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Automotive Silicone Market Growth Projections and Opportunities
A vehicle's suspension system is like a bunch of mechanical parts that connect the wheels to the main frame or body of the vehicle. People who design cars spend a lot of time working on these suspension systems to make sure that when you ride in a car, it feels smooth and safe. Most new cars have a suspension system that helps to make the ride comfortable and prevent the car from bouncing too much.
The market for these suspension systems is pretty big, valued at about USD 49,595.31 million in 2020. It's expected to grow by 5.5% every year from 2021 to 2027. There are different types of suspension systems, like active, semi-active, and passive ones. They work in different ways to make sure the ride is just right for the driver and passengers.
But, there are some challenges. The rules and standards for making these suspension systems are not the same everywhere, which can slow down the growth of the market. On the other hand, new and lighter materials and the need for special suspension systems for electric and hybrid cars could open up new opportunities for companies in this market.
The market is divided into different regions like North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Different types of vehicles, like passenger cars, commercial vehicles, electric vehicles, and two-wheelers, also play a role in this market. There are different ways people can buy these systems, either when the car is first made (OEM) or later on as an upgrade (aftermarket).
As we look ahead, we can expect more advancements and changes in the world of automotive suspension systems, all aimed at making our rides safer, smoother, and more comfortable.
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 6.88% 2030 |
Automotive Silicone Market Highlights:
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