Global Air Suspension Market Size, Share, and COVID-19 Impact Analysis By Technology (Electronic Controlled, Non-Electronic Controlled) By Component (Air Spring, Shock Absorber, Air Compressor) By Vehicle Type (Light-Duty Vehicle, Trucks, Buses) By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2030Industry: Automotive & Transportation
The Global Air Suspension Market Size was valued at USD 7 Billion in 2021 and is expected to reach USD 10 Billion in a CAGR of 5% for 2021 to 2030. The market increase is being complemented by consumers' growing demand for cars with improved ride comfort and their growing appreciation of the importance of driver and passenger safety.
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The adoption of new technologies in cars has increased automation and raised demand for vehicles with the newest parts, which has resulted in an increase in vehicle sales globally. This growth in vehicle sales is what can propel the air suspension market. The market will expand throughout the forecast period due to rising demand for air suspension in automobiles.
The increasing demand for overnight trips and long-distance buses with improved comfort is supporting the industry figures even more. Additionally, the upcoming term will see faster corporate growth due to supportive government policies targeted toward the expansion of the car manufacturing industry as well as a growing preference for high-performance suspension systems.
The growing demand for buses, commercial vehicles, passenger cars, and luxury cars—which maintain contact between the wheel and the pavement and eliminate road shocks—is the key factor driving the global air suspension market. Better ride quality makes passengers more comfortable, lowers cargo damage, and lessens driver tiredness on lengthy trips, which can increase the need for air suspension. As cars with firm suspension might lead to higher control of body movements and quicker reactions, this could lead to drive the air suspension market. Air suspension is also responsible for the quality of rides and control of car handling.
Additionally, during the projected period, the market expansion may be aided by increased aftermarket demand for lightweight air suspension systems and associated components. Another key element driving the market's growth is the automobile industry's continued expansion. Players in the air suspension market are making large investments to bring the newest technology in air suspension to light- and heavy-duty vehicles, which is anticipated to drive the market over the forecast period.
One of the elements contributing to the market's expansion is globalisation. Customers are expanding into new areas, and manufacturers have been growing globally to enable and support their operations. This has promoted air suspension.
Global Air Suspension Market Report Coverage
|Market Size in 2021:||USD 7 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||5%|
|2030 Value Projection:||USD 10 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||122|
|Segments covered:||By Technology, By Component, By Vehicle Type, By Region|
|Companies Covered:||Continental AG, ThyssenKrupp AG, Wabco Holdings Inc., Firestone Industrial Products, Hitachi Ltd., SAF-Holland, Accuair Suspension, Mando Corporation, Hendrickson, BWI Group, ZF Friedrichshafen AG, Continental AG, Meritor Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The transition to using cutting-edge technology, such the ECAS system in vehicles, results in hefty costs. For medium-priced automobiles, which are frequently chosen by customers, the cost of installing an air suspension system is significant. As a result, the expansion of the air suspension market would be hampered by the rising sales of medium priced vehicles.
COVID 19 Impact
The supply chain, logistics, and production activities in the automobile industry have all been significantly impacted by the global COVID-19 outbreak. As a result, the air suspension industry's trends have been considerably impacted. However, once company operations resume and lockdown limitations are gradually lifted, it is anticipated that increased product demand will drive market growth.
The global air suspension market is segmented into Technology, Component, Vehicle Type, and Region.
Global Air Suspension Market, By Technology
The market is divided into electronic controlled and non-electronic controlled segments based on technology. Due to the use of cutting-edge technology, electronic controlled air suspension is anticipated to rule the market during the projection period. In order to give height references for all four corners of the vehicle, the electronically controlled air suspension additionally has height sensors that are based on measuring resistance in contact with the terrain. Additionally, new developments are starting to incorporate electronic control units (ECUs) that can fit beneath the floorboard of the vehicle, expanding the use of air suspension.
Global Air Suspension Market, By Component
The market is divided into air springs, shock absorbers, air compressors, electronic control units (ECU), and others based on the component. The market for air suspension had the biggest share for electronic control units. The need for electronic control units is rising as more luxury cars and high-tech automobiles adopt electronically controlled air suspension systems. To maintain this air suspension system, which is recognised for its superior vibration absorption capabilities, the air suspension electronic control unit changes the loading platform height in accordance with the load.
Global Air Suspension Market, By Vehicle Type
The air suspension market is divided into HCV, LCV, and PCV segments based on the vehicle type. Due to the rising demand for buses with higher comfort and the ability to travel long distances without causing much discomfort, the HCV segment is predicted to have significant market expansion. The increased emphasis on new product developments by industry participants is anticipated to fuel the segment's expansion even more.
Global Air Suspension Market, By Region
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Due to the expansion of the construction industry and the prevalence of government regulations in Europe and other developed areas, it is anticipated that Europe will have dominated the air suspension market. This growth will be a key factor in the development of air suspension in the region. During the forecast period, a large growth is anticipated in the Asia Pacific region. The market is further driven by the region's advanced automotive technologies and increased technological capabilities.
Recent Developments in Global Air Suspension Market
- May 2020: With its ECAS technology and air suspension combined, Wabco introduced an air suspension system. The manufacturer claims that WABCO Air Suspension with ECAS Technology promotes ride comfort, boosts passenger safety, and boosts vehicle stability.
- June 2019: Wabco Holdings was purchased by ZF Friedrichshafen AG, a well-known producer of automobiles, trucks, and industrial equipment, for $136.65 per share.
List of Key Market Players
- Continental AG
- ThyssenKrupp AG
- Wabco Holdings Inc.
- Firestone Industrial Products
- Hitachi Ltd.
- Accuair Suspension
- Mando Corporation
- BWI Group
- ZF Friedrichshafen AG
- Continental AG
- Meritor Inc.
- Electronic Controlled
- Non-Electronic Controlled
- Air Spring,
- Shock Absorber
- Air Compressor
By Vehicle Type
- Light-Duty Vehicle
- North America, by Country
- North America, by Technology
- North America, by Component
- North America, by Vehicle Type
- Europe, by Country
- The Netherlands
- Rest of Europe
- Europe, by Technology
- Europe, by Component
- Europe, by Vehicle Type
- Asia Pacific, by Country
- South Korea
- Rest of Asia Pacific
- Asia Pacific, by Technology
- Asia Pacific, by Component
- Asia Pacific, by Vehicle Type
Middle East & Africa
- Middle East & Africa, by Country
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Component
- Middle East & Africa, by Application
- Middle East & Africa, by Vehicle Type
- South America, by Country
- Rest of South America
- South America, by Application
- South America, by Component
- South America, by Vehicle Type
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