Wilmington, Delaware, United States, March 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive air suspension market stood at US$ 18.4 Bn in 2022 and is likely to reach US$ 26.5 Bn by 2031, expanding at a CAGR of 4.1% between 2023 and 2031. High sales of commercial vehicles and growing popularity of premium vehicles are expected to bolster global automotive air suspension industry growth in the next few years.
Increase in usage of air suspension systems in large commercial vehicles and rise in demand for automotive safety and comfort are projected to accelerate business growth during the forecast period.
Globally, aftermarket demand for compact air suspension systems and associated parts is growing at a steady pace. This offers significant opportunities to manufacturers. Furthermore, rise in sales of premium automobiles is anticipated to propel market size. This is ascribed to rise in disposable income of people in developing markets. Manufacturers are also working to increase the dependability of air suspension systems.
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| Report Coverage | Details | |
| Market Revenue | USD 18.4 Bn | |
| Estimated Value | USD 26.5 Bn | |
| Growth Rate - CAGR | 4.1% | |
| Forecast Period | 2023–2031 | |
| No. of Pages | 260 Pages | |
| Market Segmentation | Control Type, Component, Vehicle Type, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | AccuAir Control Systems, L.L.C., Air Lift Company, BWI Group, Continental AG, Dunlop Systems and Components, DuPont de Nemours, Inc., Firestone Industrial Products, Hendrickson International Corporation, Hendrickson USA, L.L.C., Hitachi Ltd., Magneti Marelli S.p.A., Mando Corporation, Meklas Group | |
Emergence of automotive automation is expected to drive demand for automobiles with advanced parts such as air suspension systems. Commercial vehicles are gradually improving; more advanced air suspension systems are installed to make driving more comfortable and reduce the likelihood of any damage to the cargo. Rise in demand for commercial vehicles across the globe is likely to drive global automotive air suspension market expansion.
Several countries have implemented regulations and passed laws requiring incorporation of advanced comfort features such as air suspension systems in vehicles. Consequently, air suspension systems are now a popular option for commercial vehicle makers, which is anticipated to propel market development.
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Key Findings of Market Report
- In terms of control type, the electronically controlled air suspension control segment is projected to lead the global market from 2023 to 2031. Ride quality as well as driving performance of the automobile can be altered through an electronically controlled air suspension system, which is basically a computer-controlled system. Unlike conventional air suspension, electronic suspension automatically modifies the shocks and/or struts to give a pleasant ride. Volkswagen Touareg, Land Rover Discovery, Porsche Cayenne, Mercedes-Benz S-Class, and Audi A8 are some of the high-end passenger vehicles that increasingly incorporate electronically controlled air suspension systems.
- Based on vehicle type, the heavy commercial vehicle segment is anticipated to dominate the global industry during the forecast period. The segment accounted for 45.3% market share in 2022. Demand for big commercial vehicles, especially refrigerated trucks, is rising as more temperature-sensitive and fragile products need to be transported.
Global Automotive Air Suspension Market: Growth Drivers
- Globally, the vehicle miles travelled (VMT) is continually rising. Moreover, increase in population is propelling VMT. The more miles and kilometers a vehicle travels, the more likely it is to sustain damage. Hence, shock absorbers must be changed on a regular basis. Increase in air suspension component replacement is anticipated to drive market growth in the near future.
Global Automotive Air Suspension Market: Regional Landscape
- Based on automotive air suspension market trends, Asia Pacific is projected to lead the global industry between 2023 and 2031. Expansion of the automotive industry in the region is projected to fuel industry growth. The number of commercial vehicles is expected to rise in countries such as China, India, and Japan, which is likely to boost market demand for automotive air suspension in the region.
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Global Automotive Air Suspension Market: Key Players
- DuPont de Nemours, Inc.
- Hendrickson International Corporation
- AccuAir Control Systems, L.L.C.
- Dunlop Systems and Components
- Magneti Marelli S.p.A.
- ZF Friedrichshafen AG
Global Automotive Air Suspension Market: Segmentation
Control Type
- Electronically Controlled Air Suspension
- Non-electronically Controlled Air Suspension
Component
- Air Spring
- Shock Absorber
- Compressor
- Electronic Control Unit
- Air Reservoir
- Height & Pressure Sensor
- Remote Control
- Solenoid Valve
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Bus & Coach
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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