Overview and Scope
The advanced suspension control system refers to the system that consists of various components that provide driving comfort by delivering a sense of stability and reassurance and is used to raise or lower the height of the vehicle to enhance ride comfort, road handling, and stability. They are also used to smooth the ride and to keep the car under control during the ride.
Sizing and Forecast
The advanced suspension control system market size has grown rapidly in recent years. It will grow from $14.5 billion in 2023 to $16.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in demand for luxurious sports cars, increased sales of hybrid electric vehicles (hevs) and increase in infrastructure development.
The advanced suspension control system market size is expected to see rapid growth in the next few years. It will grow to $24.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the growing demand for electric vehicles, increasing automobile production, rapid urbanization and rising government support. Major trends in the forecast period include launching new chassis suspension systems to enhance vehicle performance, development of cost-effective ride height and suspension leveling systems, launch of new intelligent suspension products to enhance vehicle ride comfort, development of glass fiber suspension springs as lightweight alternatives, development of innovative suspension technologies, development of semi-active rear axle suspension systems to improve performance and integration of smarter and safer suspension systems for better experiences.
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Segmentation & Regional Insights
The advanced suspension control system market covered in this report is segmented –
1) By Product Type: Semi-Active Suspension System, Active Suspension System, Other Product Types
2) By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle, HCV (Heavy Commercial Vehicle), Other Vehicle Types
3) By Sales Channel: OEMs, Aftermarket
North America will be the largest region in the advanced suspension control system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced suspension control system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growth in the automotive industry is expected to propel the growth of the advanced suspension control system market going forward. The automotive industry refers to a wide range of businesses and organizations that are involved in the design, development, manufacture, marketing, sale, and distribution of automobiles. An advanced suspension control system is necessary to be implanted in the vehicle to support the weight of all mounted elements and provide stability to the vehicle. For instance, in May 2022, according to the India Brand Equity Foundation, an Indian government export promotion agency, the total automobile industry sales in terms of units in India increased by 5.8% to reach 18.49 million units in 2021, as compared to the sales of 17.47 million units in 2020. Furthermore, according to the Alliance for Automotive Innovation, a US-based trade association, automotive sales will increase by 14 million units in 2020. Therefore, growth in the automotive industry is driving the growth of the advanced suspension control system market.
Key Industry Players
Major companies operating in the advanced suspension control system market report are Continental AG, Tenneco Inc, ZF Friedrichshafen AG, Hitachi Inc, Thyssenkrupp AG, Magneti Marelli S.P.A, KYB Corporation, The Mando Corporation, BWI Group, Hendrickson Holdings L.L.C., Gabriel India Limited, Duroshox Private Limited, Tata AutoComp Systems Limited, Mando Automotive India Private Limited, Showa Corporation, Faurecia, Bosch, CIE Automotive, Grupo Antolin, Delphi Technologies, KYB Europe GmbH, Trelleborg Automotive Czech Republic s.r.o., Boge Elastmetall CZ s.r.o., Magna International, Multimatic, Rassini, Pirelli, BYD Co. Ltd., HL Mando, Penske Racing Shocks.
The advanced suspension control system market report table of contents includes:
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