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 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.
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.
The significant costs associated with installing an air suspension system.
The maintenance involved with air suspension can stifle market expansion.
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.
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.
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, 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.
By Vehicle type:
Manual Air Suspension
Electronic Air Suspension
Electric control unit
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|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|
|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:
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
11. Global Air Suspension Market Segmentation, by End-user
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Continental AG (Germany)
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
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
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