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The automotive industry is continuously working towards developing better and safer vehicles with advanced technologies. This focus on superior quality products aims to address concerns related to passenger safety and comfort. However, the global market is highly competitive, and there is a growing demand for electronically controlled suspension systems in vehicles. As a result, there is an increased investment in the development of new and improved products. This shift in focus towards safety and comfort is expected to have a significant impact on the industry in the coming years, with the level of importance given to these factors expected to increase from moderate to high during the forecast period.
In addition to safety benefits, the comfort aspect of adaptive suspension systems cannot be overlooked. Driving on bumpy and uneven roads can cause discomfort and fatigue, affecting the overall driving experience. Adaptive suspension systems help minimize these effects by adjusting the suspension settings according to the road conditions, providing a more pleasant and comfortable ride. This is especially important for long journeys or when driving in areas with poor infrastructure.
The continuous advancements in suspension technologies, driven by the need for improved safety and comfort, are expected to contribute to the growth of the automotive industry. Manufacturers and suppliers are investing in research and development to introduce innovative solutions that can further enhance the performance and capabilities of adaptive suspension systems. This includes integrating these systems with other advanced technologies like autonomous driving features, creating a more intelligent and efficient driving experience.
In conclusion, the increasing number of road accidents and injuries worldwide has raised concerns about the safety and comfort of vehicles. High-quality shock absorbers and suspension systems, particularly adaptive suspension systems, play a vital role in ensuring a safe and comfortable driving experience. The sales of passenger vehicles and premium cars, which rely on advanced suspension technologies, are increasing in developing countries. Leading automotive suppliers are actively providing suspension technologies to OEMs to withstand the challenges posed by bad road conditions. The Multi-Tuned Valve (MTV) suspension technology is an example of an innovative solution that offers flexibility in tuning vehicle ride characteristics. These advancements in suspension technologies not only improve safety but also enhance comfort, contributing to a better overall driving experience. With continued research and development, the automotive industry will witness further improvements in adaptive suspension systems, leading to safer and more comfortable vehicles on the road.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Technology, Actuation Type and Vehicle Type |
Automotive Adaptive Suspension System Market Highlights:
Automotive Adaptive Suspension System Market Overview
Automotive Adaptive Suspension System Market in terms of value is estimated to reach a value of USD 6,452 Million by 2032, registering a 8.70% CAGR during the forecast period.
The automotive adaptive suspension system is a system that actively controls the vertical movement of the wheels corresponding to the vehicle chassis (vehicle’s body) through a computer-controlled system. It offers a better refined and smooth riding experience. This system detects the vehicle body movement with the help of an onboard computer using many sensors installed on the vehicle body. The automotive adaptive suspension system market is driven by factors such as a rise in concerns regarding safety and comfort in vehicles and demand for advanced suspension technologies in commercial vehicles & premium high-end vehicles. However, the high cost of the suspension system & its installation in the aftermarket is expected to restrain the market growth. The demand for adaptive suspension systems for electric & hybrid vehicles and the use of cost-effective & lightweight materials are likely to create opportunities for the market players.
Segmentation
Global Market for Automotive Adaptive Suspension Systems has been segmented based on Technology, Actuation Type, and Vehicle Type.
Based on technology, the global market has been divided into semi-active suspension systems and active suspension systems. In 2019, the active suspension systems segment accounted for the larger market share of 62.07%, with a market value of USD 27,084.2 million. It is projected to register a 13.98% CAGR during the projected timeframe.
Based on actuation type, the global market has been segmented into hydraulic systems, electromagnetic systems, solenoid valve systems, and others. In 2019, the hydraulic systems segment accounted for the largest market share of 44.46%, with a market value of USD 19,397.5 million. It is projected to register a 12.40% CAGR during the projected timeframe.
Based on vehicle type, the global market has been segmented into passenger vehicles and commercial vehicles. In 2019, the passenger vehicles segment accounted for the larger market share of 66.31%, with a market value of USD 28,934.7 million. It is projected to register a 12.41% CAGR over the forecast period.
Regional Analysis
Based on region, the report on the automotive adaptive suspension system market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Key Competitors
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Continental AG, ZF Friedrichshafen AG, Mando Corp., Thyssenkrupp AG, Infineon Technologies AG, and Schaeffler AG are a few of the key players operating in the global market.
Global Automotive Adaptive Suspension System Market, by Region, 2019
Source: MRFR Analysis
The growth of the auto component manufacturing industry in Asia-Pacific is mainly driven by the growing automobile manufacturing industry, especially in countries such as China, India, and Malaysia. Due to this, the global automotive component manufacturers have established their production plants and distribution networks in Asia-Pacific. The aftermarket industry for wear and tear components and other related products accounted for nearly half of the total automotive aftermarket component sales in the region.
Europe comprises Germany, France, the UK, Italy, and Spain. The region is considered to be the automotive hub of the world. Major automotive suspension players, such as Schaeffler AG and ZF Friedrichshafen AG, are headquartered in this region. Also, the growing demand for suspension systems, parts, and components from premium German OEMs, such as Mercedes, Audi, and BMW, is pushing global market players to enhance and develop their operation network in Europe, which is expected to drive the market growth during the forecast period.
Synopsis
The global market for automotive adaptive suspension system has been segmented based on technology, actuation type, and vehicle type. The automotive adaptive suspension system market is driven by factors such as a rise in concerns regarding safety and comfort in vehicles and demand for advanced suspension technologies in commercial vehicles & premium high-end vehicles. However, the high cost of the suspension system & its installation in the aftermarket is expected to restrain the market growth. The demand for adaptive suspension systems for electric & hybrid vehicles and the use of cost-effective & lightweight materials are likely to create opportunities for the market players.
Market Segmentation
- By Technology- Active Suspension Systems and Semi-active Suspension Systems
- By Actuation Type- Hydraulic Systems, Electromagnetic Systems, Solenoid Valve Systems, and Others
- By Vehicle Type- Passenger Vehicles and Commercial Vehicles
Key Questions Addressed by the Report
- Why is the automotive adaptive suspension system market expected to grow in the near future?
- What are the key strategies adopted by market players?
- In the coming years, at what Compound Annual Growth Rate (CAGR) is the automotive adaptive suspension system market anticipated to grow?
- What is estimated to be the worth of the automotive adaptive suspension system market by 2026?
- Who are the major participants of the automotive adaptive suspension system market?
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