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Air Suspension Market

Air Suspension Market Size, Share and 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), by Regions - Global Market Forecast 2020-2028

Report Id: SNS/AUTO/1065 | May 2022 | Region: Global | 135 Pages

Report Scope & Overview:

Air Suspension Market Size was valued at USD 6.10 billion in 2021 and is expected to reach USD 9.44 billion by 2028 and grow at a CAGR of 6.42% over the forecast period 2022-2028.

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 Market Revenue Graph

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

Air Suspension Market Segment Chart

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

 

The Air Suspension Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 6.10 Billion
Market Size by 2028 US$ 9.44 Billion
CAGR CAGR of 6.42% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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.


Frequently Asked Questions (FAQ) :

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:- 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 the Ukraine-Russia War

 

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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Secondary Research

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