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 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 2030, 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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