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Dublin, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The "Air Suspension Market by Component (Air Spring, Shocker, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Vehicle Type (ICE & Electric), Aftermarket & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The air suspension market is expected to grow from USD 17.8 billion in 2022 and is projected to reach USD 21.8 billion in 2027, at a CAGR of 4.2% during the forecast period.
The increasing sales of trucks & buses globally would primarily drive the air suspension market. Additionally, an increase in the adoption of air suspension systems in luxury passenger cars - SUVs, sedans, and EVs would also drive the air suspension systems market.
Electronically controlled air suspension systems to grow at the fastest pace.
North America leads the Electronically Controlled Air Suspension (ECAS) because of the higher adoption rate for technologically advanced systems. Audi A8, Mercedes S-Class, Porsche Cayenne, Land Rover Discovery, and Volkswagen Touareg are some passenger vehicle models with electronically controlled systems as a standard fitment in their selected trims. The adoption rate in Europe for Trucks and buses stood at nearly 40-50% and 55-60%, respectively, in 2022. Volvo, Daimler AG, Scania, and MAN offer electronically controlled systems in trucks and buses for the European market.
ECAS fitted trailers reach the optimal height faster when the valves open to fill air in the bellows as needed. ECAS automatically adjusts the height of the trailer making it more efficient to work with. This system is data-driven and is suited to uneven roads as it will be unresponsive to sudden bumps in the road and thus will reduced compressed air wastage. These advantages offered by ECAS has made them attractive to the semi trailer and bus coaches OEMs making ECAS grow at a significant pace.
Heavy duty trucks lead the air suspension aftermarkets, with air bellows holding the largest share in terms of value.
The matured demand for air suspension in Europe and North America for heavy vehicles would fuel the demand for air suspension components in the aftermarket. Upcoming smart city projects, rising infrastructural spending, and diversification of global companies in the Asia Pacific are expected to boost the demand for trucks and buses in that region. This is expected to boost the Asia Pacific air suspension system components aftermarket in the coming years.
North America is anticipated to lead the air bellows aftermarket as it has a higher number of trucks with air suspension technology on the road, owing to the early adoption of the system in this region. The average number of shock absorber bushes fitted in trucks and buses is 15-20 units per shock absorber. Hence, the demand for bushes in the aftermarket is higher.
North America is the second largest market for the air suspension market
Demand for better ride quality in rugged and long-haul environments in North America and Europe is expected to drive the air suspension market in these regions. The transportation industry in the North American region is well developed due to the strong presence of commercial vehicle OEMs and good road infrastructure. The US trucking industry has a wide regional network, making it the largest air suspension market. Canada has a high demand for light trucks and pickups with increasing demand for commercial vehicles, making it the fastest growing country in the region.
With increasing sales of EVs, SUVs, luxury vehicles, and light trucks, the passenger cars segment is witnessing a surge in demand. Higher paying capacity allows customers to demand superior ride quality. This makes the adoption of air suspension faster in this segment. The trucks segment is expected to hold a significant share due to the country's well-established transportation network.
Due to many light duty applications, there is a trend in increasing demand for EVs and SUVs in Canada. These applications require its customers to drive the vehicles for longer distances prompting them to demand a better ride experience. This has increased the availability of air suspension in LCVs in the country. Thus due to similar factors, passenger cars will be the fastest-growing segment in the country.
4 Premium Insights 4.1 Attractive Opportunities in Air Suspension Market 4.2 Market, by Technology 4.3 Market, by Vehicle Type 4.4 Market, by Component 4.5 Cabin Air Suspension Market, by Vehicle Type 4.6 Air Suspension Aftermarket, by Component 4.7 Electric and Hybrid Hdvs Air Suspension Market, by Vehicle Type and Region 4.8 Air Suspension Market, by Region
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rising Global Commercial Vehicle Sales 5.2.1.2 Growing Demand for Premium and Luxury Vehicles 5.2.2 Restraints 5.2.2.1 High Development and Adoption Costs 5.2.3 Opportunities 5.2.3.1 Increasing Demand for Lightweight Air Suspension Systems 5.2.3.2 Increasing Aftermarket Demand for Air Suspensions and Related Components 5.2.4 Challenges 5.2.4.1 Presence of Local Suppliers 5.3 Air Suspension Market Scenario 5.3.1 Most Likely Scenario 5.3.2 Low Impact Scenario 5.3.3 High Impact Scenario 5.4 Porter's Five Forces Analysis 5.5 Air Suspension Market Ecosystem 5.6 Supply Chain Analysis 5.6.1 Global Suppliers 5.7 Pricing Analysis 5.8 Customer Buying Behavior 5.8.1 Buying Criteria 5.9 Patent Analysis 5.10 Case Study Analysis 5.10.1 Hendrickson Trailer Commercial Vehicle Systems 5.10.2 Link and Volvo Collaborated on Trailer Commercial Vehicle Systems 5.11 Trade Analysis 5.11.1 Air Suspension Systems and Parts Import Data, by Country, 2021 (USD) 5.11.2 Air Suspension Systems and Parts Export Data, by Country, 2021 (USD) 5.12 Regulatory Analysis 5.13 Key Conferences and Events in 2022-2023
6 Recommendations 6.1 Asia-Pacific to Lead Air Suspension Market 6.2 Growing Demand for Electronically Controlled Air Suspension to be Key Focus Area 6.3 Conclusion
7 Air Suspension Market, by Vehicle Type 7.1 Introduction 7.1.1 Research Methodology 7.1.2 Assumptions 7.1.3 Industry Insights 7.2 Passenger Cars 7.2.1 Increasing Demand for Improved Ride Quality to Drive Segment 7.3 Light Commercial Vehicles 7.3.1 North America to Lead Segment 7.4 Trucks 7.4.1 Asia-Pacific to Lead Trucks Air Suspension Market 7.5 Buses 7.5.1 Asia-Pacific to Acquire Largest Market Share
8 Air Suspension Market, by Technology 8.1 Introduction 8.1.1 Research Methodology 8.1.2 Assumptions 8.1.3 Industry Insights 8.2 Electronically Controlled 8.2.1 Europe to be Largest Market for Electronically Controlled Air Suspension Systems 8.3 Non-Electronically Controlled 8.3.1 Low Costs and Maintenance to Create Potential Segment
9 Air Suspension Oe Market, by Component 9.1 Introduction 9.1.1 Research Methodology 9.1.2 Assumptions 9.1.3 Industry Insights 9.2 Air Springs 9.2.1 Growth with Increasing Demand for Air Suspensions 9.3 Shock Absorbers 9.3.1 Asia-Pacific Leads Segment 9.4 Air Compressors 9.4.1 Increasing Demand for in Light Duty Vehicles to Aid Segment Growth 9.5 Electronic Control Units 9.5.1 Demand for Electronically Controlled Air Suspension to Drive Segment 9.6 Air Reservoirs 9.6.1 Demand for Air Suspensions in Hdvs to Impact Segment 9.7 Height Sensors 9.7.1 Demand for Comfort and Ride Quality to Drive Segment 9.8 Solenoid Valves 9.8.1 Rising Demand for Electronically Controlled Air Suspensions to Boost Segment 9.9 Pressure Sensors 9.9.1 Increasing Air Suspension Demand in Asia-Pacific to Drive Segment
10 Air Suspension Aftermarket, by Component 10.1 Introduction 10.1.1 Research Methodology 10.1.2 Assumptions 10.1.3 Industry Insights 10.2 Air Bellows 10.2.1 Heavy Duty Trucks to Lead Aftermarket 10.3 Shock Absorber Bushes 10.3.1 Increasing Vehicles with Air Suspension on Road to Drive Segment
11 Cabin Air Suspension Market, by Vehicle Type 11.1 Introduction 11.1.1 Research Methodology 11.1.2 Assumptions 11.1.3 Industry Insights 11.2 Rigid Trucks 11.2.1 Asia-Pacific to Have Largest Market Share 11.3 Semi Trailers 11.3.1 Europe to Showcase Maximum Adoption
12 Electric and Hybrid Hdvs Air Suspension Market, by Vehicle Type and Region
13 Air Suspension Market, by Region
14 Competitive Landscape 14.1 Overview 14.2 Air Suspension Market Share Analysis, 2021 14.3 Revenue Analysis of Top Listed/Public Players 14.4 Air Suspension Component Suppliers List, 2021 14.4.1 Air Compressors 14.4.2 Air Springs 14.5 Company Evaluation Quadrant 14.5.1 Stars 14.5.2 Emerging Leaders 14.5.3 Pervasive Players 14.5.4 Participants 14.6 Competitive Scenario 14.6.1 New Product Launches 14.6.2 Deals 14.6.3 Other Developments, 2019-2022 14.7 Key Player Strategies/Right to Win, 2019-2022 14.8 Right to Win 14.9 Competitive Benchmarking
15 Company Profiles 15.1 Key Players 15.1.1 Zf Friedrichshafen Ag 15.1.2 Continental Ag 15.1.3 Thyssenkrupp Ag 15.1.4 Meritor, Inc. 15.1.5 Saf Holland Se 15.1.6 Hendrickson 15.1.7 Firestone Industrial Products Company, LLC 15.1.8 Vibracoustic Se 15.1.9 Mando Corporation 15.1.10 Bwi Group 15.2 Other Key Players 15.2.1 Arnott Inc. 15.2.2 Bilstein 15.2.3 Air Lift Company 15.2.4 Infinity Engineered Products 15.2.5 Dunlop 15.2.6 Vb-Airsuspension 15.2.7 Link 15.2.8 Universal Air Suspension 15.2.9 Liftmatic 15.2.10 Stemco 15.2.11 Shanghai Komman 15.2.12 Jamna Auto
For more information about this report visit https://www.researchandmarkets.com/r/64zk35
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