The SNS Insider report indicates that the Air Suspension Market was valued at USD 6.49 billion in 2022, and it is projected to achieve a market size of USD 10.67 billion by 2030, with a compound annual growth rate (CAGR) of 6.42% expected over the forecast period from 2023 to 2030.
The Air Suspension Market systems offer several benefits that align with the industry’s objectives. By utilizing air springs instead of traditional steel or leaf springs, vehicles can achieve weight reduction while maintaining or even improving performance. This reduction in weight directly translates to lower fuel consumption and reduced emissions, making air suspension systems an attractive option for OEMs and vehicle buyers alike.
Major Players in the Air Suspension Market:
- Continental AG (Germany)
- Stemco
- ThyssenKrupp AG (Germany)
- Firestone Industrial Products (US)
- Hitachi Ltd. (Japan)
- Wabco Holdings Inc. (Belgium)
- SAF-Holland (Germany)
- Hendrickson International Corporation (US)
- LORD Corporation
- Accuair Suspension (US)
- Airlift Company
- Magneti Marelli S.p.A.
- Mando Corporation
Get a PDF Sample Copy of Market Report: https://www.snsinsider.com/sample-request/1065
Market Report Scope –
The exponential growth in technological advancements like the introduction of chassis air suspension control, electronic air suspension system, electronically controlled air suspension system, and many others along with the rising usage of these systems as air-operated and microprocessor-controlled suspension with improved shock waves and solenoid valves, are among the major factors key factors projected to fuel the global market growth.
Market Growth Factors –
A significant increase in demand and sales of commercial vehicles across the globe has been driven by rising trend for lighter vehicles that have helped Original Equipment Manufacturers reduce CO2 emissions and improve fuel efficiency, which is an important factor boosting growth on the global air suspension market.
In addition, in order to reduce vehicle weight, a number of manufacturers around the world are constantly striving for perfect mixing of material composition. It is called an air suspension when the vehicle is driven by a motor fueled compressor or pump. Air springs, shock absorbers, wheel assemblies, braking system and axle are components of the air suspension system. With better stability and reduced fuel consumption, air suspension contributes to improving the driver’s comfort. An air suspension system, which supports the vehicle on an axle and is made up of a spring rather than steel or leaf springs, is another type of suspension system.
Segmentation Analysis –
Based on components, the market segmentation of automotive air suspension systems is as shock absorbers, hydraulic springs, air compressors, air reservoirs, height sensors, electrical control units and others. Electric control units accounted for 35% of the market’s $2,19 billion in revenue. The growing demand for electronically controlled air suspension technology in luxury cars and the development of vehicles is driving category growth in emerging economies.
Based on technology, the automotive air suspension system market is broken down into manual and electric suspensions. The highest revenue was generated by the category of electrical air suspension, which accounted for 70.4%. Essentially, an electrical air suspension system is a computer-controlled system capable of adjusting the vehicle’s characteristics and performance. However, because of the increasing safety regulations and laws adopted by governments, automatic air suspension is the most rapidly growing segment.
By Vehicle Type:
- Passenger car
- Commercial vehicle
By Technology:
- Manual Air Suspension
- Electronic Air Suspension
By Component:
- Shock Absorber
- Air Spring
- Height sensor
- Air compressor
- Electric control unit
- Air Reservoir
- Others
By End User:
- OEM
- Aftermarket
Key Regional Development –
The global market was dominated by the Asia Pacific region, and is expected to remain so for the foreseeable future. The growth of the regional market can be highly accelerated to a growing focus on prompting OEMs to boost the adoption of air suspension systems in their several products along with the presence of some of the world’s largest car markets across the region like China and India due to high population burden and demand for passenger vehicles among middle and high-income. With a higher rate of adoption of advanced air suspension systems in nearly all vehicle types compared to other regions, coupled with the growing use of ECAS technology on select models aimed at improving and enhancing benefits such as height adjustment and lowering options, Europe is expected to experience significant growth throughout the forecast period.
Key Takeaway’s–
The global demand for air suspension systems and related components is constantly increasing, thus creating business opportunities for manufacturers in the field of lightweight automotive air suspension systems. Market statistics are also expected to be driven by a boom in the sale of luxury cars due to increased disposable income for consumers in developing countries. Improving the reliability of air suspension systems is a priority for manufacturers. However, the cost of these systems is higher than traditional methods.
Do you have any queries or need more insights on Air Suspension Market, Talk to Our Analyst: https://www.snsinsider.com/enquiry/1065
Recent Developments –
Firestone Industrial Products Company,LLCFSIP, a wholly owned subsidiary of Bridgestone Americas, Inc. and pioneer in the use of air springs, updated its brand name to Firestone Airide in January 2023. The extensive innovation, diversity, and expertise of all Firestone business sectors, including automotive, heavy duty, commercial, and off highway, is reflected in this new brand.
In June 2022, Meritor announced the launch of its new ProTec independent front suspension, in particular for motor coach applications. Based on proven technology, it is the first product developed for this type of ride. This is the first suspension and steering product of the company.
Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Air Suspension Market Segmentation, by Vehicle type
8.1 Passenger car
8.2 Commercial vehicle
9. Global Air Suspension Market Segmentation, by technology
9.1 Manual Air Suspension
9.2 Electronic Air Suspension
10. Global Air Suspension Market Segmentation, by component
10.1 Shock Absorber
10.2 Air Spring
10.3 Height sensor
10.4 Air compressor
10.5 Electric control unit
10.6 Air Reservoir
10.7 Others
11. Global Air Suspension Market Segmentation, by End-user
11.1 OEM
11.2 Aftermarket
12. Regional Analysis
Continued…!
Drive Your Growth Strategy: Purchase the Report for Key Insights@ https://www.snsinsider.com/checkout/1065
About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company ‘s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety.
