Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Air Suspension Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type, By Component, By Technology, By Region, Segment Forecast, 2023 - 2032" report has been added to ResearchAndMarkets.com's offering.
The global air suspension market is poised to witness significant growth, with an anticipated value of USD 11.96 billion by 2032, according to a new comprehensive study. The report titled "Air Suspension Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Light Commercial Vehicle, Trucks, Bus, and Others); By Component; By Technology; By Region; Segment Forecast, 2023 - 2032" provides a detailed analysis of current market dynamics and offers insights into future market expansion.
Driving Forces for Market Growth
The escalating need for comfort and safety during long-distance travel, coupled with major investments by prominent automotive companies to enhance travel experiences for customers, are anticipated to be key growth drivers in the air suspension market. Additionally, the rapid advancement of autonomous vehicle technology and the strategic focus of industry leaders on integrating advanced technology to revolutionize the automotive sector are expected to present lucrative growth opportunities.
For example, Global Air Cylinder Wheels announced in September 2022 its plans to introduce an environmentally-friendly, safer, and more robust air suspension wheel for mining, offering advantages such as lower waste, reduced overheating, longer lifespan, and lower rolling resistance.
Integration of Advanced Technology
Advancements in technology have enabled seamless integration of air suspension systems with Advanced Driver Assistance Systems (ADAS), enhancing features like automatic leveling, lane-keeping assistance, and adaptive cruise control. Electronic control systems have gained prominence, allowing precise control over ride height, damping, and other variables, resulting in increased traction worldwide.
Enhanced Safety Features
The market is further bolstered by the growing incorporation of enhanced safety features within suspension systems. Features such as adaptive cruise control and lane departure warning systems enhance overall vehicle safety by providing passengers with a stable and smooth ride.
Market Highlights
- The light commercial vehicle segment claimed the largest market share in 2022 due to rising consumer demand for enhanced comfort and safety during travel.
- The air spring segment is projected to maintain a significant market share throughout the forecast period, driven by its widespread adoption in commercial vehicles to improve fuel efficiency and reduce maintenance costs.
- Electronic controlled technology dominated the market in 2022, primarily due to its increasing integration in luxury vehicles featuring innovative technologies.
- The Asia Pacific region led the global market with the highest share in 2022, attributed to increased vehicle sales and government initiatives supporting advanced system development.
Segmented Analysis for In-depth Insights
The market report offers detailed insights based on segmentation:
- Vehicle Type Outlook:
- Light Commercial Vehicle
- Trucks
- Bus
- Others
- Component Outlook:
- Air Spring
- Tank
- Solenoid Valve
- Shock Absorber
- Air Compressor
- Electronic Control Unit
- Height & Pressure Sensor
- Others
- Technology Outlook:
- Electronic Controlled
- Non-Electronic Controlled
- Regional Outlook:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Dynamics
Drivers and Opportunities
- Rising Global Commercial Vehicle Sales
- Increasing Demand for Premium and Luxury Vehicles
Restraints and Challenges
- High Development and Adoption Cost of Air Suspension
Companies Mentioned
- Firestone Industrial Products
- Mando Corporation
- AccuAir Suspension
- BWI Group
- Hitachi Ltd.
- Continental AG
- WABCO
- Hendrickson US LLC
- SAF Holland
- Parker Hannifin Corporation
- Jamna Auto Industries Ltd.
- Air Lift Company
- Vibracoustic
- AB Volvo
- S.J. Sportscars Limited
- ThyssenKrupp AG
- Dunlop Suspension Systems Ltd.
- Arnott LLC.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 118 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $6.91 billion |
| Forecasted Market Value (USD) by 2032 | $11.96 billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/26p9aq
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