Air Suspension Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast (2020 - 2025)
Air Suspension Market size was valued at $5.37 billion in 2019, and it is estimated to grow at a CAGR of 6.86% during 2020-2025. The growth is mainly attributed to the increasing adoption of air compressors, suspension systems, and other advanced components in commercial and luxurious vehicles is poised to drive the air suspension market. Increasing research and development activities and high adoption of automatic air suspension system is poised to propel the market growth during forecast period.
Report Coverage
The report: “Air Suspension Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Air Suspension Market.
Europe dominated the Air Suspension market in term of revenue in 2019 owing to increase in production of commercial vehicles and stringent regulations for the adoption of advanced components and systems.
Growing demand for luxurious and premium vehicles and increasing adoption of air suspension systems in commercial light duty vehicles set to drive the market.
Replacing metal springs with air suspension systems such as shock absorbers and air springs is set to provide opportunities for the market growth.
High adoption cost for air suspension systems in low range vehicles hampers the growth of air suspension industry.
Increase in global commercial vehicles
With the adoption of advanced technologies including automation in automobile industry, there has been growing demand of advanced vehicles which are equipped with latest components such as air suspension systems. The installation of advanced air suspension system in commercial vehicles has increased comfort level while driving and assists in reducing driver fatigue during long journeys. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehiclesat global level has been increased from 22.87 million to 24.63 million during 2016-2019 period. These factors has increased the demand for commercial vehicles sales thereby driving air suspension market.
In luxury vehicles, air suspension is usually installed to make the ride as smooth as possible. For instance, Mercedes is the only car manufacturer that provides its car with air suspension system for all wheels. Additionally, Government at global level has made mandatory rules and regulations to replace metal based spring systems in vehicles with air suspension system for safety. This has enabled vehicle manufacturers to install air suspension systems in vehicles which leads to the growth of the air suspension market.Automobile manufactures need to obtain safety ratings from organizations such as Insurance Institute of Highway Safety (IIHS), and International Centre for Automotive Technology (ICAT) to access sales license of vehicles. Therefore, safety rules and regulations for vehicles made by governments are expected for growth of the market.
Acquisitions, mergersand R&D activities are key strategies adopted by players in the Air Suspension market. Air Suspension top 10 companies include Continental AG, ThyssenKrupp AG, Firestone Industrial Products, Wabco Holdings Inc, Hitachi Ltd, SAF-Holland, Hendrickson International Corporation, Accuair Suspension, Mando Corporationand others.
Report Coverage
The report: “Air Suspension Market Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Air Suspension Market.
By Component: Air Spring Assembly, Shock Absorber, Air Compressor, Electronic Control Module, Air Reservoir, Height Sensor, Others
By Technology: Electronically Controlled, Non-Electrically Controlled
By Vehicle: Light Duty Vehicles, Heavy Duty Vehicle,
By Geography: North America, South America, Europe, Asia-Pacific (APAC), Rest of World (RoW)
By Technology: Electronically Controlled, Non-Electrically Controlled
By Vehicle: Light Duty Vehicles, Heavy Duty Vehicle,
By Geography: North America, South America, Europe, Asia-Pacific (APAC), Rest of World (RoW)
Key Takeaways
Europe dominated the Air Suspension market in term of revenue in 2019 owing to increase in production of commercial vehicles and stringent regulations for the adoption of advanced components and systems.
Growing demand for luxurious and premium vehicles and increasing adoption of air suspension systems in commercial light duty vehicles set to drive the market.
Replacing metal springs with air suspension systems such as shock absorbers and air springs is set to provide opportunities for the market growth.
High adoption cost for air suspension systems in low range vehicles hampers the growth of air suspension industry.
Technology - Segment Analysis
Electrically controlled segment held the major market share of 51.86% in 2019 owing to its benefits such as heavy load carrying capacity, higher stability, optimum road grip, additional driving comfort, various adjustment options, and enhanced safety level. In order to meet the requirements of high performance of air suspension systems in a cost favorable way, there is high demand for adoption of electrically controlled systems. This is poised to drive the market.
Electrically controlled segment held the major market share of 51.86% in 2019 owing to its benefits such as heavy load carrying capacity, higher stability, optimum road grip, additional driving comfort, various adjustment options, and enhanced safety level. In order to meet the requirements of high performance of air suspension systems in a cost favorable way, there is high demand for adoption of electrically controlled systems. This is poised to drive the market.
Vehicle - Segment Analysis
Light-Duty Vehicle is the fastest growing segment in Air Suspension market and estimated to grow at a CAGR of 7.38% during the forecast period. With continuous innovation and developments in the automobile sector, the demand for vehicles equipped with the advanced components has increased which further increased the demand for lightweight vehicles. Vehicle manufacturers are focusing on light weight suspension systems over metal spring-based suspension systems. Growing demand for sophisticated features and light weight components have led to the development of advanced components. This is poised to drive the market during forecast period.
Geography- Segment Analysis
Europe dominated the Air Suspension market in 2019 with a market share of 37.67%, followed by North America and APAC. High adoption of air suspension in most of the vehicles owing stringent regulations have been pushing the market growth in this region. There has been increase in production of cars and commercial vehicles in the countries such as Austria, Finland, Hungary, Portugal, Romania, Slovakia and Ukraine. For instance, Mercedes Benz and other luxurious vehicles manufacturing companies haveheadquarters in this region and install air suspension units to all the wheels of its vehicles in order to ensure the safety. This drives the market in this region.
Drivers –Air Suspension Market
Increase in global commercial vehicles
With the adoption of advanced technologies including automation in automobile industry, there has been growing demand of advanced vehicles which are equipped with latest components such as air suspension systems. The installation of advanced air suspension system in commercial vehicles has increased comfort level while driving and assists in reducing driver fatigue during long journeys. According to International Organization of Motor Vehicle Manufacturers (OICA), the production of commercial vehiclesat global level has been increased from 22.87 million to 24.63 million during 2016-2019 period. These factors has increased the demand for commercial vehicles sales thereby driving air suspension market.
Government rules and regulations
In luxury vehicles, air suspension is usually installed to make the ride as smooth as possible. For instance, Mercedes is the only car manufacturer that provides its car with air suspension system for all wheels. Additionally, Government at global level has made mandatory rules and regulations to replace metal based spring systems in vehicles with air suspension system for safety. This has enabled vehicle manufacturers to install air suspension systems in vehicles which leads to the growth of the air suspension market.Automobile manufactures need to obtain safety ratings from organizations such as Insurance Institute of Highway Safety (IIHS), and International Centre for Automotive Technology (ICAT) to access sales license of vehicles. Therefore, safety rules and regulations for vehicles made by governments are expected for growth of the market.
Challenges – Air Suspension Market
High development and high adoption cost is the major challenge
The high cost associated with installing suspension system in vehicles is anticipated to reduce the growth of the air suspension market as it upsurges the cost of a car. In most of the vehicles, even in luxury vehicles, the installation of an air suspension system becomes an additional cost. Additionally, the service of vehicles is difficult and requires skilled workers due to several components and sensors present in them. Complex structure of system minimizes the shelf life of vehicles. Therefore, high initial cost and complex structure is anticipated to have a significant impact on the growth of the market.
MarketLandscape
Acquisitions, mergersand R&D activities are key strategies adopted by players in the Air Suspension market. Air Suspension top 10 companies include Continental AG, ThyssenKrupp AG, Firestone Industrial Products, Wabco Holdings Inc, Hitachi Ltd, SAF-Holland, Hendrickson International Corporation, Accuair Suspension, Mando Corporationand others.
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