The air suspension market is expected to grow from USD 17.8 billion in 2022 to USD 21.8 billion by 2027, with a CAGR of 4.2%.
Electric and hybrid buses are anticipated to drive the demand for air suspension systems in the market. Stringent emission and fuel efficiency regulations, as well as intense competition, have compelled OEMs to focus on developing fuel-efficient and clean energy vehicles. The global market for electric commercial vehicles has been growing, and this growth is projected to accelerate due to the demand for fuel efficiency and clean energy. Air suspension systems are particularly suitable for low floor or semi-floor luxury buses and coaches, which have space constraints. These systems provide the necessary space and contribute to a smoother and safer ride experience for passengers. Therefore, the adoption of air suspension systems is expected to be high in electric commercial vehicles, driving the overall air suspension market.
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The trucks segment is expected to dominate the air suspension market. Truck air suspension systems play a crucial role in absorbing road force, maintaining wheel oscillation, reducing vibrations, and minimizing damage to goods. The demand for commercial vehicles, including trucks, has significantly increased in Asia Pacific countries like China and India, where there are significant economic activities. The Asia Pacific region has the largest market share in the global trucks segment, with over 55% market share. The region’s heavy commercial vehicle (HCV) market is projected to grow at a rate of approximately 3.5% in the coming years, further driving the demand for air suspension systems.
The Asia Pacific region is expected to dominate the global air suspension market. With over 55% market share in the trucks and buses segment, Asia Pacific is a significant market for commercial vehicles. As the automotive sector recovers from the pandemic’s impact, commercial vehicle production has picked up pace, and sales of luxury vehicles and premium SUVs have increased in the region. Customers in the premium vehicle segment demand a high-quality ride experience, leading OEMs to increase the adoption of air suspension systems in their products. The market in China is projected to remain the largest in the region, driven by its large population and growing demand for passenger vehicles. India is expected to be the fastest-growing market, driven by increased demand for passenger vehicles and the recovery of the country’s economy. Japan and South Korea are also experiencing increased adoption of air suspensions in passenger cars due to customer demand for better ride quality. Overall, the factors driving demand in the Asia Pacific region position it as a dominant market globally for air suspension systems.
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Key players in the air suspension market include ZF Friedrichshafen AG, Continental AG, ThyssenKrupp AG, Meritor Inc., and SAF Holland. These companies play a significant role in driving innovation and providing solutions in the air suspension market.
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