The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 15, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s advanced suspension control system global market report 2023, the global advanced suspension control system market has witnessed remarkable growth, surging from $12.87 billion in 2022 to $14.43 billion in 2023, exhibiting a robust compound annual growth rate (CAGR) of 12.2%. This growth trajectory is expected to continue, reaching a market size of $22.35 billion by 2027 at a CAGR of 11.5%. The advanced suspension control system market report provides comprehensive insights into the factors influencing this growth and the key players shaping the market landscape.
Driving Forces Behind Market Expansion
The surge in the production of automobiles is identified as a primary driver propelling the advanced suspension control system market forward. The increasing demand for enhanced comfort, performance, and safety by both consumers and automakers is a key factor fuelling the growth of these systems. Notably, the global motor vehicle production witnessed a 5.7% growth, reaching 85.4 million units in 2022, with the North American light vehicle production projected to rise from 14.2 million units in 2022 to 15.4 million units in 2023.
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Market Fragmentation and Key Players
The global advanced suspension control system market is characterized by its fragmentation, with the top ten competitors accounting for 38.40% of the total market in 2022. Leading the market share is Continental AG (8.14%), followed by Tenneco Inc. (5.54%), ZF Friedrichshafen AG (5.14%), Hitachi, Inc. (5.01%), and others. Manufacturers are keenly focused on gaining a competitive edge through the launch of new intelligent suspension products that enhance ride comfort, handling, and safety.
Tenneco’s Innovative Stride
In a notable development, Tenneco, a key player in the advanced suspension control system market, introduced Intelligent Suspension RideSense products in August 2022. These products are designed for luxury European vehicles equipped with electronic suspensions, providing optimal control and road holding capabilities under varying driving conditions. The aftermarket replacement systems offer a ‘plug and play’ installation, connecting directly into the original equipment (OE) electronic control unit.
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The global advanced suspension control system market is segmented based on product type, vehicle type, and sales channel:
- Product Type: Semi-Active Suspension System, Active Suspension System
- Vehicle Type: Passenger Car, LCV (Light Commercial Vehicle), HCV (Heavy Commercial Vehicle)
- Sales Channel: OEMs, Aftermarket
The report highlights the fixed segment within the semi-active suspension system market as having the highest growth potential, set to achieve $5,173.7 million in global annual sales by 2027.
Stakeholders across the automotive industry, including manufacturers, suppliers, investors, and policymakers, can leverage the market report’s insights to make informed decisions. Understanding the market dynamics, emerging trends, and key players’ strategies will empower stakeholders to capitalize on the burgeoning opportunities in the advanced suspension control system market.
Advanced Suspension Control System Global Market Report 2023 by The Business Research Company provides insights on the advanced suspension control system market size, advanced suspension control system market segments, advanced suspension control system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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