Automotive Air Suspension Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||Europe|
|CAGR:||> 6 %|
*Disclaimer: Major Players sorted in no particular order
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Automotive Air Suspension Market Analysis
The automotive air suspension market was valued at USD 6.2 billion in 2021, and it is expected to register a CAGR of greater than 6% during the forecast period (2022-2027).
For the year 2020, the global automotive industry witnessed a slump, primarily attributed to COVID-19 pandemic-associated lockdown and travel restrictions that halted the industry supply chain. Also, as the vehicle manufacturing activities were on halt for a few months in the first half of the year 2020, the demand for associated components witnessed a slump. This in turn hampered the automotive air suspension market for the year 2020.
Factors such as a rise in global commercial vehicle sales and an increase in demand for premium and luxury vehicles drive the growth of the market. Furthermore, an increase in demand for lightweight air suspension systems and rising aftermarket demand for air suspension and related components are expected to create numerous opportunities for the growth and expansion of the air suspension market.
The Asia-Pacific region is expected to expand at a significant pace, as the region comprises rapidly developing economies, such as China, Japan, and India. Europe and North America are likely to witness significant growth during the forecast period. The market in Asia-Pacific is primarily driven by China, where the rate of adoption of air suspension systems in vehicles is increasing. This, in turn, is driving the automotive air suspension system market in the country.
Automotive Air Suspension Industry Segmentation
An automotive air suspension system is a style of vehicle suspension that is powered by an electric pump or compressor that pumps air into flexible bellows that are typically made out of a textile-reinforced type of rubber. It is used in vehicles to provide comfort to drivers while driving. The scope of the report covers segmentation based on control type, application type, end user, and geography.
By Control Type, the market is segmented into Electronically Controlled Air Suspension and Non-electronically Controlled Air Suspension. By Application Type, the market is segmented into Passenger Cars and Commercial Vehicles.
By End User, the market is segmented into OEMs and Aftermarket, and by Geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. For each segment, market sizing and forecast have been done on the basis of value (USD billion).
|Electronically Controlled Air Suspension|
|Non-electronically Controlled Air Suspension|
Automotive Air Suspension Market Trends
This section covers the major market trends shaping the Automotive Air Suspension Market according to our research experts:
Electronically Controlled Air Suspension Anticipated to Dominate the Market
The electronically controlled air suspension system is essentially a computer-controlled system that can adjust the ride characteristics and performance of your vehicle. Unlike conventional air suspensions, an electronic suspension modifies the shocks and/or struts electronically to ensure a smooth ride.
Many luxury passenger cars are being released with electronically controlled air suspension, such as Audi A8, Mercedes S-Class, Porsche Cayenne, Land Rover Discovery, and Volkswagen Touareg, are some of many models. Moreover, automobile manufacturers need to obtain safety ratings from organizations such as IIHS, NCAP, and ICAT to access sales of vehicles in the air suspension market.
Thus, all these safety rules and regulations made by governments are anticipated to contribute to the growth of the market in the coming years. This, paired with raising commercial vehicles sales, is expected to boost the demand for the air suspension market during the forecasted period.
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Europe Expected to Witness Significant Growth
Europe is projected to witness the fastest growth in the air suspension market during the forecast period due to its higher adoption rate of air suspension across all vehicle types compared with other regions such as North America and Asia Oceania. In the light-duty vehicle segment, OEMs such as BMW, Mercedes-Benz, Porsche, Audi, and Land Rover offer ECAS technology in select models to enhance benefits such as height-raising and lowering options.
In the commercial vehicles segment, air suspension has a higher installation rate in semi-trailers and multi-axle buses. Additionally, technology-driven suppliers such as Continental, ThyssenKrupp, and SAF-Holland are constantly making efforts to introduce the latest technology in the field of air suspension for light and heavy-duty vehicles. All these factors have resulted in the growth of the air suspension market in the region.
Moreover, the growing demand for electric vehicles in the region is expected to support the growth of the market during the forecast period. Growing technological advancements and consumers' interest in installing the latest technology products in their vehicles to have a quality ride are expected to drive the market in the region.
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Automotive Air Suspension Industry Overview
The automotive air suspension market is moderately consolidated and competitive due to the presence of numerous companies in the market. Some of the prominent players in the market include Dunlop Systems, Vibrocoustics, Wabco, and Continental AG. These players are focusing on various growth strategies such as mergers, acquisitions, and joint ventures to increase their presence in the market. For instance,
- In May 2020, ZF Friedrichshafen AG successfully completed the acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities.
Automotive Air Suspension Market Leaders
DUnlop Systems and Components
zf friedrichshafen ag
*Disclaimer: Major Players sorted in no particular order
Automotive Air Suspension Market News
- In September 2021, Continental AG launched three new products at automechanika 2021, which include air suspension dampers.
- In May 2021, Firestone announced its expansion plan for Williamsburg, Kentucky Firestone Industrial Products Plant to cater to the growing advanced air suspension technology demand in electric vehicles.
Automotive Air Suspension Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Control Type
5.1.1 Electronically Controlled Air Suspension
5.1.2 Non-electronically Controlled Air Suspension
5.2 Application Type
5.2.1 Commercial Vehicle
5.2.2 Passenger Cars
5.3 End User
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Rest of the World
126.96.36.199 South America
188.8.131.52 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Airlift Company
6.2.2 Dunlop Systems and Components
6.2.4 ZF Friedrichshafen AG
6.2.6 Continental AG
6.2.7 Arnott Industries
6.2.8 Hendrickson International
6.2.9 Mando Corporation
6.2.10 Tenneco Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Air Suspension Market Research FAQs
What is the study period of this market?
The Automotive Air Suspension Market is studied from 2018 - 2028.
What is the growth rate of Automotive Air Suspension Market?
The Automotive Air Suspension Market is growing at a CAGR of >6% over the next 5 years.
What is Automotive Air Suspension Market size in 2018?
The Automotive Air Suspension Market is valued at 6 Billion USD in 2018.
What is Automotive Air Suspension Market size in 2028?
The Automotive Air Suspension Market is valued at 9 Billion USD in 2028.
Which region has highest growth rate in Automotive Air Suspension Market?
Europe is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Automotive Air Suspension Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Automotive Air Suspension Market?
Continental AG, DUnlop Systems and Components, Stemco, Vibracoustics, zf friedrichshafen ag are the major companies operating in Automotive Air Suspension Market.
Automotive Air Suspension Industry Report
Statistics for the 2023 Automotive Air Suspension market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Air Suspension analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.