Global Automotive Adaptive Suspension System Market is projected to gain a value of USD 52,509.9 Million by 2026, at a 12.93% CAGR during the forecast period, 2020–2026.
The report covers segmentation and market dynamics for a better glimpse of the market in the coming years. The automotive adaptive suspension system is a system, which actively controls the vertical movement of the wheels corresponding to the vehicle chassis (vehicle’s body) through a computer-controlled system. It offers a smoother and more refined driving experience.
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Based on region, the report on the global automotive adaptive suspension system market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The growth of the auto component manufacturing industry in Asia-Pacific is mainly driven by the growing automobile manufacturing industry, especially in countries such as China, India, and Malaysia. Due to this, the global automotive component manufacturers have established their production plants and distribution networks in Asia-Pacific. The aftermarket industry for wear and tear components and other related products accounted for nearly half of the total automotive aftermarket component sales in the region.
Global Market for Automotive Adaptive Suspension Systems has been segmented based on Technology, Actuation Type, and Vehicle Type.
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Based on technology, the global automotive adaptive suspension system market has been segmented into semi-active suspension systems and active suspension systems. In 2019, the active suspension systems segment accounted for the larger market share of 62.07%, with a market value of USD 27,084.2 million. It is projected to register a 13.98% CAGR during the projected timeframe.
Based on actuation type, the global automotive adaptive suspension system market has been segmented into hydraulic systems, electromagnetic systems, solenoid valve systems, and others. In 2019, the hydraulic systems segment accounted for the largest market share of 44.46%, with a market value of USD 19,397.5 million. It is projected to register a 12.40% CAGR during the projected timeframe.
Based on vehicle type, the automotive adaptive suspension system market has been segmented into passenger vehicles and commercial vehicles. In 2019, the passenger vehicles segment accounted for the larger market share of 66.31%, with a market value of USD 28,934.7 million. It is projected to register a 12.41% CAGR over the forecast period.
The global automotive adaptive suspension system market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. 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. These companies compete in terms of availability, quality, price, and technology and consider product development as their key growth strategy in the global automotive adaptive suspension system market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.
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