Advanced Suspension Control System Global Market Report 2024

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 historic growth was driven by robust economic expansion in emerging markets, heightened demand for luxury sports cars, increased sales of hybrid electric vehicles (HEVs), and 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 forecasted growth stems from rising electric vehicle demand, increased automobile production, urbanization, and government backing. Key trends involve introducing advanced chassis and suspension systems, cost-effective leveling solutions, intelligent suspension products, innovative lightweight materials, smarter suspension integration, and semi-active rear axle systems for enhanced vehicle performance.

The anticipated growth in the automotive industry is set to drive the expansion of the advanced suspension control system market. The term 'automotive industry' encompasses a diverse array of businesses involved in the design, development, manufacturing, marketing, sale, and distribution of automobiles. Advanced suspension control systems are crucial components integrated into vehicles to support the weight of all mounted elements and ensure stability. A notable example is seen in the automotive market in India, where, according to the India Brand Equity Foundation in May 2022, total automobile industry sales reached 18.49 million units in 2021, reflecting a 5.8% increase compared to the sales of 17.47 million units in 2020. This surge in the automotive industry is a significant driver for the advanced suspension control system market.

Government support is poised to play a pivotal role in propelling the growth of the advanced suspension control system market. Governments across various countries are actively supporting the advanced suspension control system sector to foster the development of new solutions that can better serve the automotive industry. As an illustration, in May 2022, the Ontario government made a significant investment of $5.5 million in the Province’s auto parts supply chain. This investment is part of the Ontario Automotive Modernization Program (O-AMP), which constitutes phase two of Ontario’s 10-year plan, The Future of Ontario’s Automotive Sector. This phase involves the production of hybrid and battery electric vehicles, EV battery and component production, and the augmentation of exports of Ontario-made auto parts and innovations. The increasing support from governments is expected to be a driving force behind the growth of the advanced suspension control system market.

The advanced suspension control system market is witnessing a significant trend characterized by technological advancements. Major companies within the market are actively engaged in the development of innovative technologies to maintain their positions. An illustrative example is Tenneco, a US-based original equipment manufacturing automotive company, which, in November 2021, introduced its new electronic suspension technology, CVSAe, for the first time in China on the ZEEKR 001, an electric premium brand belonging to Zhejiang Geely Holding Group. The CVSAe Suspension Technology responds to changing road conditions in real-time using data from multiple vehicle sensors, ensuring optimal damping capabilities at all times. With customizable driving modes, ranging from comfortable to sporty, the technology offers a personalized driving experience. Widely adopted in over 75 European passenger car models, the CVSAe technology from Tenneco is recognized for delivering optimal suspension-damping characteristics across various driving circumstances.

Companies in the advanced suspension control system market are strategically focusing on the development of cost-effective ride height and suspension leveling systems to gain a competitive advantage and boost sales. A notable development in this regard is seen with Vibracoustic SE, a Germany-based company specializing in manufacturing automotive vibration control and suspension technology solutions. In August 2022, Vibracoustic SE launched a cost-effective ride height and suspension leveling system that introduces the benefits of ride height adjustability to new market segments. This hydro-leveling technology, adaptable to front or rear-axle applications, enables car manufacturers to leverage the height-leveling advantages of an air suspension system without incurring the associated high costs. The system is not only designed to enhance vehicle performance, safety, and ride comfort but also to improve the range of electric vehicles (EVs) by lowering the car and reducing aerodynamic drag. This innovative solution caters to various vehicle segments, including compact EVs, offering a more affordable option for ride height adjustability and showcasing the continuous technological evolution in the advanced suspension control system market.

In May 2023, Dellner Couplers, a Swedish OEM company, acquired Ferrabyrne Autocomp Suspension Technologies (FAST) through its subsidiary, Dellner Polymer Solutions, for an undisclosed sum. The acquisition aims to bolster Dellner Polymer Solutions' automotive component manufacturing capabilities, particularly in engineering and production. FAST, based in India, specializes in auto component manufacturing, specifically in suspension systems.

Major companies operating in the advanced suspension control system market report are 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, Mando Automotive India Private Limited, Showa Corporation, Faurecia, Bosch, CIE Automotive, Grupo Antolin, Delphi Technologies, KYB Europe GmbH, Trelleborg Automotive Czech Republic s.r.o., Boge Elastmetall CZ s.r.o., Magna International, Multimatic, Rassini, Pirelli, BYD Co. Ltd., HL Mando, Penske Racing Shocks.

North America will be the largest region in the advanced suspension control system market in 2023. 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. The countries covered in the advanced suspension control system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Its primary product types include semi-active and active suspension systems. Semi-active systems detect road conditions and swiftly adjust damping for a smoother and controlled ride, available for passenger cars, light and heavy commercial vehicles, among others. Sales channels include OEMs and aftermarkets.

The advanced suspension control systems market research report is one of a series of new reports that provides advanced suspension control systems market statistics, including advanced suspension control systems industry global market size, regional shares, competitors with an advanced suspension control systems market share, detailed advanced suspension control systems market segments, market trends and opportunities, and any further data you may need to thrive in the advanced suspension control systems industry. This advanced suspension control systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The advanced suspension control system market consists of sales of advanced suspension control system products by entities (organizations, sole traders, and partnerships) that are used to raise or lower the height of the vehicle to enhance ride comfort, road handling, and stability. They are also used to smooth the ride and to keep the car under control during the ride. The advanced suspension control system refers to the system that consists of various components that provide driving comfort by delivering a sense of stability and reassurance. ion control systems market segments, market trends and opportunities, and any further data you may need to thrive in the advanced suspension control systems industry. This advanced suspension control systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.