Automotive Adaptive Suspension System Market: Introduction
- The automotive adaptive suspension system actively controls the vertical movement of the wheels corresponding to the vehicle, through a computer-controlled system. It offers a refined and smooth riding experience. This system detects the vehicle body movement with the help of an onboard computer using many sensors installed on the vehicle body.
Key Drivers of Automotive Adaptive Suspension System Market
- The adaptive suspension system offers an adjustable ride, optimized for comfort or handling performance by automatically adjusting the vehicle’s wheel and chassis movements according to road conditions. Macroeconomic and demographic trends, such as rapid urbanization, rising incomes, and increased participation of women and youth in the labor force, have contributed to the demand for mobility. For instance in developing economies, such as India, growing working population and expanding middle class are driving the demand for automobiles integrated with comfort features. Therefore, these factors are fueling the demand for cab suspension systems from OEMs and the aftermarket.
Challenges in Automotive Adaptive Suspension System Market
- The recent outbreak of COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, and consequently, hampered the automotive industry. Post first wave of COVID-19, global economies have started opening automotive manufacturing and supply chain operations, thus the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across the globe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty continues in the automotive and allied ancillary part suppliers industries.
Opportunities in Automotive Adaptive Suspension System Market
- The adaptive suspension system minimizes the impact of road irregularities on the driver and enhances the performance and stability of the vehicle at high speeds, as compared to that offered by traditional suspension systems such as passive suspension systems. Moreover, the adaptive suspension system is cost-effective and extensively utilized in low priced passenger vehicles. Therefore, enhanced comfort and cost-effectiveness of adaptive suspension systems are estimated to offer significant opportunity to the automotive adaptive suspension system market.
Asia Pacific to Dominate Global Adaptive Suspension System Market
- In terms of region, Asia Pacific is a significant market for adaptive suspension system across the globe. China is a prominent market for the automotive industry with an annual sale of 25.76 million new vehicle units. India is a favorable location for suspension components with future sales and production of vehicles in the country expected to be driven by a rise in the population and income levels of the middle class. India is also a rapidly expanding market for the automotive industry, In 2019 India became the fourth-largest auto market in terms of sales, displacing Germany, with about 3.99 million units sold in the passenger and commercial vehicles categories. Additionally, the Government of India is focused on the development of domestic manufacturing and R&D industry in the country under the ‘Make in India’ initiative, thus offering significant opportunity for the adaptive suspension system market in the country. Japan and South Korea are major automotive manufacturing countries in the region with the presence of prominent and established automotive brands such as Hyundai, Honda, Nissan, and Kia, which are export-centric and cater to the domestic demand for automobiles. Consequently, these factors propel the adaptive suspension system market in the region.
Key Players Operating in Automotive Adaptive Suspension System Market
The automotive adaptive suspension system market is moderately consolidated. A few of the key players operating in the global automotive adaptive suspension system market are:
- BASF SE
- Exxon Mobil Corporation
- Covestro AG
- The Dow Chemical Company
- Akzo Nobel N.V.
- Afton Chemical
- The Lubrizol Corporation