Portland, OR, March 22, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global air suspension industry was estimated at $5.94 billion in 2019 and is expected to reach $9.22 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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Rise in global commercial vehicle sales and surge in demand for premium and luxury vehicles drive the growth of the global air suspension market. However, high development and adoption cost of air suspension hamper the market. Nevertheless, increase in demand for the lightweight air suspension system and upsurge in rising aftermarket demand for air suspension and related components are anticipated to usher lucrative opportunities in the near future.
Covid-19 Scenario-
- The outbreak of covid-19 has impacted the market negatively. The manufacturing processes and supply chain demand has been disrupted due to the prolonged lockdown.
- However, the situations in various regions are getting better than before, which in turn is expected to aid the industry to recoup soon.
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The air suspension market is segmented on the basis of vehicle type, component, technology, sales channel, and region. Based on technology, the non-electronic segment dominated the market with largest share in 2018, accounting for more than four-fifths of the market. However, the electronic segment is anticipated to portray the fastest CAGR of 7.5% during the forecast period.
The truck segment held the largest market share in 2018, with more than one-third of the global air suspension market. The segment is expected to lead the market throughout the forecast period. In addition, the segment is projected to register the fastest growing CAGR of 6.8% during in between 2019 to 2026.
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The global air suspension market is studied across Asia-Pacific, Europe, LAMEA, and North America. The Asia-Pacific region held the largest share in 2018, with more than one-third of the market. In addition, the region is expected to showcase the fastest CAGR of 6.9% throughout the forecast period.
The key market players profiled in the air suspension market report include Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension and others.
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