Pune, Jan. 04, 2023 (GLOBE NEWSWIRE) -- The market is expected to grow from USD 32.5 billion in 2021 to USD 59.71 billion in 2029, at a CAGR of 7.9 percent over the forecast period from 2022 to 2029, according to the "Air Suspension Market" research released by Maximize Market Research.
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Air Suspension Market Scope and Research Methodology
The Maximize Market research has recently published a report on the Air Suspension Market. The report is based on both primary and secondary data sources. In order to evaluate the system's past, present, and future performance, the report methodology comprises data collection from companies and industries using primary and secondary sources. The financial perspective and SWOT (strengths, weaknesses, opportunities, and threats) models are two of the many tools used for company analysis.
In the report, a bottom-up approach has been used to determine the size of the air suspension market. By using primary and secondary research, the major market participants are defined, and their market revenues are determined. Primary research involves interviews with important opinion leaders and industry experts such as skilled front-line staff, business owners, and marketing specialists. Secondary research included a review of the annual and financial reports of top manufacturers.
Air Suspension Market Overview
In comparison to traditional coil springs, air springs offer additional capabilities. Despite the amount of stress placed on it, vehicles with air suspension maintain higher stability. The growing demand for luxury and sports cars is being driven by rising disposable incomes across the world. The market growth is being supported by consumers' growing demand for cars with improved ride comfort and their growing awareness of the significance of driver and passenger safety. Additionally, an increase in the production of passenger cars and commercial vehicles as well as a rise in demand for vehicles equipped with air suspension systems are expected to propel the automotive air suspension market growth.
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Air Suspension Market Dynamics
The air suspension market is now experiencing strong growth due in large part to the development of autonomous car technologies. The automobile industry is undergoing a revolution thanks to massive investments by industry leaders, which in turn, eventually result in the adoption of the most advanced air suspension technology for both light and heavy-duty cars. The need for electronically and non-electronically powered air suspension systems to improve vehicle traction, offer ride height flexibility, and give loading flexibility is growing. Currently, countries like Germany, China, and India are upgrading to the use of luxury vehicles and looking to use the newest technology, which is expected to increase the acceptance of air suspension systems.
The transition to using cutting-edge technology, such as the ECAS system in vehicles, results in high costs. For medium-priced automobiles, which are frequently chosen by customers, the cost of installing an air suspension system is substantial. As a result, the market growth for air suspension is expected to be hampered by the rising sales of medium-priced automobiles.
Air Suspension Market Regional Analysis
Asia Pacific region held the largest market share in 2021 and is expected to increase significantly at a high CAGR through the forecast period. Sales of high-end SUVs and luxury cars have soared in the region as a result of the rising spending power of the local populace in the region. Luxury automobile buyers want comfortable rides from their vehicles, which has prompted OEMs to use air suspension systems increasingly common in their designs. Only trucks and luxury-class passenger cars, lorries, and buses in the commercial vehicle category are in demand for air suspension systems. The air suspension market is expected to grow rapidly over the coming years as a result of the proximity of quickly developing countries like China, Japan, and India.
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Air Suspension Market Segmentation
By Vehicle Type:
- Light Duty Vehicles
- Trucks
- Buses
By Application:
- Electronically Controlled,
- Non-Electronically Controlled
By OE Type:
- Air Springs,
- Shock Absorbers,
- Compressors,
- Electronic Control Units,
- Air Reservoirs,
- Height Sensors,
- Solenoid Valves,
- Pressure Sensors
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Air Suspension Market Key Competitors:
- Continental AG (Germany)
- Hitachi, Ltd. (Japan)
- ThyssenKrupp AG (Germany)
- Wabco Holdings Inc. (France)
- Dunlop Systems And Components Ltd. (U.K.)
- Accuair Suspension (U.S.)
- Firestone Industrial Products Company, LLC (U.S.)
- Hendrickson USA, L.L.C. (U.S.)
- BWI Group (China)
- Mando Corp. (South Korea)
- ZF Friedrichshafen AG (Germany)
- Parker Hannifin Corp (U.S.)
- AB Volvo (Sweden)
- Air Lift Company (U.S.)
- VB-Airsuspension (Netherlands)
Key questions answered in the Air Suspension Market are:
- How is the Air Suspension Market performing in Europe?
- Who are the key players in the Air Suspension Market?
- Which region has the most countries that are key producers and exporters of Air Suspension?
- Which top 5 countries are responsible for the majority of the demand for Air Suspension?
- What percentage of the market do the top 5 Air Suspension comprise?
- What major trends are witnessed in the Air Suspension market?
- What major factor is influencing the need for Air Suspension?
Maximize Market Research is leading research firm in Automotive and Transportation, has also published the following reports:
Automotive Suspension Market - The Automotive Suspension Market size is expected to reach USD 53.4 billion by 2029 at a CAGR of 3.5 percent during the forecast period. The demand for vehicle suspension systems is expected to rise as a result of the quick adoption of e-mobility in developed countries and the restructuring of the automotive industry in emerging countries.
Motorcycle Suspension Market - The Motorcycle Suspension Market size is expected to reach USD 2.38 billion by 2029 at a CAGR of 4.7 percent during the forecast period. Growing demand for comfort and road safety among consumers along with consumer preference for motorcycles are influencing the market growth.
Air Conditioning Market - The Air Conditioning Market size is expected to reach USD 285.31 billion by 2029 at a CAGR of 9.8 percent during the forecast period. are driving the Disposable Endoscopes Market growth. The emergence of technologically advanced air conditioners including air conditioners with inverters and air purification technologies are boosting the air conditioning market growth across the world.
Automotive Biometric Seat Technology Market - The Automotive Biometric Seat Technology Market size is expected to reach USD 372.32 million by 2029 at a CAGR of 9.18 percent during the forecast period. An increase in the adoption of artificial intelligence technology and the integration of infotainment systems in vehicles are driving the automotive biometric seat technology market growth across the world.
Automotive Seat Belt Pretensioner Market - The Automotive Seat Belt Pretensioner Market size is expected to reach USD 23.51 billion by 2029 at a CAGR of 6.78 percent during the forecast period. Increasing adoption of automotive seat belt pre-tensioner embedded vehicles for passenger safety driving the market growth.
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