Global Air Suspension Market Key Growth Factor Analysis, And Research Study 2027Posted by Karthik Pilla on September 28th, 2022
Bharat Book Bureau Provides the Trending Market Research Report on “Air Suspension Market by Component (Air Spring, Shocker, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Vehicle Type (ICE & Electric), Aftermarket & Region - Global Forecast to 2027” under the Automotive Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence, and Market reports.
The Air Suspension Market is expected to grow from USD 17.8 billion in 2022 and is projected to reach USD 21.8 billion in 2027, at a CAGR of 4.2% during the forecast period. The increasing sales of trucks & buses globally would primarily drive the air suspension market. Additionally, an increase in the adoption of air suspension systems in luxury passenger cars - SUVs, sedans, and EVs would also drive the air suspension systems market. The global demand for commercial vehicles has shown significant growth in recent years. According to OICA statistics, commercial vehicle sales have increased from 21.7 million units in 2020 to 23.1 million units in 2021, at a CAGR of 6.1%. The growth can be attributed to increasing infrastructure spending, rising import-export trade, and growing e-commerce activities. The improved lifestyle and economic status have led to a change in consumer preferences across the globe. Electrictronically controlled air suspension systems to grow at the fastest pace. North America leads the Electronically Controlled Air Suspension (ECAS) because of the higher adoption rate for technologically advanced systems. Audi A8, Mercedes S-Class, Porsche Cayenne, Land Rover Discovery, and Volkswagen Touareg are some passenger vehicle models with electronically controlled systems as a standard fitment in their selected trims. The adoption rate in Europe for Trucks and buses stood at nearly 40-50% and 55-60%, respectively, in 2022. Volvo, Daimler AG, Scania, and MAN offer electronically controlled systems in trucks and buses for the European market. ECAS fitted trailers reach the optimal height faster when the valves open to fill air in the bellows as needed. ECAS automatically adjusts the height of the trailer making it more efficient to work with. This system is data-driven and is suited to uneven roads as it will be unresponsive to sudden bumps in the road and thus will reduced compressed air wastage. These advantages offered by ECAS has made them attractive to the semi trailer and bus coaches OEMs making ECAS grow at a significant pace. Heavy duty trucks lead the air suspension aftermarkets, with air bellows holding the largest share in terms of value. The matured demand for air suspension in Europe and North America for heavy vehicles would fuel the demand for air suspension components in the aftermarket. Upcoming smart city projects, rising infrastructural spending, and diversification of global companies in the Asia Pacific are expected to boost the demand for trucks and buses in that region. This is expected to boost the Asia Pacific air suspension system components aftermarket in the coming years. . North America is anticipated to lead the air bellows aftermarket as it has a higher number of trucks with air suspension technology on the road, owing to the early adoption of the system in this region. The average number of shock absorber bushes fitted in trucks and buses is 15–20 units per shock absorber. Hence, the demand for bushes in the aftermarket is higher. North America is the second largest market for the air suspension market Demand for better ride quality in rugged and long-haul environments in North America and Europe is expected to drive the air suspension market in these regions. The transportation industry in the North American region is well developed due to the strong presence of commercial vehicle OEMs and good road infrastructure. The US trucking industry has a wide regional network, making it the largest air suspension market. Canada has a high demand for light trucks and pickups with increasing demand for commercial vehicles, making it the fastest growing country in the region. With increasing sales of EVs, SUVs, luxury vehicles, and light trucks, the passenger cars segment is witnessing a surge in demand. Higher paying capacity allows customers to demand superior ride quality. This makes the adoption of air suspension faster in this segment. The trucks segment is expected to hold a significant share due to the country's well-established transportation network. Due to many light duty applications, there is a trend in increasing demand for EVs and SUVs in Canada. These applications require its customers to drive the vehicles for longer distances prompting them to demand a better ride experience. This has increased the availability of air suspension in LCVs in the country. Thus due to similar factors, passenger cars will be the fastest-growing segment in the country. The breakup of primary respondents The automotive suspension industry is dominated by global players and comprises several regional players, including ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), SAF Holland (Germany). The study includes an in-depth competitive analysis of these key players in the automotive suspension market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies. Research Coverage Key Benefits of Buying the Report:
Browse our full report with Table of Content:
About Bharat Book Bureau:
Contact us at: Like it? Share it!More by this author |