What Factors Propelled The Growth Of The Advanced Suspension Control System Market In The Past?
The advanced suspension control system market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the market size of the advanced suspension control system. Estimated to escalate from $15.88 billion in 2024 to $17.55 billion in 2025, it signifies a compound annual growth rate (CAGR) of 10.5%.
This growth during the historical period has been influenced by robust economic progress in developing markets, increased desire for luxury sports cars, a surge in hybrid electric vehicle (HEV) sales, and heightened infrastructure development.
What Is The Projected Growth And Market Size For The Advanced Suspension Control System
The advanced suspension control system market is expected to maintain its strong growth trajectory in upcoming years.
• A significant surge is projected in the advanced suspension control system market in the upcoming years, with an estimated value of $26.13 billion by 2029, experiencing a compound annual growth rate of 10.5%.
This substantial growth during the forecast period can be credited to multiple factors such as the escalating demand for electric cars, an uptick in vehicle production, fast-paced urbanization, and increased governmental assistance. Noteworthy trends observed during the same period include the introduction of advanced chassis suspension systems to better vehicle performance, innovation of cost-effective ride height and suspension leveling systems, the roll-out of smart suspension products to upgrade driving comfort, the advent of glass fiber suspension springs as light-weight alternatives, the creation of cutting-edge suspension technologies, development of semi-active rear axle suspension mechanisms to boost performance, and the incorporation of intelligent and safer suspension systems for enhanced user experience.
What Key Factors and Trends are Driving the Growth of the Advanced Suspension Control System Market?
The advanced suspension control system market is predicted to expand due to the growth in the automotive industry. This industry encompasses an array of businesses and organizations engaged in automobile design, development, manufacturing, marketing, sales, and distribution. Advanced suspension control systems are crucial for supporting the weight of all mounted components in a vehicle and ensuring its stability. For example, the European Automobile Manufacturers Association, based in Belgium, reported in May 2023 that motor vehicle production worldwide reached 85.4 million units in 2022, marking a significant 5.7% growth from 2021. Additionally, Brand Finance plc, a UK-based brand valuation firm, reported in February 2022 that the automobile sector saw around 78 million unit sales in 2022, a substantial 10% increase. As such, the rise in the automotive industry is fueling the growth of the advanced suspension control system market.
What Are The Main Segments Of The Global Advanced Suspension Control System Market?
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
Subsegments:
1) By Semi-Active Suspension System: Magnetorheological (MR) Suspension, Electrorheological (ER) Suspension, Adaptive Damping Systems
2) By Active Suspension System: Hydraulic Active Suspension, Pneumatic Active Suspension, Fully Electronic Active Suspension
3) By Other Product Types: Air Suspension Systems, Conventional Suspension Enhancements, Load Adaptive Systems
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What Emerging Trends Are Influencing The Growth Of The Advanced Suspension Control System Market?
Leading firms in the advanced suspension control system industry are introducing innovative solutions such as electric-powered body control suspension systems to boost both vehicle efficiency and rider comfort. This advanced car technology, known as electric-powered body control suspension system, is engineered to elevate vehicle control, stability, and comfort by actively adjusting the suspension dynamics. For instance, BYD Auto Co., Ltd., an automotive organization based in China, debuted DiSus, also known as Yunnian in Chinese, in April 2023. The DiSuan is an electric-powered body control suspension system formulated to deliver accurate management of vehicular body motions, enhancing stability and comfort in different driving settings. DiSus employs smart algorithms and sensors to preemptively respond to road conditions, delivering a more seamless drive and upgrading the overall vehicular performance dynamics.
Who Are the Key Players in the Advanced Suspension Control System Market?
Major companies operating in the advanced suspension control system market include:
• 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
• Showa Corporation
• Faurecia
• Bosch
• CIE Automotive
• Delphi Technologies
• Trelleborg Automotive Czech Republic s.r.o.
• Boge Elastmetall CZ s.r.o.
• Magna International
• Multimatic
• Rassini
• Pirelli
• BYD Co. Ltd.
• Penske Racing Shocks.
What Is The Most Dominant Region In The Advanced Suspension Control System Market?
North America will be the largest region in the advanced suspension control system market in 2024. 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.
