Automotive Air Suspension Market: Overview
Air suspension of a vehicle helps in improving the driving comfort of the vehicle to a large extent. Besides, air suspension also helps in effectively reduce fuel consumption and improve vehicle stability. Air suspension also helps in adjusting the ride height according to the vehicle speed.
Automotive Air Suspension Market: Drivers and Restraints
The booming automotive sector is expected to drive the automotive air suspension market during the forecast period. The basic function of the air suspension system is to provide a comfortable ride to the driver. Thus, the air suspension is a feature that is primarily prevalent in luxury vehicles and high-end models of vehicles. Increasing technological advancements such as electronically controlled air suspension systems (ECAS) have been gaining traction in recent years. This is further expected to fuel the automotive air suspension market in the near future.
Most key manufacturers of passenger vehicles do not prefer to provide air suspension in vehicles that fall in the medium price range category owing to the high price of the system. This is anticipated to hamper the automotive air suspension market during the forecast period.
Automotive Air Suspension Market: Key Segments
The global Automotive Air Suspension Market can be segmented based on vehicle, technology, component, and geography. In terms of vehicle type, the automotive air suspension market can be segmented into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further divided into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. Commercial vehicles, especially heavy duty trucks and buses & coaches are subject to shocks to a larger extent compared to passenger vehicles. Air suspension systems help in shock absorption. This is anticipated to provide promising opportunities for the growth of the automotive air suspension market during the forecast period.
Based on technology, the automotive air suspension market can be divided into electronically controlled air suspension and manually controlled air suspension. The electronically controlled air suspension (ECAS) is anticipated to expand at a rapid pace during the forecast period owing to the rising consumer preference toward cars with technologically advanced systems. ECAS enables better levelling of the vehicle, reduced air consumption, reduced vibration, more comfortable ride, higher stability, optimum road grip, and the ability to adapt to varying load capacities.
Based on components, the automotive air suspension market can be segregated into air compressor, air reservoir, electronic control unit and height sensors.
Based on sales channel, the automotive air suspension market can be classified into OEM (original equipment manufacturer) and aftermarket. The OEM segment is anticipated to expand at a significant growth rate during the forecast period owing to the fact that the air suspension system does not require replacement on a frequent basis.
Based on geographical region, the automotive air suspension market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to witness a significant growth in the automotive air suspension market during the forecast period owing to the rapid advancement in the automotive sector in the region and the strong manufacturing footprint of major vehicle manufacturers in few countries of Asia Pacific such as China, Japan and South Korea. Asia Pacific is anticipated to be followed by Europe. This high growth rate of the automotive air suspension market in Europe is mainly due to the focus of Europe-based OEMs toward technological advancements and the rising public preference toward possessing luxury vehicles equipped with air suspension systems in the region in recent years.
Automotive Air Suspension Market: Key Players
Key players operating in the global automotive air suspension market include Continental AG, ThyssenKrupp AG, WABCO, Hendrickson USA, L.L.C., Dunlop Systems and components , Hitachi, Ltd. , ZF Friedrichshafen AG, and Magneti Marelli S.p.A.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.