Northbrook, IL -- (SBWire) -- 02/25/2022 --The Air Suspension Market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of $8.4 billion by 2025.
Shifting inclination towards comfort and convenience, growing demand for heavy-duty vehicles such as semi-trailers, increasing use of luxury buses for long-distance travelling, and rising demand for enhanced stability & manoeuvrability in vehicles are the key factors driving the demand for air suspension.
Opportunities:
1. Increasing Demand for Lightweight Air Suspension System
2. Rising Aftermarket Demand for Air Suspension & Related Components
Some of the key players in the air suspension market are Continental AG (Germany), ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea).
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The electronically-controlled system is estimated to be the fastest-growing segment in the air suspension market
Electronically-controlled air suspension (ECAS) is estimated to be the fastest-growing market during the forecast period. ECAS provides benefits such as raising and lowering the vehicle height, control options, and reduced air consumption. Hence, most luxury passenger cars and sport-utility vehicles (SUVs) offer ECAS technology. Further, rising intra and inter-city transport has fueled the demand for multi-axle buses that are compulsorily installed with air suspension across all axles in the global market. Developed regions such as Europe and North America have a high adoption rate of air suspension in buses. Although the adoption rate of ECAS is lower in heavy trucks, it is anticipated to increase in the future. Increasing demand for premium vehicles, rising preferences toward lift axles in heavy trucks, and improved comfort & ride quality in the city and multi-axle buses are expected to boost the growth of the electronically-controlled air suspension market.
Light-duty Vehicle is estimated to be the largest and fastest-growing market for air suspension, by vehicle type
The light-duty vehicle segment is the largest and fastest-growing market during the review period. Increasing awareness about the benefits of air suspension and shifting consumer preferences towards comfort and luxury have encouraged premium vehicle manufacturers to deploy advanced suspension technology. Further, improved social status and rising demand for sophisticated features have fueled premium vehicle sales in Asia Oceania. All these factors drive the air suspension market in the light-duty vehicle segment.
Air bellow is estimated to be the largest air suspension aftermarket, by component, during the forecast period
Air bellow holds the maximum share in the air suspension aftermarket. Europe and North America are the leading markets with a high installation rate of air suspension in the existing heavy vehicles segment. Also, proposed smart city projects, rising infrastructural spending, and expansion of global companies are expected to boost the demand for trucks and buses in the Asia Oceania region. This is expected to boost the air suspension components aftermarket in this region.
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Europe is expected to have a major share in the air suspension market
Europe is estimated to lead the air suspension market during the forecast period owing to the higher adoption rate of air suspension than North America and Asia Oceania. Premium passenger vehicles hold the largest market share in the light-duty vehicle segment due to the rising significance of comfort & convenience amongst passengers. Further, the adoption rate of air suspension has increased in heavy trucks and buses to enhance safety and cabin comfort. Passenger and commercial vehicle manufacturers in the region are constantly working towards enhancing their technological capabilities and are thus able to cater for a large segment of the air suspension demand.
Air Suspension Market by Component, Vehicle Type, Technology, Aftermarket, & Region
Increasing demand for ride comfort, demand for extra payload capacity, awareness of driver safety, and increasing government support are expected to fuel the demand for air suspension.