Air Suspension Market Size Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3521
Air Suspension Market size is expected to showcase significant growth over the projected period owing to rising demand for vehicles with superior ride comfort among consumers. Increasing awareness towards driver and passenger safety along with the requirement for extra payload capacity will further support the air suspension market expansion. High disposable income and rising alternatives for luxury vehicles with superior performance and dynamics are positively influencing the market share over the study timeframe.
Government support for the automotive manufacturing sector along with rising preference of automobile manufacturers to incorporate superior performance suspension technologies in their vehicles further accentuates the air suspension market size over the study timeframe. Increasing demand for overnight journey and log haul buses with superior comfort for minimizing fatigue over long distance travel are expected to significantly boost the industry share. However, the higher costs associated with the acquisition and maintenance of such systems may restrict the market share over the study timeframe.
Technological advancements including innovative electronics embedded with suspension systems and real time tuning for varying road conditions will influence the air suspension market demand. Industry participants focus on new product launches for expanding their product portfolio and attract new customers. For instance, in February 2018, Dorman Products announced the launch of a new active advanced suspension line up featuring solutions for OE compressor failure. Moreover, in September 2014, WABCO Holdings Inc introduced OptiRide in China, an improved electronically controlled air suspension technology (ECAS) for multiple truck platforms to gain competitive advantage in the region.
Based on component, the electronic control unit segment will witness significant growth owing to the high preference for such devices for improved product performance. The ECU operates as a vital component in the electronically controlled air suspension system (ECASS), ensuring enhanced vehicle control and improved vibration absorption. Air spring will account for a considerable share owing to the product replacement required for over-extended springs. Unrestrained downward travel of the axle results in over-extension of air springs, further boosting the segment share.
Based on technology, the electronically controlled air suspension is expected to register considerable growth owing to the increasing consumer preference towards vehicles with convenient suspension operations. ECAS offers reduced vibration and air consumption providing comfortable ride, thereby supporting the segment growth. Higher stability, adaptability to varying loads and optimum road grip will further expand the air suspension market size over the projected timeframe.
Based on vehicle, HCV is expected to account for a significant share in the air suspension market share. This can be attributed to the rising demand for buses with significant comfort and the ability to travel across long distance without causing major fatigue. Industry players are focusing on new product launches to increase their revenue and expand their market share. For instance, in 2014, JBM Group launched its CITYLIFE buses with air suspension technologies.
The air suspension market share based on distribution channel is categorized into OEM and aftermarket. The growth in the aftermarket can be credited to the increasing cases of repairs and replacements of suspension over a certain period. Moreover, the wear and tear of the suspension owing to regular usage and travel across diversified terrain conditions further supports the segment growth. Industry players are launching advanced new suspension systems in the aftermarket for increasing their market share. For instance, in 2016, Hendrickson introduced its LUXAIR premium drive axle air suspension system for buses.
Europe is expected to register significant market share owing to the consumer preferences towards premium vehicles across the region. Presence of multiple automobile OEMs with product portfolio consisting of luxury and sports vehicles will further propel the industry growth. For instance, in 2018, Lamborghini launched its Urus SUV with air suspension and active damper technologies. Asia Pacific will account for a considerable share owing to rising demand for buses for long haul travel along with rising commercial vehicle production across the region.
Few of the major players in air suspension market share include ThyssenKrupp AG, Continental AG, Firestone Industrial Products, Wabco Holdings Inc, Hitachi Ltd, Hendrickson International Corporation, SAF-Holland and Accuair Suspension. Industry players are continuously investing in R&D for developing innovative products to improve the overall driving experience. For instance, in April 2019, Hyundai Mobis Co announced the development of new air suspension technology featuring automatic suspension adjustment for varying the vehicle height based on navigation system.
Air Suspension Market, By Component, 2013-2025 (USD Million)
- Electronic control unit
- Shock absorber
- Solenoid valve
- Air spring
- Air compressor
- Height and pressure sensors
Air Suspension Market, By Technology, 2013-2025 (USD Million)
- Non-electronically controlled
- Electronically controlled
Air Suspension Market, By Vehicle Type, 2013-2025 (USD Million)
Air Suspension Market, By End-User, 2013-2025 (USD Million)
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Accuair Suspension
- Continental AG
- Wabco Holdings Inc
- ThyssenKrupp AG
- Firestone Industrial Products
- Hendrickson International Corporation
- Hitachi Ltd
- Mando Corporation
- Dunlop Systems and Components
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