The latest report by IMARC, titled “Advanced Suspension Control System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global advanced suspension control system market size reached US$ 14.8 Billion in 2022. Advanced suspension control system refers to a system that uses advanced technology to enhance the handling, ride comfort, and safety of the vehicle. It includes, actuators, a combination of sensors, and control units that work together to adjust the suspension in real-time, based on the current driving conditions. It is generally used in compact and mid-size cars, along with light and heavy commercial vehicles. In recent years, advanced suspension control systems have gained traction as they offer safety benefits, such as reducing the risk of rollover or enhancing the vehicle’s stability in emerging maneuvers.
Global Advanced Suspension Control System Market Trends:
One of the primary factors driving the market is the significant growth in the automotive industry. Advanced suspension control systems enhance a vehicle’s stability and control, which can help in preventing accidents and improve safety on the road. Other than this, the growing popularity of electric vehicles (EVs) and connected cars is accelerating the sales of these systems, as they are capable of absorbing the additional weight of the battery packs present in these vehicles. Besides this, the increasing demand for luxury and high-performance vehicles is propelling the market growth. In line with this, numerous technological advancements, such as the introduction of suspension control systems with minimal tailpipe emissions, are catalyzing the market growth. Other growth-inducing factors include improvements in design and manufacturing techniques of suspension systems, along with the extensive research and development activities. Looking forward, IMARC Group expects the market value to reach US$ 24.7 billion by 2028, expanding at a CAGR of 8.73% during the forecast period (2023-2028).
- On the basis of the type, the market has been segregated into semi-active and active suspension systems.
- Based on the component, the market has been segmented into springs, shock dampeners, struts, control arms, ball joints, and others.
- On the basis of the vehicle, the market has been divided into passenger cars, commercial vehicles, and others.
- Based on the vehicle type, the market has been categorized into conventional (gasoline and diesel-based), hybrid and electric.
- On the basis of the sales channel, the market has been OEMs and aftermarket.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, 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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