Air Suspension Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The air suspension market is expected to register a CAGR of 4.6% during 2023–2031. The evolution of advanced vehicle control technologies is likely to remain a key trend in the market.

Air Suspension Market Analysis

• The sales of commercial vehicles are increasing due to the worldwide rising demand for luxury and premium cars also increases the demand for the air suspension system. The high development cost and adoption of smart technology are anticipated to drive the expansion of the market.
• The concept of safe transportation and the fastest growing urban populations in the world and major growth drivers for the market. With the increasing high living standards, particularly in developing countries like India and China, many African countries are witnessing high demand for air suspension.
• Furthermore, the growing development in the aftermarket services for air suspension and related components is also boosting the growth of the market.

Air Suspension Market Overview

• The key factors propelling the air suspension market are maneuverability, smooth operation of the vehicles, and more comfort and stability. At the same time, the high cost of setup and maintenance can inhibit the market growth.
•  Technological innovations, such as the introduction of chassis air suspension control systems and electronic air suspension systems, among others, are also driving the market growth.
• The growing demand for luxury passenger vehicles such as cars and buses for smooth, convenient and comfortable travel with the support of high-end suspension of the vehicles are some of the reasons expected to generate huge demand for the product in the coming years.

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Air Suspension Market Drivers and Opportunities

Growing sales of commercial vehicles globally to Favor the Market

• The need for air suspension has grown in recent years due to an increase in the sales of commercial vehicles. Most multi-axle buses, heavy trucks and semi-trailers come equipped with air suspension as standard equipment.
• Heavy truck models, such as the Freightliner Cascadia, Eurocargo, Iveco Trakker, Kenworth C500, W900, T440, T470 and T800, Mercedes Actros, and Volvo FH are equipped with air suspension as standard. Manufacturers of heavy commercial vehicles have also begun to offer air suspension.
• Air suspension providers such as Thyssenkrupp AG, Continental AG and Hitachi Lid have begun implementing a variety of tactics to meet the demand and bolster their position in this market. Thus, the air suspension market is driven by the rise in global sales of commercial vehicles.

Leveraging Lightweight Air Suspension Systems

• The demand for lightweight air suspension systems in vehicles has been increasing due to several factors. The rise in global commercial vehicle sales and the increase in demand for premium and luxury vehicles are driving the growth of the air suspension market.
• Lightweight air suspension systems offer benefits such as improved ride height based on load weight and vehicle speed, higher corner speeds, and better grip that levels the entire suspension.
• Technological advancements, such as Electronically Controlled Air Suspension (ECAS), have contributed to the growth of the market. Vehicle manufacturers prefer lightweight suspension systems over metal spring-based systems to meet safety regulations and improve fuel efficiency.
• The expanding customer preference for cars with excellent suspension systems and the growing importance of passenger and vehicle safety are supporting the demand for air suspension systems.

Air Suspension Market Report Segmentation Analysis

Key segments that contributed to the derivation of the air suspension market analysis are vehicle type, component, and technology.

• Based on vehicle type, the air suspension market is divided into passenger cars, LCV and HCV.
• On the basis of components, the market is divided into compressors, air springs, shock absorbers, control modules and others.
• Based on technology, the air suspension market is divided into conventional suspension and electronic suspension.

Air Suspension Market Share Analysis by Geography

• The air suspension market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering air suspension market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the air suspension market in these regions.

Air Suspension Market Regional Insights

The regional trends and factors influencing the Air Suspension Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Air Suspension Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Air Suspension Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Air Suspension Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Air Suspension Market are:

1. Continental AG
2. thyssenkrupp AG
3. Wabco Holdings Inc.
4. Hendrickson International Corporation
5. Dunlop Systems and Components

Disclaimer: The companies listed above are not ranked in any particular order.

Air Suspension Market News and Recent Developments

The air suspension market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the air suspension market are listed below:

• Continental AG has entered a strategic partnership with Munich-based high-tech company DeepDrive to develop core technologies for electric vehicles. As a first milestone, both companies will jointly develop a combined unit comprising drive and brake components for mounting directly on the vehicle wheel. (Source: Continental AG, Company Website, September 2023)
• BWI Group, a world-leading tier-1 intelligent automotive chassis supplier, and ThyssenKrupp Steering, a global tier-1 automotive partner for steering solutions, signed a contract for the development and manufacture of a pioneering Electro-Mechanical Brake (EMB) technology. This collaboration aims to further advance level 3 and above autonomous driving brake capabilities. (Source: thyssenkrupp AG, Company Website, April 2024)

Air Suspension Market Report Coverage and Deliverables

The “Air Suspension Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Air suspension market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Air suspension market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Air suspension market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the air suspension market
• Detailed company profiles