Press release
Global Advanced Suspension Control System Market to Reach $26.13 Billion by 2029, Growing at 10.5% CAGR
Advanced Suspension Control System
The anticipated expansion of the automotive industry is set to fuel the development of the advanced suspension control system market. The automotive sector encompasses a vast array of companies and establishments engaged in the conceptualization, creation, manufacturing, promotion, sale, and delivery of autos. Integral to this is the inclusion of an advanced suspension control system in the vehicle, which is necessary to shoulder the load of all the installed components and ensure the vehicle's stability. For example, the European Automobile Manufacturers Association, a Belgium-based association of auto manufacturers, noted in May 2023 that the worldwide production of motor vehicles rose to 85.4 million units in 2022, a significant 5.7% uptick from 2021. Additionally, Brand Finance plc, a British brand valuation firm, reported in February 2022 that the car sector reached an estimated 78 million unit sales in 2022, representing a remarkable 10% increase. Thus, the expansion of the automotive sector is stimulating the advanced suspension control system market's growth.
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What is the projected compound annual growth rate (CAGR) of the advanced suspension control system market from 2025 to 2034, and what factors influence it?
The market for advanced suspension control systems has seen a significant surge in recent years. Projected to expand from $15.88 billion in 2024 to $17.55 billion in 2025, it has a compound annual growth rate (CAGR) of 10.5%. Factors contributing to growth during the historic period include robust economic development in emerging markets, growing demand for high-end sports cars, a surge in hybrid electric vehicle (HEV) sales, and a rise in infrastructure construction.
The market for advanced suspension control systems is anticipated to expand rapidly over the coming years, with expectations to reach a value of $26.13 billion in 2029, growing at a compound annual growth rate (CAGR) of 10.5%. Influences such as burgeoning demand for electric cars, amplified automobile production, quick-paced urbanization, and increased governmental backing contribute to this projected growth. During the forecast period, market trends are likely to include the introduction of new suspension systems for vehicle performance improvement, creation of affordable ride height and suspension leveling systems, unveiling of cutting-edge intelligent suspension products to increase vehicle riding comfort, and the use of glass fiber suspension springs as a lighter option. Additional trends include the invention of innovative suspension technologies and semi-active rear axle suspension systems for enhanced performance, and the incorporation of more intelligent and safer suspension systems for optimized user experiences.
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How are the latest trends influencing the growth of the advanced suspension control system market?
Leading firms in the advanced suspension control system market are pioneering the development of ground-breaking products such as electric-powered body control suspension systems, aimed at boosting vehicle efficacy and comfort levels. This advanced motoring technology of electric-powered body control suspension systems is created to enhance vehicle control, stability, and comfort through active governance of the suspension dynamics. For example, in April 2023, the China-based automobile company, BYD Auto Co., Ltd. unveiled DiSus (known as Yunnian in Chinese) - an electric-powered body control suspension system crafted to offer accurate control of vehicle body motions. This improves both stability and comfort under a variety of driving scenarios. DiSus employs smart algorithms and sensors to predict and respond to changing road conditions, resulting in a smoother experience and better overall driving dynamics.
What are the major segments of the advanced suspension control system market and their role in driving growth?
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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Which regions are key players in the growth of 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.
Who are the key firms paving the way for growth 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.
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What Is Covered In The Advanced Suspension Control System Global Market Report?
•Market Size Forecast: Examine the advanced suspension control system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the advanced suspension control system market for a structured understanding.
•Key Players Overview: Analyze major players in the advanced suspension control system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the advanced suspension control system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the advanced suspension control system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the advanced suspension control system market.
•Industry Challenges: Identify potential risks and obstacles affecting the advanced suspension control system market.
•Competitive Landscape: Review strategic developments in the advanced suspension control system market, including expansions, agreements, and new product launches.
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