Air Suspension Market Thumbnail Image

2019

Air Suspension Market

Air Suspension Market Size, Share, Competitive Landscape and Trend Analysis Report by Vehicle Type (Light Duty Vehicle, Trucks, and Bus), Component (Air Spring, Tank, Solenoid Valve, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Height & Pressure Sensor, and Others), Technology Type (Electronic Controlled and Non-Electronic Controlled), and Sales Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2018-2026

Select an option
Author's: Abhay Singh | Lalit Janardhan Katare
Publish Date:

Get Sample to Email

Air Suspension Market Outlook-2026

The global air suspension market size was valued at $5.94 billion in 2019, and is projected to reach $9.22 billion by 2026, registering a CAGR of 6.50%. Asia-Pacific was the highest revenue contributor, accounting for $19.56 billion in 2018, and is estimated to reach $33.52 billion by 2026, with a CAGR 6.9%. Asia-Pacific and North America collectively accounted for about 67.4% share in 2018, with the former constituting around 35.2% share. Asia-Pacific and Europe are expected to witness considerably higher CAGRs of 6.9% and 6.4%, respectively, during the forecast period. The cumulative share of these two segments was 55.4% in the global air suspension market in 2018, and is anticipated to reach 56.5% by 2026.

Air Suspension Market

Air suspension is a type of suspension system used in vehicles to provide comfort to drivers while driving. The air suspension system present in vehicle is powered by an electric or engine-driven air pump or compressor. These pumps or compressors attached to the suspension system allows air to flow into the suspension system, which is usually made from textile-reinforced rubber. Air suspension system is used in a vehicle as a replacement for conventional steel springs and have a wider application in heavy vehicles such as buses, trucks, rolling stock, and various heavy vehicles. The main purpose of air suspension is to provide a smooth and constant ride quality to drivers and passengers. These factors have positively impacted the air suspension market growth.

A good quality ride provides comfort to passengers, minimizes damage to cargo, and reduces driver fatigue on long journeys. Suspension is responsible for quality of rides and control on car handling, as cars with firm suspension could result in greater control of body movements and quicker reactions. Ambulances have a special need for a high level of ride quality, to avoid further injury to the already ill passengers. Such factors have boosted the demand for higher driving comfort, which eventually influences the air suspension market.

Air Suspension Market
By Technology
Your browser does not support the canvas element.

Electronic is projected as the most lucrative segments

Factors such as rise in global commercial vehicle sales and increase in demand for premium and luxury vehicles drives the growth of market. However, factors such as high development and adoption cost of air suspension is supposed to hamper the market growth. Further, increase in demand for lightweight air suspension systems and rising aftermarket demand for air suspension and related components is expected to create numerous opportunities for the growth and expansion of the air suspension market.

The air suspension market is segmented on the basis of vehicle type, component, technology, sales channel, and region. By vehicle type, it is categorized into light duty vehicles, trucks, and buses. By components, it is categorized into air spring, tank, solenoid valve, shock absorber, air compressor, Electronic Control Unit (ECU) and height & pressure sensor. By technology, it is categorized into electronically controlled and non-electronically controlled technologies. By sales channel, it is categorized into original equipment manufacturers (OEMs) and aftermarket channels. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Air Suspension Market
By Component
Your browser does not support the canvas element.

ECU is projected as the most lucrative segments

Key players including Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension and others holds major air suspension market share.

Rise in Global Commercial Vehicle Sales

With the increase in automation followed by adoption of latest technologies in automobiles, the demand for vehicles equipped with latest components such as air suspension system has increased leading to the growth of the vehicle sales across the different regions. The introduction of better and advanced air suspension system in commercial vehicles has increased comfort level while driving as well as lowered the chances of damaging the cargo and reduction of driver fatigue during long journeys. These factors has increased demand for commercial vehicles sales thereby leading to the growth of air suspension market during the forecast period.

Air Suspension Market
By Application
Your browser does not support the canvas element.

Truck is projected as the most lucrative segments

Increase in Demand for Premium & Luxury Vehicles

Countries have implemented laws and regulations for vehicles to install advanced systems for comfort while driving, such as air suspension system, within a stipulated time period. Government across the globe has made mandatory rules and regulations to replace metal-based spring systems in vehicles with air suspension system keeping safety and security in mind. This has enabled vehicle manufacturers to install air suspension systems in vehicles eventually leading to the growth of the air suspension market.

Moreover, automobile manufactures need to obtain safety ratings from organizations such as the Insurance Institute of Highway Safety (IIHS), New Car Assessment Program (NCAP), and International Centre for Automotive Technology (ICAT) to access sales license of vehicles in the air suspension market. Thus, all these safety rules and regulations made by governments are anticipated for growth of the market in the coming years.

Air Suspension Market
By Sales Channel
Your browser does not support the canvas element.

Aftermarket products is projected as the most lucrative segments

High Development & Adoption Cost of Air Suspension

The high cost associated with installing suspension system in vehicles is expected to reduce the growth of the air suspension market as it increases the cost of a car. The prospect of providing premium features in vehicles incurs additional expenses to consumers in the form of hardware, applications, and telecom service charges, which eventually hampers the growth of the market. Moreover, service of vehicles is difficult and requires skilled workers due to several components and sensors in them. Complex structure of systems reduce the shelf life of vehicles. Thus, high initial cost and complex structure is expected to have a significant impact on the growth of the market.

Air Suspension Market
By Region
2026
Asia-pacific 
North America
Europe
LAMEA

Asia PAcific region would exhibit the highest CAGR of 6.9% during 2019-2026.

Increase in Demand for Lightweight Air Suspension System

With continuous upgradation in the automobile sector, the demand for vehicles equipped with the latest and advanced components has increased across the globe. This has also increased the demand for light weight vehicles present across the globe. Thus, to meet this criterion, vehicle manufacturers have preferred light weight suspension system over metal spring-based suspension systems. This adoption has led manufacturers to use light weight components for manufacturing suspension systems. Thus the increasing demand for lightweight air suspension system has led to the growth of market during the forecast period.

Key Benefits for Air Suspension Market:

  • This study presents the analytical depiction of the global air suspension market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall air suspension market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Air Suspension Market Report Highlights

Aspects Details
Air Suspension Market By Vehicle Type
By Vehicle Type
  • Light Commercial Vehicle (LCV)
  • TRUCKS
  • BUS
Air Suspension Market By Component
By Component
  • Air Spring
  • Tank
  • Solenoid Valve
  • Shock Absorber
  • Air Compressor
  • Electronic Control Unit (ECU)
  • Height & Pressure Sensor
  • Others
Air Suspension Market By Technology
By Technology
  • ELECTRONIC CONTROLLED
  • NON-ELECTRONIC CONTROLLED
Air Suspension Market By Sales Channel
By Sales Channel
  • Original Equipment Manufacturers (OEMs)
  • AFTERMARKET
Air Suspension Market By Region
By Region
  • NORTH AMERICA  (U.S, CANADA, MEXICO)
  • EUROPE  (GERMANY, FRANCE, ITALY, UK, Rest of Europe)
  • ASIA-PACIFIC  (CHINA, JAPAN, INDIA, SOUTH KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
Key Market Players
Key Market Players

WABCO, SAF-HOLLAND S.A., THYSSENKRUPP AG, HITACHI LTD., MANDO CORPORATION, Hendrickson USA, L.L.C., CONTINENTAL AG., BWI Group, Firestone Industrial Products (Subsidairy of Bridgestone), ACCUAIR SUSPENSION

Analyst Review

In a vehicle, air suspension is used to provide better suspension and at the same time to increase the comfort level of a vehicle. The air suspension system present in vehicles is powered by an electric or engine-driven air pump or compressor. These pumps or compressors attached to the suspension system allows air to flow into the system, which is usually made from textile-reinforced rubber. Air suspension system is used in a vehicle in replacement of conventional steel springs and have a wider application in heavy vehicles such as buses, trucks, rolling stock and various heavy vehicles. The main purpose of air suspension is to provide a smooth and constant ride quality to driver and passengers, which has positively impacted the growth of the air suspension market across the globe. With the increased production of vehicles across the globe followed by rise in demand for light weight vehicles has boosted the demand for better and effective suspension systems. This has led vehicle manufacturers across the globe to adopt the air suspension system in vehicles, thereby leading to the growth of the market.

Factors such as rise in global commercial vehicle sales and increase in demand for premium and luxury vehicles drive the growth of the air suspension market. However, factors such as high development and adoption cost of air suspension systems hampers the growth of the market. Further, increase in demand for lightweight air suspension system and rise in the aftermarket demand for air suspension and related components is expected to create numerous opportunities for the growth and expansion of the air suspension market.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor and is expected to maintain the lead during the forecast period, followed by North America, Europe, and LAMEA.

 

Author Name(s) : Abhay Singh | Lalit Janardhan Katare
Frequently Asked Questions?

The global air suspension market was valued at $5.6 billion in 2018, and is projected to reach $9.2 billion by 2026, registering a CAGR of 6.5%.

The forecast period in the Air Suspension Market would be 2026

The market value of Air suspension market in 2019 is estimated to be $ 5,938.10 million

The base year calculated in the Air suspension market report is 2018

The companies are selected based on the product offerings, organic and inorganic strategies adopted and Georgraphic footprint. Additional, the company tie ups with key OEMs and revenue generated are the key pointers for selection.

The major companies holding the major share includes Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, and Accuair Suspension

In terms of vehicle Type trucks is estimated to be a matured market growing at a CAGR of 6.50% during the forecast period.

In terms of component compressor is estimated to be a most influencing segment growing at a CAGR of 7.40% during the forecast period.

Loading Table Of Content...

Individual sections of the reports are available for purchase.
Would you like to see a breakdown of prices by section?

Air Suspension Market

Global Opportunity Analysis and Industry Forecast, 2018-2026