The Air Suspension market is projected to reach USD 21.8 billion by 2027 from USD 17.8 billion in 2022, at a CAGR of 4.2%.
Electric & hybrid buses would lead the market demand for air suspension systems
Stringent emission & fuel efficiency regulations and stiff competition have compelled OEMs to make fuel-efficient and clean energy vehicles. Electrification and hybridization are ways to meet fuel efficiency standards and vehicle emission standards. The global market for electric commercial vehicles grew from 2019 to 2021 at a rate of ~8%, this growth rate is projected to increase upto ~28% by 2027 due to factors, stated previously, driving their demand. Low floor or semi-floor luxury buses and coaches cannot be fitted with conventional suspension systems due to space constraints. Air suspension system provides the required space for low floor buses. Low floor buses have low center of gravity which reduces the rolling probability of the vehicle thus providing smoother and safer ride experience to its passengers. Hence adoption of air suspension will be high in electric commercial vehicles which will drive the overall air suspension market.
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The trucks segment would be the largest market in the air suspension market
The trucks air suspension shock absorbers help to absorb road force, maintain the wheel oscillation and reduce vibrations and hence, cause less damage to goods. Due to this, the demand for truck air suspension systems is growing. Asia Pacific Countries, such as China and India, have huge economic activities due to which the demand for commercial vehicles, including trucks, has grown significantly in the region. The HCV market in the Asia Pacific region is the largest market in the world with over 55% market share and is projected to grow at the rate of ~ 3.5% in subsequent years. Hence, Asia Pacific would hold the largest market share of the air suspension market for the Trucks segment.
Asia Pacific region to dominate the global air suspension market
Asia Pacific holds a large share of global market in Trucks and Buses segment with approximately over 55% of market share. As the pandemic effect withers off from the automotive sector in this region the commercial vehicle production has picked up pace and is estimated to grow at a rate of ~3.5% in the next 5 years. Sales of luxury vehicles and premium SUVs has increased in this region due to the increased spending power of the people in this economy. The customers of premium vehicle segments demand high quality ride experience from their vehicles, prompting OEMs to increase the adoption of air suspension systems in their products. Air suspension system demand is restricted to premium segment in the passenger car segment and in trucks and buses in commercial vehicle segment.
China, India, Japan, and South Korea hold majority of the share in this region for vehicle ownership hence they influence the market. China is estimated to remain the largest market within the region, owing to its large population and increased demand for passenger vehicles post-pandemic. The country has resumed production close to pre-pandemic levels. By value, India is expected to be the fasted-growing market due to the increased demand for passenger vehicles as the countrys economy recovers from the effects of the pandemic. India also has a wide public transport system concentrated in populous cities. Passengers in cities demand comfortable ride experience which is likely to drive the air suspension market in India. Passenger car customers in Japan and South Korea have started to demand better ride quality in their cars hence adoption rate of air suspensions has increased in these countries as well. Factors driving demand in these countries will make Asia Pacific a dominating market globally for the air suspension systems.
Key Market Players
The major players in air suspension market include ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), SAF Holland (Germany).
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