the vehicle and its cargo from damage or wear. Additionally, it protects the vehicle from high-frequency vibrations induced by tyre excitation.
According to SPER Market Research, ‘South Korea Automotive Suspension Market Size –By System, By Suspension Type, By Component, By Vehicle Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Automotive Suspension Market is estimated to reach USD XX billion by 2033 with a CAGR of 3.55%.
Drivers: The South Korean automobile suspension device sector is being driven by increased consumer demand for comfort and a better driving experience. Suspension systems in passenger vehicles are crucial for pleasant rides and vehicle stability because they absorb road shocks and reduce their impact on passengers. As South Korea's automobile industry expands, manufacturers are focused on novel suspension technology to suit the demands of today's drivers. Adaptive and semi-active suspension systems are becoming increasingly popular for improved handling and ride quality. Furthermore, the emphasis on fuel efficiency and emissions reduction is accelerating the development of lighter, more efficient suspension components.
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Restraints: The market's expansion is hampered by high capital and suspension costs, as well as a paucity of raw materials. Businesses find it difficult to invest in technology and develop unique products for the market due to the high capital expenses connected with research and development. The high cost of producing and building complex suspension systems contributes to the affordability issue, lowering consumer demand. One factor inhibiting the growth of this market is the high cost of these systems. Because suspensions are pricey, the cars' prices rise. Furthermore, a scarcity of raw materials boosts system costs, delays production, and disrupts the supply chain, all of which stifle market growth.
The COVID-19 pandemic disrupted supply chains and resulted in shortages of raw materials and components, which had an impact on the market. Businesses' manufacturing costs went up as a result of operating under safety regulations meant to avert a coronavirus outbreak and the rising cost of supplies. To increase sales, major corporations switched to expanding e-commerce platforms and concentrated on creating suspension systems for electric and hybrid cars.
The South Korean automotive suspension market is dominated by the Seoul Capital Area. Being the most industrially developed and heavily inhabited region, it is home to important suppliers, manufacturers, and research facilities for the automobile industry, which helps to drive the market's expansion. The prominent competitors in this market include Mando Corp, HYUNDAI TRANSYS Inc, Hyundai Mobis Co., Ltd, ZF Friedrichshafen AG, Continental AG, and Others.
South Korea Automotive Suspension Market Segmentation:
By System: Based on the System, South Korea Automotive Suspension Market is segmented as; Passive System, Semi-Active/Active System.
By Suspension Type: Based on the Suspension Type, South Korea Automotive Suspension Market is segmented as; Hydraulic Suspension, Air Suspension.
By Component: Based on the Component, South Korea Automotive Suspension Market is segmented as; Spring, Shock Dampener, Air compressor, Struts, Others.
By Vehicle Type: Based on the Vehicle Type, South Korea Automotive Suspension Market is segmented as; Passenger Vehicle, Two-Wheeler, Commercial Vehicle, Others.
By Region: This research also includes data for Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region).
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