Global automotive adaptive suspension system Market Research Report – Forecast till 2026
According to statistics, Global Automotive Adaptive Suspension System Market is anticipated to reach USD 52,509.9 Million by 2026, registering a 12.93% CAGR during the forecast period. The automotive adaptive suspension system is a framework that effectively controls the vertical development of the wheels comparing to the vehicle undercarriage through a PC-controlled framework that offers a superior refined and smooth riding experience.
The automotive adaptive suspension system market is evaluated to register a notable market growth owing to the driven by factors such as a rise in concerns regarding safety and comfort in vehicles and demand for advanced suspension technologies in commercial vehicles & premium high-end vehicles. Besides, the high initial cost of the suspension system & its installation in the aftermarket is evaluated to hinder the market growth during the study time. The increasing requirement for adaptive suspension systems for electric & hybrid vehicles and the use of economical & lightweight materials are set to create opportunities for the major market players in the future.
Global Market for Automotive Adaptive Suspension Systems has been categorized by Technology, Actuation Type, and Vehicle Type.
In terms of the technology segment, the global market has been bifurcated into semi-active suspension systems and active suspension systems. The active suspension system is expected to register a 13.98% CAGR during the forecast period owing to the largest market share of 62.07% with a market value of USD 27,084.2 million in 2019.
By actuation type, the global market has been classified into hydraulic systems, electromagnetic systems, solenoid valve systems, and others. The hydraulic systems segment is projected to register a 12.40% CAGR during the review period having the largest market share of 44.46%, with a market value of USD 19,397.5 million in 2019.
By vehicle type segment, the global automotive adaptive suspension system market has been categorized into passenger vehicles and commercial vehicles.
The region-specific analysis of the report on the automotive adaptive suspension system market has been studied across four major regions namely North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to lead the market owing to the rising automobile manufacturing industry, especially in countries such as China, India, and Malaysia. However, the aftermarket sector for wear and tear components and other related products has occupied approximately half of the total automotive aftermarket component market in the region.
Europe comprises Germany, France, the UK, Italy, and Spain. The region is the automotive hub of the world.
The growth of the major competitors is driven by market conditions, government support, and industrial development. Thus, the manufacturers should envision expanding their presence and enhancing their services. The key players operating in the automotive adaptive suspension system market include Continental AG, ZF Friedrichshafen AG, Mando Corp., Thyssenkrupp AG, Infineon Technologies AG, and Schaeffler AG are a few of the key players operating in the global market.
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