|Study Period:||2018 - 2026|
|Fastest Growing Market:||Europe|
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The automotive air suspension market was valued at USD 6 billion in 2020, and it is expected to reach USD 9 billion by 2026, registering a CAGR of greater than 6% during the forecast period (2021-2026).
The COVID-19 crisis has compelled about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. The impact is clearly evident on the auto industry as many companies faced disturbances with their production activities and supply chain. As they navigate this crisis, the OEM's are positive about the post-pandemic period as they expect the economies to revive and help the growth of the market.
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.
Scope of the Report
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|
Key Market Trends
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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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 January 2019, Tenneco Inc. completed its acquisition of Öhlins Racing AB, a Swedish technology company that develops premium suspension systems and components for the automotive and motorsport industries.
- In May 2020, ZF Friedrichshafen AG successfully completed the acquisition of commercial vehicle technology supplier WABCO, having gained approval from all required regulatory authorities.
- In August 2020, the ZF Commercial Vehicle Control Systems division in India designed air suspension with Electronically Controlled Air Suspension (ECAS) technology to address issues, including higher fuel consumption, decreased rider comfort, passenger safety, and vehicular instability.
- In September 2020, Continental AG developed sensors for vehicles with air suspensions. The sensors use ultrasound to measure the height and pressure of air springs to determine the axle’s load condition. The suspension travel of the shock absorber provides information on the load condition of the respective axle.
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
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
184.108.40.206 South America
220.127.116.11 Middle East & 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
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Frequently Asked Questions
What is the study period of this market?
The Automotive Air Suspension Market market is studied from 2018 - 2026.
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 2026?
The Automotive Air Suspension Market is valued at 9 Billion USD in 2026.
Which region has highest growth rate in Automotive Air Suspension Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive Air Suspension Market?
Asia-Pacific holds highest share in 2020.
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.