Global Advanced Suspension Control System Market Size, Share, Forecast Report, 2020-2027
The advanced suspension control system is majorly used for supporting the vehicle body and enhancing the ride comfort. The comfort level of the ride is improved for the driver by reducing the acceleration of the body, caused by the car body when road disturbances from smooth road and real road roughness.
The advanced suspension control system market is majorly being driven by the increase in use of such systems in luxury and sports cars. These systems have the capability of adapting to both vehicle’s leveling and damping characteristics, which further help in improving the car comfort, handling performance and driving safety. The growth of this market will also be driven by the increase in use of electronics in vehicles, the rapid technological advancements for development of advanced suspension control systems, growth in the sales of automobiles, and poor road/highway infrastructure in developing nations. The automotive governing councils and institutions in various developing and developed nations have enforced strict regulatory norms, which are driving the need for use of lightweight materials in vehicles. This results in a decrease in the number of moving parts in the system, thereby leading to the adoption of energy-efficient, advanced suspension technologies by the automotive industry.
However, the growth of this market is expected to be restrained by factors such as huge expenditures for repair and replacement, introduction of strict government regulations, and lack of standardization for manufacturing of such systems. Therefore, advanced suspension control system market has seen remarkable growth in the global market and it has been observed that it is expected to expand with the CAGR of ~9%.
Geographically, the global advanced suspension control system market has been divided into four major regions such as North America, Europe, Asia Pacific and Rest of the World. Amongst all regions, Europe is expected to dominate the growth of the market owing to the existence of a large number of luxury vehicle manufacturers in the region. The existence of major advanced suspension control system manufacturers in the region such as Infineon Technologies AG, ThyssenKrupp AG, and Continental AG is expected to drive the growth of the region over the forecast period. Availability of modern infrastructure facilities and the boom in demand for automobiles are further driving the growth of the market.
The prominent players in the advanced suspension control system market include Continental AG (Germany), ThyssenKrupp AG (Germany), Infineon Technologies AG (Germany), and BWI Group (China). The Mando Corporation (South Korea), Lord Corporation (U.S.), Schaeffler AG (Germany), ZF Friedrichshafen AG (Germany), Magneti Marelli S.p.A (Italy), and Hitachi Automotive Systems (Japan) are among others.