PUBLISHER: The Business Research Company | PRODUCT CODE: 1539581
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539581
Air suspension is a vehicle suspension system that replaces traditional coil or leaf springs with airbags filled with pressurized air. This system allows for adjustable ride height and stiffness, enhancing comfort and handling by adapting to varying road conditions. It is commonly used in luxury vehicles, trucks, and buses to provide smoother rides and better load support.
The main components of air suspension systems include air springs, tanks, solenoid valves, shock absorbers, air compressors, electronic control units (ECU), height and pressure sensors, and air reservoirs. An air spring, also known as a pneumatic spring, is a suspension component that absorbs and dampens shock and vibrations using compressed air. It is utilized in various vehicles, including light-duty vehicles, trucks, and buses, through different technologies, such as electronically controlled and non-electronically controlled systems. These components are distributed through several sales channels, including original equipment manufacturers (OEMs) and the aftermarket, and are used by various industries such as automotive, transportation, and logistics.
The air suspension market research report is one of a series of new reports from The Business Research Company that provides air suspension market statistics, including the air suspension industry global market size, regional shares, competitors with air suspension market share, detailed air suspension market segments, market trends, and opportunities, and any further data you may need to thrive in the air suspension industry. These air suspension market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The air suspension market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth during the historic period can be attributed to several factors, the expansion of the automotive industry, increasing demand for vehicle comfort, a desire for enhanced vehicle performance, and rising demand for luxury vehicles.
The air suspension market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to several factors, the rise in vehicle electrification, stringent regulatory standards, increasing demand for commercial vehicles, growing vehicle safety regulations, and higher investments in research and development. Major trends expected during this period include the demand for lightweight air suspension systems, adoption of advanced technology systems, and integration with autonomous vehicles.
The increasing demand for commercial vehicles is expected to drive the growth of the air suspension market in the future. Commercial vehicles encompass motor vehicles used for transporting goods or paying passengers. This demand is rising alongside expanding economic activities and the need for efficient transportation and logistics solutions. Air suspension systems offer superior ride comfort, reducing driver fatigue and enhancing safety, particularly for long-distance and heavy-load commercial vehicles. They also contribute to improved fuel efficiency by maintaining optimal ride height and minimizing aerodynamic drag, which benefits long-haul trucks and other commercial vehicles. For instance, in 2023, the International Energy Agency reported that global sales included nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks in 2022, accounting for about 4.5% of total bus sales and 1.2% of truck sales worldwide. Thus, the increasing demand for commercial vehicles is a key driver of growth in the air suspension market.
Leading companies in the air suspension market are concentrating on advancing their product lines in control and suspension technologies to deliver high-quality solutions for various vehicle applications. These technologies work together to ensure a smoother ride, improved handling, and the ability to adjust the vehicle's ride height dynamically based on driving conditions and cargo load. For example, DMA Industries, a US-based manufacturer of aftermarket accessories, introduced RideMaster in November 2023. This product line includes air struts, springs and shocks, coil springs, control arms, and small chassis components, available in active and passive configurations. RideMaster products are designed to match original parts in damping and performance, manufactured in a tariff-free zone to provide exceptional value without compromising quality.
In November 2021, Arnott Inc., a US-based auto parts manufacturer, acquired JRi Shocks to enhance its air suspension product portfolio within the SEMA performance market. This acquisition expands Arnott's reach to new customer segments, including street cars, Jeep vehicles, trucks, and motorcycles. JRi Shocks, based in the US, specializes in high-performance shock absorbers for various racing and street applications.
Major companies operating in the air suspension market are Hitachi Ltd., AB Volvo, ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Parker Hannifin Corporation, Mando Corporation, KYB Corporation, Dorman Products, Hendrickson USA L.L.C, SAF-HOLLAND SE, BWI Group, STEMCO Products Inc., Air Lift Company, Timbren Industries, Dunlop Suspension Systems, Viair Corporation, Sumitomo Electric Industries Ltd., Wabco Holdings Inc., Accuair Suspension
Europe was the largest region in the air suspension market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air suspension market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the air suspension market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The air suspension market consists of sales of air lines, shock absorbers, and linkages and mounts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Air Suspension Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on air suspension market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for air suspension ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The air suspension market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.