Report Scope & Overview:
Air Suspension Market Size was valued at USD 6.49 billion in 2022 and is expected to reach USD 10.67 billion by 2030 and grow at a CAGR of 6.42% over the forecast period 2023-2030.
The growing demand for luxury buses for long-distance travel, as well as the growing importance of comfort and luxury in passenger automobiles, are driving the air suspension system industry.
Air suspension is a sort of car suspension system that provides comfort to the driver while driving. Air is pumped into the suspension system, which is normally comprised of textile-reinforced rubber, by these pumps or compressors attached to the suspension system. Air suspension systems are used in cars to replace traditional steel springs and have a broader application in heavier vehicles including buses, lorries, rolling stock, and other heavy vehicles.
A decent ride offers passenger comfort, minimizes cargo damage, and lowers driver fatigue on extended journeys. Suspension is in charge of ride quality and car handling control, as cars with firm suspension can have more control over body movements and react faster. As a result of these reasons, the need for increased driving comfort has increased, influencing the air suspension industry.
MARKET DYNAMICS:
KEY DRIVERS:
Consumers' preference for cutting-edge technology & an increase in disposable income.
Luxury car demand is increasing.
Production of both passenger and commercial automobiles is increasing.
People are opting for premium vehicles because they want all of the safety features and a smooth ride.
RESTRAINTS:
The significant costs associated with installing an air suspension system.
The maintenance involved with air suspension can stifle market expansion.
OPPORTUNITIES:
Consumers choose to install cutting-edge technology in their vehicles in order to have a smooth ride.
An increasing number of automakers are emphasizing the inclusion of more comfortable amenities in their vehicles.
The development of lightweight air suspension systems and technological advances.
CHALLENGES:
The high cost of installing suspension systems in automobiles.
The market's expansion is projected to be hampered by its complex structure.
IMPACT OF COVID-19:
The impact on the cars sector is clear, as numerous companies experienced disruptions in their production and supply chains. OEMs are optimistic about the post-pandemic period as they manage this crisis, expecting economies to recover and aid market growth.
The market is growing due to factors such as increased worldwide commercial vehicle sales and increased demand for premium and luxury vehicles. Furthermore, increased aftermarket demand for air suspension and an increase in demand for lightweight air suspension systems are likely to generate various chances for the air suspension industry to grow and expand.
KEY PLAYERS:
Continental AG (Germany), Stemco, ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), LORD Corporation, Accuair Suspension (US), Airlift Company, Magneti Marelli S.p.A., and Mando Corporation are some of the major players in the air suspension market (South Korea). Continental used expansion, new product development, collaboration, and mergers and acquisitions to maintain its leading position in the air suspension business, whereas ThyssenKrupp relied on expansion to maintain its market position.
MARKET ESTIMATION:
Market, By Vehicle Type:
The market has been divided into two categories based on Vehicle type: Passenger cars and commercial cars. In passenger and commercial cars, air suspension is commonly utilized instead of traditional suspension, which is made primarily of steel springs.
Market, By Technology:
The market has been divided into two categories based on technology: manual air suspension and electronic air suspension. Due to the rising use of manual air suspension in commercial vehicles, the manual air suspension category is likely to hold the greatest share of the market.
Market, By Component:
Shock absorbers, air springs, air compressors, air reservoirs, height sensors, electric control units, and others are among the market's components. Because it improves the passenger's ride, the shock absorber segment is likely to dominate the automatic air suspension system market.
Market, By End-user:
The market has been divided into two categories based on End-user: OEM and Aftermarket.
MARKET SEGMENTATION:
By Vehicle type:
Passenger car
Commercial vehicle
By Technology:
Manual Air Suspension
Electronic Air Suspension
By Component:
Shock Absorber
Air Spring
Height sensor
Air compressor
Electric control unit
Air Reservoir
Others
By End-user:
OEM
Aftermarket
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REGIONAL ANALYSIS:
The urban population in the Asia Pacific is steadily expanding, owing to improved employment possibilities and higher living standards in urban regions.
Because the region includes quickly rising economies like China, Japan, and India, this industry in the region is expected to grow rapidly. China is driving the market in the Asia Pacific, where the adoption of air suspension systems in automobiles is expanding. As a result, the vehicle air suspension system industry in the country is booming.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 6.49 Billion |
| Market Size by 2030 | US$ 10.67 Billion |
| CAGR | CAGR of 6.42% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Vehicle Type (Passenger car, Commercial vehicle) • by Technology (Manual Air Suspension, Electronic Air Suspension) • by Component (Shock Absorber, Air Spring, Height sensor, Air compressor, Electric control unit, Air Reservoir, Others) • by End-user (OEM, Aftermarket) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Continental AG (Germany), Stemco, ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), LORD Corporation, Accuair Suspension (US), Airlift Company, Magneti Marelli S.p.A., and Mando Corporation are some of the major players in the air suspension market (South Korea). Continental used expansion, new product development, collaboration, and mergers and acquisitions to maintain its leading position in the air suspension business, whereas ThyssenKrupp |
| Key Drivers | •Consumers' preference for cutting-edge technology & an increase in disposable income. •Luxury car demand is increasing. |
| RESTRAINTS | •The significant costs associated with installing an air suspension system. •The maintenance involved with air suspension can stifle market expansion. |
Ans:- The market size is expected to reach USD 9.44 billion by 2028.
Ans:- Air suspension is a sort of car suspension system that provides comfort to the driver while driving.
Ans:- Over the projection period, the component compressor segment is expected to develop at a CAGR of 8.23 percent.
Ans:- Yes.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Air Suspension Market Segmentation, by Vehicle type
8.1 Passenger car
8.2 Commercial vehicle
9. Global Air Suspension Market Segmentation, by technology
9.1 Manual Air Suspension
9.2 Electronic Air Suspension
10. Global Air Suspension Market Segmentation, by component
10.1 Shock Absorber
10.2 Air Spring
10.3 Height sensor
10.4 Air compressor
10.5 Electric control unit
10.6 Air Reservoir
10.7 Others
11. Global Air Suspension Market Segmentation, by End-user
11.1 OEM
11.2 Aftermarket
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Continental AG (Germany)
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Stemco
13.3 ThyssenKrupp AG (Germany)
13.4 Firestone Industrial Products (US)
13.5 Hitachi Ltd. (Japan)
13.6 Wabco Holdings Inc. (Belgium)
13.7 SAF-Holland (Germany)
13.8 Hendrickson International Corporation (US)
13.9 LORD Corporation
13.10 Accuair Suspension (US)
13.11 Airlift Company
13.12 Magneti Marelli S.p.A.
13.13 Mando Corporation
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share analysis
14.3 Recent Developments
15.Conclusion
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