New York US, May 04, 2022 (GLOBE NEWSWIRE) -- Automotive Adaptive Suspension System Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Adaptive Suspension System Market” information by Technology, by Actuation Type, by Vehicle Type and Region – Forecast to 2030” market size to reach USD 6,452 million, growing at a compound annual growth rate of 8.70% by 2030.
Market Scope:
Because of its versatility & ease of use, the adaptive suspension technology is making its way into newer models. They've progressed to the point that the least sensitive drive too can operate it without issue. With a few clicks on the LCD, the driver can switch between comfort & sports mode. Because of the constant growth of technology, the automotive sector is one of the most profitable industries. Adaptive suspension systems have improved as a result of technological advancements in the automobile industry. Car makers can attain a greater level of ride quality via keeping the tires perpendicular to the road thanks to technological advancements. Due to such technological innovations, the adoption of adaptive suspension systems especially in automobiles will increase, resulting in market development.
Dominant Key Players on Automotive Adaptive Suspension System Market Covered are:
- Continental AG
- ZF Friedrichshafen AG
- Mando Corp.
- Thyssenkrupp AG
- Infineon Technologies AG
- Schaeffler AG
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Market USP Exclusively Encompassed:
Automotive Adaptive Suspension System Market Drivers
Governments from many economies have enacted strict rules and regulations in order to assure automobile safety. The increased requirement for improved safety systems has come from dynamic changes in safety laws like the Federal Motor Vehicle Safety Standards (FMVSS), Bharat New Vehicle Safety Assessment Program (BNVSAP), Canada Motor Vehicle Safety Standards (CMVSS), and others over time. Throughout the forecast period, this factor is expected to fuel the expansion of the automobile adaptive suspension system market.
High Cost to act as Market Restraint
A vehicle's luxury, comfort, and safety are determined by the presence of an automobile adaptive suspension system. Owing to the fact that such high-priced automobiles with modern technology are designed for luxury, it is highly unlikely that the bulk of the general public can afford to purchase them. As a means of psychological differentiation from their competition, manufacturing companies have implemented premium pricing models in their suspension systems. As a result, growing costs are expected to be a stumbling block to the market's expansion over the projection period.
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Segmentation of Market Covered in the Research:
The global automotive adaptive suspension system market is bifurcated based on technology, actuation, and vehicle type.
By technology, active suspension systems will lead the market over the forecast period.
By actuation type, hydraulic systems will dominate the market over the forecast period.
By vehicle type, passenger vehicles will spearhead the market over the forecast period.
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Regional Analysis
APAC to Spearhead Automotive Adaptive Suspension System Market
The expanding vehicle manufacturing business in Asia-Pacific is primarily driving the auto component manufacturing industries growth, particularly in nations like India, China and Malaysia. As a result, global automobile component makers have set up manufacturing and distribution facilities throughout Asia-Pacific. Wear and tear components & other related products sold in the aftermarket accounted for approximately half of the sales of all automotive aftermarket components in the region. Due to the growing population and the increase in middle-class people who want high-end vehicles with automatic suspension systems, Asia Pacific is expected to be a profitable region. Asia Pacific is a major market for adaptable suspension systems all around the world.
With yearly sales of about 25.76 million novel vehicle units, China is a major market for the automobile industry. The future sales and manufacturing of automobiles in India are likely to be driven via a rise in the country's population and middle-class income levels, making it a desirable site for suspension components. India is also a rapidly growing market for the automobile industry. In 2019, India surpassed Germany to become the fourth-largest automotive market with regards to sales, with over 3.99 million passenger and commercial cars sold. Furthermore, under the 'Make in India' initiative, the Indian government is focusing on the development of the country's domestic manufacturing and R&D industries, creating considerable opportunities for adaptive suspension systems market. Japan & South Korea are important automotive manufacturing countries in the area, with well-known and well-established automotive brands like Hyundai, Nissan, Honda, and Kia, all of which are export-oriented and cater to domestic demand. As a result of these reasons, the market in the region is growing. Due to the growing automotive sector in emerging nations such as China, India, and Japan, the adaptive suspension system market in Asia Pacific is expected to grow at the fastest rate. Furthermore, favourable conditions and demand in the automotive sector are expected to support the growth of the market throughout the forecast period.
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North America to Have Favorable Growth in Automotive Adaptive Suspension System Market
North America will dominate the automotive adaptive suspension system market in the forecast period, as the area had a quick growth in active suspension systems. Other factors contributing to North America's ascent include a larger luxury vehicle market, which will lead to more adoption of adaptive suspension systems.
COVID-19 Impact on the Global Automotive Adaptive Suspension System Market
Supply chain disruptions, fluctuations in the share of demand, economic situations, and the immediate long term effect of the novel coronavirus possessed a negative impact on the automotive adaptive suspension system market growth. This outbreak has put a halt in the economic activity, thus pushing the economy across the globe in a steep recession. Further, with the roots being in China, the supply chain all over the world is facing shutdown & unprecedented disruption. With the relaxation in lockdowns & restrictions the world over, the market is likely to get back to usual in the days to come.
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