Global Advanced Suspension Control System Market, By Product Type (Semi-Active Suspension System, Active Suspension System), Vehicle Type (Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)) – Industry Trends and Forecast to 2029
Market Analysis and Size
Advanced suspension control system refer to the systems that have the ability to decelerate the speed of the sprung mass constantly. These systems decline the suspension deflection, and enhance the traction on road and enhancing vehicle maneuver.
These advanced suspension control system offer suspension to tires, through shock absorbers, linkages ad springs that connect the vehicle to the wheels. Global Advanced Suspension Control System Market was valued at USD 13.40 billion in 2021 and is expected to reach USD 26.12 billion by 2029, registering a CAGR of 8.70% during the forecast period of 2022-2029.
Market Definition
An advanced suspension control system is defined as an automobile component that is specifically designed for providing improved support to the vehicle body. These systems are highly being adopted by key players owing to their strong impact on handling, driving capability, durability and stability, depending on the type of terrain.
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Semi-Active Suspension System, Active Suspension System), Vehicle Type (Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle))
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Countries Covered
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U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)
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Market Players Covered
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Continental AG (Germany), thyssenkrupp AG (Germany), Infineon Technologies AG (Germany), BWI Group (China), Mando Corp. (South Korea), Parker Hannifin Corp (US), Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), Marelli Europe S.p.A. (Italy), Hitachi Automotive Systems Americas, Inc. (US), VersaTech Automation Services, LLC. (US), ANZE Suspension. (US), Tenneco Inc. (US), KYB Corporation. (Japan), Icon Vehicle Dynamics (US), Dunlop Systems and components (UK), DURA AUTOMOTIVE SYSTEMS. (US), FOX Factory, Inc. (US), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), WABCO (France)
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COVID-19 had a Major Impact on Advanced Suspension Control System Market
COVID-19 has a major impact on the advanced suspension control system market. COVID-19 led to supply chain disruptions and impeded advanced suspension control systems during the pandemic. The decline in the demand for automobiles and volatility in raw material prices negatively affected the market. However, production is expected to regain its pace during the post pandemic scenario.
The Market Dynamics of the Advanced Suspension Control System Market Include:
- Growth in the Automotive Industry
The rapid expansion of automotive industry across the globe increasing the demand for lightweight and energy-efficient components acts as one of the major factors driving the growth of advanced suspension control system market.
- Rise in Demand for Luxurious Sports Cars
The rise in demand for semi-utility vehicles (SUVs) and luxurious sports cars owing to the growing disposable income of the people accelerate the market growth.
- Technological Advancements
The numerous technological advancements, including development of suspension control systems with minimal tailpipe emissions will assist in the expansion of advanced suspension control system market.
- Electronically Controlled Air Suspension Systems
The emergence of electronically controlled air suspension systems integrated with hydraulic and mechanical components for superior oil flow and control of damping and spring forces further influence the market.
- Improvements in the Manufacturing
The advancements in the design and manufacturing techniques of suspension systems extends profitable opportunities to the market players in the forecast period of 2022 to 2029. The extensive research and development activities will further escalate the growth of advanced suspension control system market.
Restraints/Challenges faced by the Advanced Suspension Control System Market
- High Maintenance Cost
The high cost associated with the maintenance of advanced suspension control systems and huge expenditures for repair and replacement are expected to obstruct market growth.
- Lack of Standardization
Lack of standardization along with strict government regulations are projected to challenge the advanced suspension control system market in the forecast period of 2022-2029.
This advanced suspension control system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the advanced suspension control system market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
Recent Development
- AAB Lexus launched all-new Lexus LX in February’2022. The new generation of the Lexus LX combines superb performance, new powertrains and modern design with world and Lexus-first technologies to offer an unsurpassed luxury SUV experience.
Global Advanced Suspension Control System Market Scope
The advanced suspension control system market is segmented on the basis of product type, and vehicle type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Semi-Active Suspension System
- Active Suspension System
Advanced suspension control system market on the basis of product type has been segmented as semi-active suspension system, and active suspension system.
Vehicle Type
- Passenger Car
- LCV (Light Commercial Vehicle)
- HCV (Heavy Commercial Vehicle)
Advanced suspension control system has also been segmented on the basis of vehicle type into passenger car, LCV (light commercial vehicle), and HCV (heavy commercial vehicle). Passenger car has been further segmented into compact, mid-size, luxury, and SUV.
Advanced Suspension Control System Market Regional Analysis/Insights
The advanced suspension control system market is analyzed and market size insights and trends are provided by country, product type, and vehicle type.
The countries covered in the advanced suspension control system market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the advanced suspension control system market because of the presence of a large number of luxury vehicle manufacturers within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rapid technological advancements.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Advanced Suspension Control System Market Share Analysis
The advanced suspension control system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to advanced suspension control system market.
Some of the major players operating in the advanced suspension control system market are Continental AG (Germany), thyssenkrupp AG (Germany), Infineon Technologies AG (Germany), BWI Group (China), Mando Corp. (South Korea), Parker Hannifin Corp (US), Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), Marelli Europe S.p.A., (Italy), Hitachi Automotive Systems Americas, Inc. (US), VersaTech Automation Services, LLC (US), ANZE Suspension. (US), Tenneco Inc., (US), KYB Corporation (Japan), Icon Vehicle Dynamics (US), Dunlop Systems and components (UK), DURA AUTOMOTIVE SYSTEMS (US), FOX Factory, Inc., (US), Hendrickson USA, L.L.C., (US), Sogefi SpA (Italy), WABCO (France), among others.
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