suspension device industry. The demand for passengers and luxury
cars has been rising with the increase in population and the rise in
disposable income with the people. The demand for commercial
vehicles has also been increasing due to rapid industrialisation in
China. All of it has resulted it boosting the automotive suspension
device market. The passenger cars dominate the suspension device
market and are expected to continue to be the largest contributor. The
electromagnetic suspension system is experiencing an expansion in
demand despite its high price as it provides better control and ride
quality than hydraulic suspension system.
The competition between firms is moderate with few large firms. The
major companies that manufacture suspension devices are
MagnetiMarelliS.p.A, Mando Corp., Tenneco Inc., TRW Automotive
Holdings Inc., BWI Group, Continental, KYB, Multimaticand
SANLUISRassini. These companies have been investing more in
research and development in an effort to improve their products and
to import new technologies. The companies also have been committed
in expanding their consumer base by improving the overall consumer
experience by providing soothe and safety. There has been focus on
making the journey smooth and safe with better ride control
performance. The companies have been signing long-term contracts
with the suppliers to maintain their quality and cost of raw materials.
The companies have been trying to develop new technologies for
suspension and the recent innovation in the industry is the electrical
generator suspensions. These suspension systems not only help in
minimising shocks to the vehicle but also provide energy for some
functions of the vehicle. Even though the technology is in its initial
phase, its demand is likely to increase at a fast pace because of the
dual purpose it serves. The luxury and ultra-luxury cars are now
increasingly using air suspensions, which increase the revenue of the
suspension device industry. The industry is characterised by a lack of
standardisation, which sometimes leads to poor quality suspensions
being produced. The price of independent suspension systems is high
which further restricts the intensification of the industry. The active
suspension system, which controls the vertical movements in the
vehicle, has a high price and requires frequent maintenance costs.
This also hinders the growth of this segment.