Over a passage of time, suspension systems have evolved drastically from leaf and coil-overs to air suspension systems. Initially, the use of air suspension systems was limited to commercial vehicles, luxury cars, and buses, which constitute a major part of commute across the globe. However, with the increased demand for vehicles and luxury and comfort drive, the demand for air suspension systems has also increased, thereby boosting the growth of this market.
Market overview
The global air suspension market that was estimated to be worth USD 3.26 Billion in 2016 is projected to reach a value of USD 4.69 Billion by 2021, growing at a CAGR of 7.54% during the forecast period from 2016 to 2021.
Based on vehicle type, the passenger car segment is expected to hold the largest market share over the forecast period. This growth can be attributed to the growing awareness regarding the benefits of air suspension coupled with changing consumer preferences towards comfort and luxury, which has led to the OEMs to focus more on advanced suspension systems.
On the basis of technology, the non-electronically controlled air suspension systems account for the largest market share, whereas the electronically controlled air suspension systems segment is the fastest-growing segment. This growth can be contributed to the proven benefits such as reduced vibration which further provides better comfort during travels.
Which region is expected to be the leading market, and why?
Among regions, the European market for air suspension is projected to hold the largest market share. This growth is mainly because of the presence of highly advanced OEMs in this region that are working on improving their technical capabilities, thereby catering to the large demand for the air suspension systems. About 15-20% of passenger cars sold in this region are fitted with air suspension systems. However, the market for air suspensions in Asia-Oceania is the fastest-growing market. This growth can be primarily contributed to the emerging markets of this region like China, Japan, India, and South Korea, where the vehicle production has increased over the past few years and the demand for comfort and convenience is also rising. Moreover, China, being one of the largest vehicle producers in the world is predicted to boost the automotive air suspension market.
Drivers and restraints impacting market growth
The growth of the global market for air suspension is being majorly influenced by the following factors:
- Growing demand for luxury buses for long-distance travels
- Increasing significance of higher driving comfort and luxury
- Manufacturers focusing more on coming up with technologically advanced suspension systems due to enhanced safety regulations
In addition, growing demand for lightweight air suspension systems and visible shift from non-electronically controlled air suspension systems to electronically controlled air suspension systems are further predicted to create ample growth opportunities for this market in the years to come.
On the other hand, high development and adoption cost of the advanced suspension systems and component failure are the major factors likely to hinder the growth of this market. Moreover, creating and maintaining balance between the cost & quality of these advanced systems is a major challenge to be tackled by the companies in this market.
Ask for Sample Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=108443432
Major players and strategies implemented
Continental AG (Germany), ThyssenKrupp AG (Germany), Wabco Holding Inc. (Belgium), Hendrickson International Corporation (U.S.), Dunlop Systems and Components (U.K.), and Hitachi Ltd. (Japan) are the prominent players operating in the global market for air suspensions. These companies are implementing strategies such as new product development and expansion in order to witness sustained growth in the global market.
