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.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Air Suspension Market by Component, Technology, Cab Suspension, Vehicle Type, Aftermarket & Region - Global Forecast to 2027" - https://www.reportlinker.com/p03473699/?utm_source=GNW
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. The demand for premium vehicles has been continuously growing in developed and developing countries with the increasing disposable income, improving infrastructure, rising brand awareness, and growing competition among OEMs to offer improved features. This has led to an increase in sales of premium and medium-range vehicles at a global level. Developed regions such as Europe, North America, and a few Asian countries such as Japan and South Korea are the key markets for premium vehicles. China and India are expected to offer a huge opportunity for premium and luxury vehicles in the coming years. All these factors are expected to drive the demand for air suspension systems in the coming years.
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
• By Company: Tier 2 – 21%, Tier 1 – 69%, Others -10%
• By Designation: C level executives - 60%, Director Level - 30%, Others – 10%
• By Region: Europe - 48%, Asia Pacific - 19%, North America - 33%
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.
The study’s primary objective is to define, describe, and forecast the air suspension market by value and volume.The study segments the air suspension market by technology (electronically controlled and non-electronically controlled), component (air springs, shock absorber, compressor, electronic control unit, air reservoir, height sensors, solenoid valves, and pressure sensors), vehicle type (light-duty vehicles, trucks, and buses), cabin air suspension by vehicle type (rigid trucks and semi-trailers), electric and hybrid HDVs (trucks and buses) and region (North America, Europe, Asia Pacific, and RoW).
The study also covers the aftermarket by component (air bellows and shock absorber bushes).It analyzes the opportunities offered by various market segments to the stakeholders.
It tracks and analyzes competitive developments such as market ranking analysis, expansions, joint ventures, acquisitions, and other activities carried out by key industry participants.
Key Benefits of Buying the Report:
The report will help the market leaders with the information on the closest approximations of the revenue numbers for the air suspension market and the sub-segments.The study will also help the key players identify the highest potential region and design their product portfolio per market requirements.
Detailed research on passenger cars, LCV, and HCV suspension systems is expected to help manufacturers to understand the potential market for these vehicle types and which technologies are predominant in the respective vehicle types.This report includes various analyses like supply chain, average selling price, patent, revenue shift, case study, and porter’s analysis.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market’s pulse and provides information on key market drivers, restraints, challenges, and opportunities.
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