Automotive Air Suspension Market Outlook 2031
The global automotive air suspension market size was USD 7.59 Billion in 2022 and is anticipated to reach USD 15.8 Billion by 2031 expand at a CAGR of 8.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing demand for luxury buses for long distance travelling. Moreover, rising preference for comfort and luxury in passenger cars is expected to propel the market growth.
Air suspension is driven by an engine-driven compressor or air pump. Air suspension system consists of air springs, shock absorbers, beam assembly, brake system, and axle. This type of suspension increases stability and reduces fuel consumption, which in turn, improves comfort of the vehicle. The air suspension system also reduces the noise and vibration and increases the capacity to transport loads by levelling the suspension. Air suspension consists of different components, which includes air springs and height sensor.
Air springs have more capabilities than conventional coil springs. Vehicles with air suspension maintain better stability and helps in adjusting the ride height according to the vehicle speed. The suspension system of a car has two primary objectives, which are to maintain contact between the wheel and road and to prohibit road shocks and undulations to the passenger cabin. Some major bus manufacturers include Volvo, Scania, Daimler, etc. use air suspensions in their buses.
Automotive Air Suspension Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for vehicles integrated with air suspension system is expected to boost the automotive air suspension market during the forecast period.
- Rising production of passenger cars and commercial vehicles is expected to propel the market growth.
- Growing demand for height sensors is expected to drive the market growth.
- High Installation cost of air suspension can hinder the market growth.
- Ongoing development of lightweight air suspension systems and technological innovations in the field of electronically controlled air suspension are expected to create significant opportunities for the global automotive air suspension market.
Scope of The Automotive Air Suspension Market Report
The report on the global automotive air suspension market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Automotive Air Suspension - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Control Types (Electronically Controlled Air Suspension and Non-electronically Controlled Air Suspension), Application Types (Passenger Cars and Commercial vehicles), and End-Users (OEMs and Aftermarket)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Continental AG, Magneti Marelli S.p.A, Hendrickson USA, L.L.C., WABCO, ThyssenKrupp AG, Hitachi, Ltd., Dunlop Systems and Components, and ZF Friedrichshafen AG
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Global Automotive Air Suspension Market Segment Insights
Electronically controlled segment to dominate the market
Based on control types, the global automotive air suspension market is divided into electronically controlled air suspension and non-electronically controlled air suspension. The electronically controlled air suspension segment is expected to to dominate the market share owing to growing adoption of technological advanced systems in the suspension system.
Moreover, its features, which includes, raising and lowering the vehicle height, reducing air consumption, high stability, improved ride quality, and ability to adapt to varying load capacities is driving the segment growth.
Passenger cars segment is to hold major market share
Based on application types, the global automotive air suspension market is segmented into passenger cars and commercial vehicles. The passenger cars segment is to expected to hold a major market share owing to growing production of passenger vehicles in developing and developed economies.
Increasing demand for automobiles in developing economies can be attributed due to the increasing working population, rapid industrialization, and growing middle-income level groups, which is boosting the segment growth.
OEMs segment to account a considerable market share
Based on end users, the market is bifurcated into OEMs and aftermarket. The OEMs segment is anticipated to account for a considerable market share during forecast period. OEMs provide standardization for independent suspension systems with help of significant parameters while establishing supply contracts. Growing demand for comfort and safety features has increased the installation of independent suspension systems in modern cars, driving the segment growth.
Asia Pacific to dominate the market share
Based on regions, the market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market owing to increasing technological advancements and existence of major key players in countries such as India, China, And Japan. Rising technological advancements, leading to improved technical capabilities is to expected to foster the market growth in the region.
Segments
The global automotive air suspension market has been segmented on the basis of
Control Types
- Electronically Controlled Air Suspension
- Non-electronically Controlled Air Suspension
Application types
- Passenger Cars
- Commercial vehicles
End-Users
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
The key players operating in the global automotive air suspension market includes Continental AG, Magneti Marelli S.p.A, Hendrickson USA, L.L.C., WABCO, ThyssenKrupp AG, Hitachi, Ltd., Dunlop Systems and Components, and ZF Friedrichshafen AG.