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Advanced Suspension Control System Market Synopsis
The Advanced Suspension Control System Market is projected to grow from USD 13856.47 Million in 2021 to USD 23472.1 Million by 2032, exhibiting a compound annual growth rate (CAGR) 8.4% during the forecast period (2023 - 2032). An advanced suspension control system can decelerate the sprung mass's speed constantly and minimize the suspension deflection, thereby improving the traction on-road and enhancing vehicle maneuver. An advanced suspension control system is one of the essential suspension technologies adopted by key manufacturers. The vehicle's advanced suspension control system has a powerful impact on the stability, handling, durability, and driving capability of any vehicle, depending on the terrain. Such factors will lead to the growth of the advanced suspension control system market in the coming years.
The significant factors that impact the growth of the advanced suspension control system market are an increase in suspension systems in luxury & sports cars and an increase in the use of electronic components in vehicles with rapid technological advancements. However, massive expenditure for repair & replacement and lack of standardization in manufacturing such systems hamper the growth of the advanced suspension control system market. Furthermore, a rise in awareness of safety & comfort among customers and an increase in demand for electric & connected cars are expected to fuel the growth of the advanced suspension control system market.
The advanced suspension control system market is majorly being driven by the increase in use of such systems in luxury and sports cars. These systems have the capability of adapting to both vehicle’s leveling and damping characteristics, which further help in improving the car comfort, handling performance and driving safety. The growth of this advanced suspension control system market will also be driven by the increase in use of electronics in vehicles, the rapid technological advancements for development of advanced suspension control systems, growth in the sales of automobiles, and poor road/highway infrastructure in developing nations. The automotive governing councils and institutions in various developing and developed nations have enforced strict regulatory norms, which are driving the need for use of lightweight materials in vehicles. This results in a decrease in the number of moving parts in the system, thereby leading to the adoption of energy-efficient, advanced suspension technologies by the automotive industry.
Advanced Suspension Control System Market Key Players:
The prominent players in the advanced suspension control system market include Continental AG (Germany), ThyssenKrupp AG (Germany), Infineon Technologies AG (Germany), and BWI Group (China). The Mando Corporation (South Korea), Lord Corporation (U.S.), Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), Magneti Marelli S.p.A (Italy), and Hitachi Automotive Systems (Japan) are among others.
Recent Developments
The increase in the luxury system in cars and demand for sports cars has resulted in the increased demand for suspension systems. It is attributed to the fact that suspension systems decelerate the speed of the sprung mass constantly and improve the traction on the road. Therefore, the increase in demand for sports cars leads to the growth of the advanced suspension control system market.
The introduction of stringent safety norms and increased electronic components' implementation in vehicles have made the market highly competitive. Vendors focus on developing lightweight and ride enhancing technologies, thereby leading to the market's growth. Moreover, manufacturers are also setting up facilities worldwide for the development of products. These factors are expected to drive the growth of the advanced suspension control system market shortly.
However, the growth of this advanced suspension control system market is expected to be restrained by factors such as huge expenditures for repair and replacement, introduction of strict government regulations, and lack of standardization for manufacturing of such systems.
Advanced Suspension Control System Market Segments
Advanced Suspension Control System Market Regional Analysis
Geographically, the global advanced suspension control system market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. Amongst all regions, Europe is expected to dominate the growth of the market owing to the existence of a large number of luxury vehicle manufacturers in the region. The existence of major advanced suspension control system manufacturers in the region such as Infineon Technologies AG, ThyssenKrupp AG, and Continental AG is expected to drive the growth of the region over the forecast period. Availability of modern infrastructure facilities and the boom in demand for automobiles are further driving the growth of the market.
The report for Global Advanced Suspension Control System Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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