Press release
Future of the Advanced Suspension Control System Market: Trends, Innovations, and Key Forecasts Through 2034
Advanced Suspension Control System
Advanced Suspension Control System Market Size Growth Forecast: What to Expect by 2025?
The market size for the advanced suspension control system has seen significant growth lately. It is projected to escalate from $15.88 billion in 2024 to $17.28 billion in 2025, with a compound annual growth rate (CAGR) of 8.8%. Factors such as robust economic expansion in developing markets, heightened demand for luxury sports cars, an increase in the sales of hybrid electric vehicles (HEVs), and greater development in infrastructure have contributed to the growth during the historic period.
How Will the Advanced Suspension Control System Market Size Evolve and Grow by 2029?
The market for advanced suspension control systems is projected to witness substantial expansion in the coming years, escalating to $25.2 billion in 2029 with a compounded annual growth rate (CAGR) of 9.9%. The growth during the forecast period can be attributed to factors such as increasing demand for electric vehicles, the surge in automobile manufacturing, quick urbanization, and reinforced governmental backing. The anticipated trends for the forecast period include the introduction of novel chassis suspension systems to improve vehicle efficiency, the innovation of cost-efficient ride height and suspension leveling systems, inauguration of intelligent suspension products to enhance ride comfort in vehicles, invention of glass fiber suspension springs as a lighter alternative, creation of cutting-edge suspension technologies, development of semi-active rear axle suspension systems for augmented performance and the assimilation of smarter and safer suspension systems for superior experiences.
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What Drivers Are Propelling the Growth of Advanced Suspension Control System Market Forward?
The anticipated expansion in the automobile industry is projected to boost the growth of the advanced suspension control system market. The term "automotive industry" encompasses a broad array of companies and organizations engaged in various aspects of automobile design, development, manufacturing, marketing, sales, and distribution. A vehicle requires an advanced suspension control system to carry the load of all its components and maintain balance. As an example, the European Automobile Manufacturers Association, based in Belgium, reported that global vehicle production reached 85.4 million in May 2023, marking an impressive 5.7% rise from 2021. Moreover, Brand Finance plc, a UK-based brand valuation firm, reported in February 2022 that the automobile industry succeeded in selling about 78 million units in 2022, a significant upswing of 10%. Consequently, the expansion of the automotive industry is propelling the growth of the advanced suspension control system market.
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What Are the Key Trends Driving Advanced Suspension Control System Market Growth?
Key businesses in the advanced suspension control system market are introducing cutting-edge products, like electric-powered body control suspension systems, to boost vehicle performance and comfort. The electrical body control suspension system is a groundbreaking automotive technology geared towards enhancing vehicle handling, stability, and overall comfort by actively controlling the suspension dynamics. For instance, in April 2023, China's BYD Auto Co., Ltd. introduced DiSus (or Yunnian in Chinese). DiSus is an electrically powered body control suspension system conceived to offer precise vehicle body motion control, thus increasing stability and comfort in a variety of driving scenarios. The system uses smart algorithms and sensors to foresee and respond to roadway conditions, bringing about a smoother ride and enriching the total driving experience.
What Are the Key Segments in the 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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Who Are the Key Players Shaping the Advanced Suspension Control System Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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