The global 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 demand for air suspension is driven by the increased demand for vehicle comfort and safety and the increasing adoption of air suspension systems in HCVs.
Rising global commercial vehicle sales
The global demand for commercial vehicles has shown significant growth in recent years. According to OICA statistics, commercial vehicle sales have increased from 21.7 million units in 2020 to 23.1 million units in 2021, at a CAGR of 3%. The growth can be attributed to increasing infrastructure spending, rising import-export trade, and growing e-commerce activities.
Rising commercial vehicle sales have increased the demand for air suspension in recent years. Most heavy trucks, semi-trailers, and multi-axle buses in European and North American countries have air suspension as a standard feature. Volvo FH; Mercedes Actros; Freightliner Cascadia; Iveco Trakker; Eurocargo; and Kenworth C500, T440, T470, T800, and W900 are some heavy trucks models that come with standard fitment of air suspension. OEMs in China, South Korea, and India have also started offering air suspension in heavy commercial vehicles. Global suppliers such as Z.F. Friedrichshafen AG (Germany), Continental AG (Germany), and Hendrickson (U.S.) have started following various strategies to cater to the demand and strengthen their presence in this market. In some countries, the fitment of air suspension offers additional benefits to fleet owners. In India, installing air suspension in one axle would increase the vehicle carrying capacity by 1 to 2 tons. Similar benefits and upcoming regulations on cabin comfort for heavy trucks would encourage OEMs to offer air suspension in the semi-trailers segment. Thus, the increase in global commercial vehicle sales increase would boost the air suspension market in the coming years.
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Increasing demand for lightweight air suspension systems
The trend of lightweight vehicles has helped OEMs to reduce CO2 emissions and improve fuel efficiency. A major step towards achieving this goal is reducing the fuel consumption of vehicles fitted with air suspension systems. The chassis and suspension system constitute 22%–27% of the weight of a light-duty vehicle, including the suspension, steering, and brakes, as well as the tires and wheels. Conventional suspension systems are usually heavy, increasing vehicle weight and fuel consumption. Suspension manufacturers are constantly working to find the right mix of material composition to reduce the weight of the chassis and components without affecting their performance. Kenworth Truck Company (U.S.) managed to reduce the weight of the suspension system by 400 pounds by using an air ride suspension system. SAF Holland S.E. has introduced a lightweight CBX23 AeroBeam fixed frame air suspension, which provides an optimal balance of strength and weight for enhanced performance in heavy trucks. Air spring made up of textile reinforced rubber reduces the weight of the suspension systems. This would prompt other players to develop lightweight air suspension systems and related components to tap new business opportunities in the coming years.
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 country’s 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 air suspension market is dominated by global players and comprises several regional players as well. The key players in the market are ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), and SAF Holland (Germany).
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