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Advanced Suspension Control System Global Market Report 2024 To 2033 | Continental AG, Tenneco Inc, ZF Friedrichshafen AG, Hitachi Inc, Thyssenkrupp AG, Magneti Marelli S.P.A
Advanced Suspension Control System Market Share
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According to The Business Research Company's, The advanced suspension control system market size has grown rapidly in recent years. It will grow from $14.5 billion in 2023 to $16.14 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rise in demand for luxurious sports cars, increased sales of hybrid electric vehicles (hevs) and increase in infrastructure development.
The advanced suspension control system market size is expected to see rapid growth in the next few years. It will grow to $24.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the growing demand for electric vehicles, increasing automobile production, rapid urbanization and rising government support. Major trends in the forecast period include launching new chassis suspension systems to enhance vehicle performance, development of cost-effective ride height and suspension leveling systems, launch of new intelligent suspension products to enhance vehicle ride comfort, development of glass fiber suspension springs as lightweight alternatives, development of innovative suspension technologies, development of semi-active rear axle suspension systems to improve performance and integration of smarter and safer suspension systems for better experiences.
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Market Drivers and Trends:
Growth in the automotive industry is expected to propel the growth of the advanced suspension control system market going forward. The automotive industry refers to a wide range of businesses and organizations 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. For instance, in May 2022, according to the India Brand Equity Foundation, an Indian government export promotion agency, the total automobile industry sales in terms of units in India increased by 5.8% to reach 18.49 million units in 2021, as compared to the sales of 17.47 million units in 2020. Furthermore, according to the Alliance for Automotive Innovation, a US-based trade association, automotive sales will increase by 14 million units in 2020. Therefore, growth in the automotive industry is driving the growth of the advanced suspension control system market.
Technological advancement is a key trend gaining popularity in the advanced suspension control system market. 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 customize 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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Major Key Players of the Market:
Weyerhaeuser Company, West Fraser Timber Co Ltd, Canfor,Celulosa Arauco y Constitución, Interfor., Syktyvkar Plywood Mill LTD, Boise Cascade Company, RSH Forest Products, Georgia-Pacific Corporation, Andersen Corporation, Jilin Sen Workers' Forming Group Co., Ltd, Xuzhou Mega Industries Ltd, Linyi Haisen Wood Co., Ltd., Tilhill Forestry, Cuzi Wood Industry, Shreeji Woodcraft Pvt. Ltd., AmandusKahlGmbh& Co., Kg Century Plyboards India Ltd, Greenply Industries Ltd, Koohei Bussan Co., Ltd., Singla Timbers, Steelcase, Oji Group, Cross Trade GmbH, Komatsu Forest GmbH Caledonian Plywood Company Ltd, Hanson Plywood, Garnica Plywood Samazan, IMCA Panels, TengNuo., Chanta Group.,, JAF. Wood, EGGER (UK) Limited, Scottish Woodlands Ltd, James Jones and Sons Limited (UK), Metsähallitus Forestry Ltd (Finland), ATA Timber (Sweden), Bergs Timber AB (Sweden), Segezha Group, Toll Maderas S.R.L., Holmen Timber, HolzindustrieMaresch GmbH Stora Enso Oyj, Wood, Taeda SA, Plyterra Group, Shanghai Sindo Panel Company Ltd, Conifex Timber Inc., Stora Enso, HNI Corporation, Herman Miller, RTS Forestry (UK), Resolute Forest Products, PotlatchDeltic Corporation, Berneck, Araupel, Linea Parana MadeirasLtda, Imaribo, Templin OHG, United Forest Products, Estancias San Francisco S.A, Middle East Wood, MaziOrmanUrunleri Ltd., DastasDemirciogluAgac A.S., Yalong Wood, S&J Wood, Daco Parquet Factory AS, Kartonsan, Gabon Veneer, Merensky, Miro Forestry and Timber Products, UPM-KymmeneOyj, Afeefa Overseas Sarl Gabon, Komaza, Alitco Group
Advanced Suspension Control System Market 2024 Key Insights:
• The advanced suspension control system market size is expected to see rapid growth in the next few years. It will grow to $24.26 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Automotive Industry Growth Propels Advancements In The Suspension Control System Market
• Rising Trend Of Technological Advancements Drives Innovations In The Advanced Suspension Control System Market
• North America will be the largest region in the advanced suspension control system market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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