Air Suspension Market Size Forecast to Reach $8.6 Billion by 2026
Air Suspension Market size is forecast to reach $8.6 billion by 2026, after growing at a CAGR of 3.8% during 2021-2026. The rise in technological advancements such as the introduction of chassis air suspension control, electronically controlled air suspension system (ECAS), electronic air suspension system (EASS) and non-electronically controlled air suspension system that is fueling the air suspension market in recent years. Additionally, the usage of air suspension system as an air-operated, microprocessor-controlled suspension system along with shock absorbers and solenoid valves for replacement of conventional coil spring suspension is also further fueling the air suspension industry in automotive. The growing demand for luxury buses and luxury passenger cars for convenience and comfort travelling is gaining traction and will further enhance the overall market demand for air suspension market during the forecast period.
Air Suspension Market Segment Analysis – By Type of Component
Electronic Control Module segment held the largest share in the air suspension market in 2020 with 21.3%. Increasing demand for electronically controlled air suspension technology for luxury vehicles is leading to the rising demand for electronic control module. The increasing usage of this electronic enabled component such as solenoid valves, lines and so on are commonly being used for electronically-controlled systems, in order to fill and vent each airbag and the usage, are increasing, as it can be adjusted in different conditions. This increasing use of lines, solenoid valves are enhancing the electronic module segment and is anticipated to be the major driving factor for rising adoption of air suspension in automotive. However, increasing maintenance and installation cost will hinder the adoption of air suspension system in medium and especially low priced vehicles.
Air Suspension Market Segment Analysis – By Technology
Electronically Controlled Air Suspension technology has been the primary factor that is fueling the market for air suspension. This segment held the highest share at 69.7% in 2020. Due to the increasing development and changes in technology, the need for fast, precision-based technology that includes advanced electronics for controlling everything including ride height, bag pressure and smooth and controlled drive has been growing. The growing installation rates of air suspension system in commercial vehicles such as semi-trailers and multi-axle buses will boost the market for air suspension.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=501142
Report Price: $ 4500 (Single User License)
Air Suspension Market Segment Analysis – By Geography
The air suspension market share in Europe is estimated to be 34% in 2020 as this region is highly dominating the growth of air suspension industry, followed by APAC and North America. The economy of Europe is mainly influenced by the economic dynamics of countries such as UK, Germany and Spain, but with growing developments and investments in the countries like Germany, the current scenario is changing. Germany is Europe’s largest producer of major luxury cars brands and majority of Germany’s automotive giants are in the process of investing a huge sum of money that is around $44 billion in the coming years on automotive technology development. This investment will enhance the use of air suspension system in the latest passenger cars and other vehicle types that will fuel the growth of air suspension market.
According to Germany Trade & Invest, around 78% of passenger cars were manufactured in Germany in 2019 for international market. According to German Association of the Automotive Industry (VDA), it was also estimated that the production of passenger cars in Germany has increased by 4% in September 2019 as compared to August 2019. Furthermore, Germany is witnessing high growth in the automotive industry due to leading investments by companies such as Continental, ThyssenKrupp, and SAF-Holland for introducing latest technology in the field of air suspension for all types of vehicles. According to OICA, Germany passenger cars sales witnessed a growth of over 7.17% during 2015-2019 having huge potential to grow.
In APAC region, China has the largest automotive industry in the world and according to China Association of Automobile Manufacturer (CAAM), the production of passenger vehicles was 84.6% in 2019 and sales accounted for 84.4%. India also has excellent potential for automotive industry growth in the future. The country’s automotive industry experienced 8% growth in production in 2018, over the previous year. However, the market declined in 2019 and 2020 but is expected to bounce back in the midterm. The rising production of passenger vehicles in countries such as Germany, China, and India will lead to tremendous demand for electronically and non-electronically controlled air suspension technology driving the air suspension market.
Air Suspension Market Drivers
Growing demand for luxury buses and passenger cars
The growing need for safety and comfort for long distance travelling by the public is leading to the significant demand for enhanced luxury buses and passenger cars. The increasing investments by major automotive companies such as Continental AG, ThyssenKrupp, Volkswagen and so on for the production of luxury vehicles is leading to need for air suspension systems for providing smooth and comfort travelling experience to the passenger. Thus, the growing usage of luxury buses and passenger cars is favoring market growth of air suspension.
Increasing advancement in Vehicle Technology
The development of autonomous vehicle technology is also the major factor that is boosting the air suspension market. Automotive giants are investing huge amounts for the transformation of the automotive industry and leading to introduction of latest technology in the field of air suspension for light and heavy duty vehicles. The demand for electronically and non-electronically air suspension technology to enhance vehicular traction performance and provide ride height as well as loading flexibility is rising. At present, countries such as Germany, China and India are looking towards the use the latest technology and are upgrading towards the use of luxury vehicles which will further boost the adoption of air suspension system.
Air Suspension Market Challenges
High Maintenance and Installation Cost
The shift towards the use of advanced technology such as ECAS system in vehicles leads to high cost. The cost of installation for air suspension system is high for medium-priced vehicles which are commonly preferred by customers. Therefore, the increasing sales of medium priced vehicles will hinder the growth of the air suspension market.
Air Suspension Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the air suspension market. In 2020, the market of air suspension has been consolidated by the top ten players – Continental AG, ThyssenKrupp AG, Firestone Industrial Products, Hitachi Ltd., SAF-Holland, Hendrickson International Corporation, Accuair Suspension, Mando Corporation and Wabco Holdings Inc.
Acquisitions/Technology Launches
In June 2019, ZF Friedrichshafen AG, a leading supplier for passenger cars, commercial vehicles and industrial technology acquired Wabco Holdings for $136.65 per share. The acquisition considerably will expand Wabco’s capabilities in providing commercial vehicle safety and efficiency. This acquisition will also combine technologies such as vehicle dynamics control, active air suspension systems.
In May 2019, Ridetech, a provider of high performance suspension components and systems announced its acquisition by Fox Factory Holdings Corp. This acquisition will expand the innovation and technological developments by Ridetech under Fox’s ownership. This will also lead to the expansion of wide range of premium products such as air suspension systems (air ride), coil-overs, shock absorbers, tubular control arms and others.
Key Takeaways
Europe dominates the air suspension market owing to increasing adoption of electronically controlled air suspension across all the vehicle types
The growing advancement in air supply modules and associated control technologies by vehicle manufacturers are leading to the introduction of electronically and non-electronically controlled air suspension system in automotive. These technologies are highly gaining popularity and is likely to aid in the market growth of air suspension.
Growing adoption of ECAS technology in light-duty vehicles for enhancing benefits such as automatically adjusting damper and suspension levels as well as vehicle height during different driving conditions will increase the market demand for air suspension in the near future.
The major drawback that creates hurdles for the air suspension market is the expensive maintenance and installation.
Related Reports
A. Vehicle Suspension System Market
https://www.industryarc.com/Research/Vehicle-Suspension-System-Market-Research-512423
B. Motorcycle Suspension System Market
https://www.industryarc.com/Research/Motorcycle-Suspension-System-Market-Research-507854
For more Automotive Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/
