Air Suspension Market size is estimated to foresee considerable growth from 2023 to 2032 owing to the rising demand for sports and luxury vehicles driven by the increasing disposable incomes globally. The growing consumer preference toward vehicles with superior ride comfort and the increasing significance for passenger and driver safety will complement market expansion through the ensuing years.
The industry dynamics will further be strengthened by the accelerating demand for overnight journeys and the subsequent rise in the sales of 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 inclination towards superior performance suspension technologies, will expedite the business growth by 2032.
However, the air suspension market is also likely to bear the brunt of the looming consequences of inflation and the ongoing tension between Ukraine and Russia due to the worsening scenario of the global chip shortage that has been continuing for the last two years. This, along with the mutual sanctions imposed on Russia, has aggravated supply-chain problems and hobbled car production worldwide. Furthermore, the unanticipated hikes in fuel and commodity prices may impact the industry development during 2023-2032.
Based on vehicles, the industry is classified into HCV, LCV, and PCV. Among these, the HCV vehicle type is expected to record significant industry growth owing to the increasing demand for buses with greater comfort and the ability to travel long distances without causing much discomfort. The segment growth is expected to be further propelled by the increasing focus of the air suspension market players on new product developments.
In terms of components, the electronic control unit (ECU) segment in air suspension market will foresee an appreciable valuation by 2032, led by the rising preference for devices that can facilitate improved performance. ECU serves as an essential component in the electronically controlled air suspension system (ECASS) and ensures enhanced vibration absorption and improved vehicle control. The demand for ECU is 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 regard to technology, the electronically controlled air suspension (ECAS) segment is anticipated to grow significantly between 2023 and 2032, 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 will further support segmental growth. Several luxury passenger cars, such as Porsche Cayenne, Audi A8, Land Rover Discovery, Mercedes S-Class, and Volkswagen Touareg, are equipped with ECAS, which will offer new dimensions to the industry growth.
Regionally, Europe air suspension market is expected to witness considerable growth from 2023 to 2032, attributed to the increasing consumer preference towards premium vehicles in the region. The strong presence of numerous automobile OEMs with product portfolios comprising 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, will drive ample growth opportunities for the regional market.
The key players operating in the global business scenario are Continental AG, ThyssenKrupp AG, Firestone Industrial Products, LLC, Hitachi Ltd, Wabco Holdings Inc, Hendrickson International Corporation (Hendrickson Holdings, L.L.C.), and SAF-Holland. These players are making hefty investments in R&D to develop innovative products to gain a competitive edge in the market. Besides, they are also focusing on various marketing strategies like acquisitions, partnerships, collaborations, and more.
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Market, By Technology
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The above information is provided on a regional and country basis for the following: