The global advanced suspension control system market size reached US$ 14.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 24.7 Billion by 2028, exhibiting agrowth rate (CAGR) of 8.73% during 2023-2028.
An advanced suspension control system refers to an automobile component that is designed to provide enhanced support to the vehicle body. It provides suspension to tires, through springs, shock absorbers and linkages, which connect the vehicle to the wheels and facilitates relative motion between the two. The system can decelerate the speed of the vehicle and minimize suspension deflection, which improves vehicle maneuverability by managing road-holding and ride quality. In comparison to the traditionally used suspension control systems, these advanced variants are more robust and can be used for compact and mid-size cars, along with light and heavy commercial vehicles.
Significant growth in the automotive industry and the increasing demand for lightweight and energy-efficient components, represent as the key factors creating a positive outlook for the market. Furthermore, the rising demand for semi-utility vehicles (SUVs) and luxurious sports cars is also augmenting the market growth. Advanced suspension control systems can adapt to the vehicle’s leveling and damping properties, which aid in improving the performance and overall safety and comfort for the driver. Additionally, various technological advancements, such as the development of suspension control systems with minimal tailpipe emissions, are acting as other growth-inducing factors. Product manufacturers are creating electronically controlled air suspension systems that are integrated with hydraulic and mechanical components for superior oil flow and control of spring and damping forces. Other factors, including improvements in the design and manufacturing techniques of suspension systems, along with extensive research and development (R&D) activities, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global advanced suspension control system market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on system type, component, vehicle, vehicle type and sales channel.
Breakup by System Type:
Semi-Active Suspension System
Active Suspension System
Breakup by Component:
Breakup by Vehicle:
Breakup by Vehicle Type:
Breakup by Sales Channel:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being BWI Group, Continental AG, Hitachi Automotive Systems Ltd., Infineon Technologies AG, Lord Corporation, Marelli Europe S.P.A., Schaeffler AG, The Mando Corporation, ThyssenKrupp AG and ZF Friedrichshafen AG.
Base Year of the Analysis
System Type, Component, Vehicle, Vehicle Type, Sales Channel, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
BWI Group, Continental AG, Hitachi Automotive Systems Ltd., Infineon Technologies AG, Lord Corporation, Marelli Europe S.P.A., Schaeffler AG, The Mando Corporation, ThyssenKrupp AG and ZF Friedrichshafen AG
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Key Questions Answered in This Report
The global advanced suspension control system market was valued at US$ 14.8 Billion in 2022.
We expect the global advanced suspension control system market to exhibit a CAGR of 8.73% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for advanced suspension control systems.
The rising demand for Semi-Utility Vehicles (SUVs) and luxurious sports cars, along with the increasing adoption of advanced suspension control systems in improving the performance, overall safety, and comfort for the driver, is primarily driving the global advanced suspension control system market.
Based on the system type, the global advanced suspension control system market can be segmented into semi-active suspension system and active suspension system. Currently, semi-active suspension system holds the majority of the total market share.
Based on the component, the global advanced suspension control system market has been divided into springs, shock dampeners, struts, control arms, ball joints, and others. Among these, shock dampeners currently exhibit a clear dominance in the market.
Based on the vehicle, the global advanced suspension control system market can be categorized into passenger cars, commercial vehicles, and others. Currently, passenger cars account for the majority of the global market share.
Based on the vehicle type, the global advanced suspension control system market has been segregated into conventional, hybrid, and electric, where conventional currently holds the largest market share.
Based on the sales channel, the global advanced suspension control system market can be bifurcated into OEMs and aftermarket. Currently, OEMs exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global advanced suspension control system market include BWI Group, Continental AG, Hitachi Automotive Systems Ltd., Infineon Technologies AG, Lord Corporation, Marelli Europe S.P.A., Schaeffler AG, The Mando Corporation, ThyssenKrupp AG, and ZF Friedrichshafen AG.
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