A suspension works on the force dissipation principle, which involves converting force into heat and so decreasing the effect that force would have caused. This is performed with the use of springs, dampers, and struts. The energy is stored in a spring and subsequently converted into heat via a damper. In a suspension system, a spring absorbs the energy produced when the vehicle encounters a bump. A spring or coil may compress any type of force and transform it into energy. Many factors influence how much energy a spring can hold. The spring's length, material, and spring coefficient are all examples, but they are not exhaustive.
South Korea Automotive Suspension Market Driving Factors and Challenges
Driving Factors- The South Korean vehicle suspension device industry is being pushed by rising consumer demand for comfort and an improved driving experience. Suspension systems in passenger vehicles are critical to providing smooth rides and vehicle stability by absorbing road shocks and minimising their impact on passengers. As South Korea's automotive business grows, manufacturers are focussing on innovative suspension technology to meet the needs of today's drivers. Adaptive and semi-active suspension systems are becoming increasingly popular, providing better handling and ride quality. Furthermore, the focus on fuel efficiency and emissions reduction is driving the development of lighter, more efficient suspension components.
Challenges-
The market's growth is hindered by high capital and suspension costs as well as a shortage of raw materials. It is challenging for businesses to invest in technology and create novel items for the market because of the high capital costs associated with research and development. The problem of affordability is also brought about by the high cost of producing and building sophisticated suspension systems, which reduces consumer demand. One thing impeding the growth of this market is the high cost of these systems. The price of the cars goes up since suspensions are expensive. In addition, the lack of raw materials raises system costs, delays production, and disrupts the supply chain, all of which impede market expansion.
Impact of COVID-19 on South Korea Automotive Suspension Market
The COVID-19 pandemic affected the market by causing supply chain interruptions and component and raw material shortages. Manufacturing expenses increased for businesses due to the cost of materials and operating under safety requirements designed to prevent a coronavirus epidemic. Major companies shifted to growing e-commerce platforms and focused on developing suspension systems for electric and hybrid vehicles in order to boost sales.
South Korea Automotive Suspension Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Mando Corp, HYUNDAI TRANSYS Inc, Hyundai Mobis Co., Ltd, ZF Friedrichshafen AG, Continental AG, ThyssenKrupp AG, Marelli Holdings Co., Ltd, Benteler International AG.
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).
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.