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Air Suspension Market Size Market Size, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3521

Air Suspension Market size is estimated to exhibit considerable growth over the period 2022 to 2028 with the rising demand for sports and luxury vehicles driven by the increasing disposable incomes globally. The growing consumer preference for vehicles with superior ride comfort coupled with increasing significance for passenger and driver safety is complementing the market expansion.
 

The industry statistics are being further strengthened by the accelerating demand for overnight journeys and long-haul buses with superior comfort. Besides, favorable stances by the government authorities geared towards the growth of the automotive manufacturing sector coupled with the growing proclivity towards superior performance suspension technologies will expedite the business growth over the foreseeable period.
 

Based on vehicles, the air suspension market is segmented into HCV, LCV, and PCV. Among these, HCV segment is expected to record a significant growth in the market owing to the increasing demand for buses with greater comfort and ability to travel long distances without causing much discomfort. The segment growth is expected to be further impelled by the increasing focus of industry players are on new product developments.
 

In terms of component type, electronic control unit (ECU) is expected to record a significant demand in the following years owing to rising preference for devices that can facilitate improved performance. It serves as a vital component in the electronically controlled air suspension system (ECASS) and ensures enhanced vibration absorption and improved vehicle control. The demand for ECU is being further driven by the increasing usage of components like solenoid valves, lines, etc. that fill and vent each airbag and can be adjusted in different conditions.
 

With regards to technology, electronically controlled air suspension (ECAS) segment is anticipated to grow significantly with rising consumer preference for vehicles with better suspension operations. ECAS technology provides reduced air consumption and vibration and facilitates comfortable rides. Besides, high stability, optimum road grip, and adaptability to varying loads are further supporting the segmental growth. Various luxury passenger cars are now being equipped with ECAS such as Porsche Cayenne, Audi A8, Land Rover Discovery, Mercedes S-Class, and Volkswagen Touareg.
 

Regionally, air suspension market is expected to witness considerable growth in Europe owing to the increasing consumer preference towards premium vehicles in the region. The strong presence of numerous automobile OEMs with product portfolios comprising of sports and luxury vehicles is expected to propel the industry expansion. Besides, the high economic growth in countries including the UK, Spain, and Germany coupled with increasing investments is opening ample growth opportunities for the regional market.
 

The key players operating in air suspension market include Continental AG, ThyssenKrupp AG, Firestone Industrial Products, Hitachi Ltd, Wabco Holdings Inc, Hendrickson International Corporation, and SAF-Holland.
 

These players are making hefty investments in R&D to develop innovative products to gain a competitive edge in the market. That apart, they are also focusing on various marketing strategies like acquisitions, partnerships, collaborations and more.
 

Citing an instance, in 2020, Wabco launched an air suspension system that combines air suspension with its ECAS technology. According to the company, WABCO Air Suspension with ECAS Technology improves fuel economy, enhances ride comfort, provides better passenger safety, and increases vehicular stability.
 

Impact of COVID-19 on air suspension market landscape

The global outbreak of COVID-19 has made serious impacts on the supply chain, logistics, and production activities in the automotive industry. This, in turn, has significantly affected the trends of air suspension industry. However, as the business operations are restoring with the gradual lifting of lockdown restrictions is expected to impel the product demand and provide lucrative market growth prospects.
 

This air suspension market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2017 to 2028 for the following segments:

Market, By Component, 2017-2028 (USD Million)

  • Electronic control unit
  • Shock absorber
  • Solenoid valve
  • Air spring
  • Air compressor
  • Height and pressure sensors

Market, By Technology, 2017-2028 (USD Million)

  • Non-electronically controlled
  • Electronically controlled

Market, By Vehicle Type, 2017-2028 (USD Million)

  • PCV
  • LCV
  • HCV

Market, By End-User, 2017-2028 (USD Million)

  • OEM
  • Aftermarket

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Sweden
    • Russia
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

What Information does this report contain?

Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 2028.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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