Global Air Suspension Market is expected to foresee steady growth. Asia Pacific holds the largest share!
- Vikas Kumar
- July 30, 2022
- AUTOMOTIVE, NEWS
- Air Suspension Market, Air Suspension Market Forecast, Air Suspension Market Growth, Air Suspension Market Share, Air Suspension Market size, Air Suspension Market Trend
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Global Air Suspension Market is expected to grow at a CAGR of around 7% during the forecast period 2021-2027. The present level of traffic on the roads has prompted the need for automobiles that are both safe and pleasant. Manufacturers in the air suspension business are stepping up their efforts to deliver systems with intuitive designs, cost-effectiveness, and error-free operation in order to increase driver safety and comfort. Vehicle OEMs and Tier 1 suppliers are constantly developing cutting-edge air suspension systems. An air suspension system uses an electric pump or compressor to pressurize flexible bellows that are typically made out of a textile-reinforced type of rubber. Moreover, air suspension is typically employed to provide a smooth and consistent driving quality. Similarly, in heavier vehicle applications, such as trucks, tractor-trailers, and buses, air suspension takes the place of a traditional steel spring suspension. Thus, rising global commercial vehicle sales and increasing penetration of advanced comfort components and systems in premium and luxury vehicles is expected to drive the air suspension market at a significant CAGR during the forecast period.
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has had a negative impact on the Air Suspension industry. Supply chain execution, regulatory and policy changes, labour reliance, working capital management, and liquidity and solvency management are all major concerns for Air Suspension manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China’s supply shortages have triggered a chain reaction throughout the world.
For a detailed analysis of the Covid-19 Impact on the market browse through https://univdatos.com/report/air-suspension-market/
Based on technology, the market is categorized into electronically controlled and non-electronically controlled air suspensions. The electronically controlled is expected to witness higher growth during the forecasted period. This is mainly due to the rising adoption of electronically controlled air suspension in commercial vehicles. Electronic air suspension offers better aerodynamics and ground clearance, higher stability, heavy load carrying capacity, and enhanced safety level, among other advantages.
Based on vehicle type, the market is divided into passenger and commercial vehicles. The passenger car segment is estimated to be the largest and the fastest-growing market for air suspension because of the higher production of passenger cars. Further, increasing awareness about the benefits of air suspension and shifting consumer preferences towards comfort and luxury have encouraged premium vehicle manufacturers to deploy advanced suspension technology.
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For a better understanding of the market adoption of Air Suspension, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. APAC region to lead the growth in the global market during the forecast period. Further, improved social status and rising demand for sophisticated and advanced components and systems have fueled premium vehicle sales in the region. All these factors drive the air suspension market in the region.
Global Air Suspension Market Segmentation
Market Insight, by Technology
Market Insight, by Sales Channel
Market Insight, by Vehicle Type
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Continental AG
- ThyssenKrupp AG
- ZF Friedrichshafen AG
- STEMCO Products Inc.
- Dunlop Systems and Components Ltd.
- Hendrickson International
- Mando Corporation
- BWI Group
- Accuair Suspension