Acumen Research and Consulting recently published report titled “Air Suspension Systems Market Report and Region Forecast, 2022 - 2030”
TOKYO, Dec. 25, 2022 (GLOBE NEWSWIRE) -- The Global Air Suspension Systems Market Size accounted for USD 6,142 Million in 2021 and is estimated to achieve a market size of USD 9,326 Million by 2030 growing at a CAGR of 4.9% from 2022 to 2030.
Air Suspension Systems Market Statistics
- Global air suspension systems market revenue was worth USD 6,142 million in 2021, with a 4.9% CAGR from 2022 to 2030
- Europe air suspension systems market share gathered more than 33.8% in 2021
- Asia-Pacific air suspension systems market growth is expected to expand at a CAGR of 5.5% from 2022 to 2030
- By technology, the non-electronically controlled category capture over 62.1% of total market share in 2021
- Growing global commercial vehicle sales, propels the air suspension systems market value
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Air Suspension Systems Market Report Coverage:
| Market | Air Suspension Systems Market | |
| Air Suspension Systems Market Size 2021 | USD 6,142 Million | |
| Air Suspension Systems Market Forecast 2030 | USD 9,326 Million | |
| Air Suspension Systems Market CAGR During 2022 - 2030 | 4.9% | |
| Air Suspension Systems Market Analysis Period | 2018 - 2030 | |
| Air Suspension Systems Market Base Year | 2021 | |
| Air Suspension Systems Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Component, By Technology, By Application, And By Geography | |
| Air Suspension Systems Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Continental AG, Thyssenkrupp Bilstein GmbH, WABCO Holdings, Inc., Firestone Industrial Products Company LLC, Drive-Rite Ltd, Hitachi Automotive Systems Americas, Inc., BWI Group, Dunlop Systems and components, ZF Friedrichshafen AG, and AB Volvo. | |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Air Suspension Systems Market Overview
An automotive air suspension system is a form of the vehicle suspension system that uses an air compressor or generator to push air into flexible tubes made of textile-reinforced elastomer. It is employed in automobiles to offer driver convenience while traveling. Air suspension is commonly used for motorsports suspension, but it also has the potential to provide a pleasant, constant ride comfort. In contrast to elevating and lowering capabilities, modern computerized systems in automobiles and light trucks almost always offer self-leveling functionality. Air suspension on trailers and trucks increases transportation since it increases grip & levels the chassis overall suspension.
Air Suspension Systems Market Trends
The global market for air suspension system is being driven by the growing importance of enhanced driving convenience, which has fueled attention to luxury vehicles equipped with air suspension systems, and better safety control mechanisms, which has compelled producers to develop technologically advanced suspension systems. Air suspension systems are a type of suspension framework that assists the car on the wheels by using air springing (air sacks) as an alternative to traditional coil springs or metal springs. By leveling the suspension, air suspension systems boost the flexibility to move weights. Furthermore, they reduce vibration and noise. There are numerous prospects for new businesses to create new assembling factories in rising economies like India, Japan, and Brazil, where the entry barrier is very low and is expected to generate possibilities in the coming years.
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Air Suspension Systems Market Segmentation
The global air suspension systems market has been segmented by acumen research and consulting based on component, technology, and application. By component, the segment is separated into electronic control unit, solenoid valve, air compressor, shock absorber, height and pressure sensors, air spring, and others. According to the air suspension systems market forecast, the air compressor category is predicted to develop significantly in the next years.
In terms of technology, the market is categorized into electronically controlled, and non-electronically controlled. The market for electrically operated air suspension systems is considered to have the most promising growth prospects. It is clear that air suspension is transitioning from non-electronically control to electronically control. This can be attributed to the system's demonstrated benefits, such as improved vehicle leveling and reduced air use. As a result of this, there has been a significant reduction in vibration, which aids in providing more comfort when traveling. Electronically regulated air suspension provides dependability, excellent road grip, and weight stacking adjustability. The electrically operated air suspension systems provide additional driving comfort in addition to an increased level of safety.
Moreover, the market is split into commercial vehicle, and passenger cars, based on the application. The commercial vehicle segment is expected to account for the biggest market share of the air suspension market in terms of both value & volume. Air suspension is primarily limited to the luxury tier of the LCV Manufacturer segment due to its emphasis on comfort and luxury. When it relates to air suspension in the LCV Manufacturing category, developed economies have a broad reach, and this appeal is expanding in emerging nations, making the commercial vehicle segment the biggest market segment.
Air Suspension Systems Market Regional Overview
Based on the region, the worldwide air suspension systems market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an air suspension systems industry analysis, the Asia-Pacific market is expected to develop at the fastest CAGR over the forecast period. This growth is due to the country's big population, emerging economic circumstances, and an increase in foreign commerce. Furthermore, the manufacturers are expanding their operations in other growing Asia-Pacific nations like India and Vietnam, where market share is low but expected to rise rapidly throughout the forecast period. North America is next, with a significant market share for air suspension systems due to the region's extensive use of these systems for both commercial and recreational uses. Europe is the third largest economy for air suspension systems. The tourist trade is driving the expansion of the air suspension systems market in the region.
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Air Suspension Systems Market Players
Some of the prominent air suspension systems market companies are Thyssenkrupp Bilstein GmbH, Continental AG, Hitachi Automotive Systems Americas, Inc., WABCO Holdings, Inc., Drive-Rite Ltd, BWI Group, ZF Friedrichshafen AG, Dunlop Systems and components, Firestone Industrial Products Company LLC, and AB Volvo.
Questions Answered By This Report
- What was the market size of Air Suspension Systems Market in 2021?
- What will be the CAGR of Air Suspension Systems Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Air Suspension Systems Market?
- Which region held the largest share in Air Suspension Systems Market in 2021?
- What are the key market drivers of Air Suspension Systems Market?
- Who is the largest end user Air Suspension Systems Market?
- What will be the Air Suspension Systems Market value in 2030?
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