PUBLISHER: Market Research Future | PRODUCT CODE: 1503275
PUBLISHER: Market Research Future | PRODUCT CODE: 1503275
Global Automotive Air Suspension System Market Research Report Information By Technology (manual air suspension, and electronic air suspension), By Component (shock absorber, air spring, air compressor, air reservoir, height sensor, electronic control unit, and others), By Vehicle Type (passenger cars, light commercial vehicles, and heavy commercial vehicles), Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) - Forecast till 2036
In 2023, the automotive air suspension system market was estimated to be worth USD 18.51 billion. Over the course of the forecast period, the global automotive air suspension system market is expected to rise at a compound annual growth rate (CAGR) of 4.28%.
Due to the rising demand for premium and luxury cars worldwide, as well as commercial vehicles, which frequently employ air suspension systems, the automotive air suspension system market is expanding steadily. Moreover, the region's market is anticipated to be driven by the expanding R&D capacities of major industry players during the duration of the forecast year. In recent years, there has been an increase in demand for commercial cars. The Organization Internationale des Constructeurs d'Automobiles (OICA) reports that sales of commercial cars would total 23.1 million in 2021, up from 21.7 million in 2020. The increase in e-commerce activity, expanding import-export trade, and increased infrastructure spending are the causes of the sales growth.
Market Segment Insights:
Manual and electronic air suspension are included in the market segmentation of automotive air suspension systems based on technology.
Shock absorber, air spring, air compressor, air reservoir, height sensor, electronic control unit, and other components are the divisions made within the segment based on component.
The category is split into three categories based on the kind of vehicle: passenger automobiles, light commercial vehicles, and heavy commercial vehicles.
Regional Perspectives
Given the tremendous growth of the automotive industry in countries like China, India, and Japan, Asia Pacific is predicted to continue to dominate the revenue landscape during the projected period. In 2022, the region accounted for the biggest part of revenue. In recent times, a number of manufacturers have been attempting to increase their automotive sales and commercial operations in order to fortify their market position. For example, Maruti Suzuki stated in November 2022 that it would be allocating USD 865.12 million to a number of projects, including the construction of a new factory in Haryana, India, and the release of new models.
Growth will be observed throughout North America in the upcoming years. The area is home to several significant automakers because of its developing infrastructure and government backing for electric vehicles. Mercedes S-Class, Audi A8, Porsche Cayenne, Volkswagen Touareg, and Land Rover Discovery are among passenger car models with electronics-controlled air suspension. The area leads the world in the adoption of technologically advanced systems. The market will advance due to expanding replacement demands resulting from high vehicle ages, rising luxury vehicle demand throughout Europe, and greater government infrastructure spending. Additionally, it is predicted that the growing acceptance of electric air suspension would increase demand throughout Europe. The International Trade Administration reports that the automobile industry in the Middle East and Africa is expanding at a rate of 36%, with Saudi Arabia emerging as the region's largest market. The decrease in borrowing rates combined with increased consumer confidence is the main driver of the increase in demand for passenger cars in South America.
Principal Players
Hitachi, Ltd., Vibracoustic, Shanghai Baolong Automotive Corporation, Thyssenkrupp AG, ZF Friedrichshafen AG, KYB Corporation, Tenneco Inc., Firestone Airide, Linyi Tianyi Shock Absorber Co., Ltd., Qingdao ATC Auto Parts Co., Ltd., Guangzhou GUOMAT Auto Parts Co., Ltd., Qingdao Manwo Vibration Technology Co., Ltd., Hendrickson USA, L.L.C., HL Mando Corp., BWI Group, SAF-HOLLAND SE, AccuAir Suspension, Ride Control, LLC, Lynx Auto, Aptiv, Arnott, Westar, Dorman Products, Inc., Foshan Shunde HongGu Auto Parts Co., Ltd., Jiangxi Yuancheng Automobile Technology Co., Ltd., Ningbo Alita Pneumatic Technology Co., Ltd., Meritor, Inc., and Dunlop Systems and Components Ltd.