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Advanced Suspension Control System Market Analysis, Trends, Growth, Research And Forecast 2032
Advanced Suspension Control System Market
The Business Research Company's Advanced Suspension Control System Global Market Report 2023 identifies growth in automotive industry as the major driver for the advanced suspension control system market's growth in the forecast period. The automotive industry refers to a wide range of businesses and organisations that are involved in the design, development, manufacture, marketing, sale, and distribution of automobiles. An advanced suspension control system is necessary to be implanted in the vehicle to support the weight of all mounted elements and provide stability to the vehicle.
The global advanced suspension control system market size grew from $12.87 billion in 2022 to $14.43 billion in 2023 at a compound annual growth rate (CAGR) of 12.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The advanced suspension control system market size is expected to grow to $22.35 billion in 2027 at a CAGR of 11.5%.
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Major competitors in the advanced suspension control system market are Continental AG, ThyssenKrupp AG, Infineon Technologies AG, BWI Group, Mando Corp., Schaeffler AG, ZF Friedrichshafen AG, Marelli Europe S.p.A, Hitachi Automotive Systems, Lord Corporation, Parker Hannifin Corp., Hendrickson USA L.L.C.
A key trend in the advanced suspension control system market includes technological advancement. Major companies operating in the advanced suspension control system market are developing innovative technologies to sustain their position in the advanced suspension control system market. For instance, in November 2021, Tenneco, a US-based original equipment manufacturing automotive company, launched a new electronic suspension technology (CVSAe) system with its innovative CVSAe Suspension Technology for the first time in China, on ZEEKR 001, an electric premium brand that belongs to Zhejiang Geely Holding Group. CVSAe's unique features respond to changing road conditions in real-time using data from several sensors in the vehicle, resulting in optimal damping capabilities at all times. Among its features, drivers can customise a variety of driving modes, from comfortable to sporty, allowing them to choose the one that gives them the most fun. More than 75 European passenger car models use the CVSAe technology from Tenneco, which provides the best suspension damping characteristics in all driving circumstances.
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The advanced suspension control system market is segmented -
• By Product Type: Semi-Active Suspension System, Active Suspension System
• By Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)
• By Sales Channel: OEMs, Aftermarket
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the advanced suspension control system market.
The Business Research Company's "Global Advanced Suspension Control System Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Advanced Suspension Control System Market Include:
1. Executive Summary
2. Advanced Suspension Control System Market Characteristics
3. Advanced Suspension Control System Market Trends And Strategies
4. Advanced Suspension Control System Market - Macro Economic Scenario
5. Advanced Suspension Control System Market Size And Growth
……
26. Africa Advanced Suspension Control System Market
27. Advanced Suspension Control System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Advanced Suspension Control System Market
29. Advanced Suspension Control System Market Future Outlook and Potential Analysis
30. Appendix
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