Air Suspension Market Dynamics 2021-2031
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: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Air Suspension Market: Strategic Insights
Naveen
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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The leading players operating in the air suspension market are Continental AG, ThyssenKrupp AG, Wabco Holdings Inc., Hendrickson International Corporation, Dunlop Systems and Components, Hitachi Ltd., HL Mando Corporation, BWI Group, and Accuair Suspension.
Leveraging lightweight air suspension is anticipated to play a significant role in the global air suspension market in the coming years.
The global air suspension market is expected to grow at a CAGR of 4.6% during the forecast period 2023 - 2031.
The increasing sales of commercial and premium vehicles is one of the major factors driving the air suspension market.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Air Suspension Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Air Suspension Market- By Vehicle Type
3.2.2 Air Suspension Market- By Component
3.2.3 Air Suspension Market- By Technology
3.2.4 Air Suspension Market- By Region
3.2.4.1 By Countries
3.3 PEST Analysis
3.3.1 North America - PEST Analysis
3.3.2 Europe - PEST Analysis
3.3.3 Asia Pacific - PEST Analysis
3.3.4 Middle East and Africa - PEST Analysis
3.3.5 South America - PEST Analysis
4 Air Suspension Market- Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Air Suspension Market Analysis- Global
5.1 Global Air Suspension Market Overview
5.2 Global Air Suspension Market Forecast and Analysis
6 Air Suspension Market Revenue and Forecasts to 2028 -Vehicle Types
6.1 Overview
6.2 Vehicle Types Market Forecast and Analysis
6.3 Passenger Car Market
6.3.1 Overview
6.3.2 Passenger Car Market Forecast and Analysis
6.4 LCV Market
6.4.1 Overview
6.4.2 LCV Market Forecast and Analysis
6.5 HCV Market
6.5.1 Overview
6.5.2 HCV Market Forecast and Analysis
7 Air Suspension Market Revenue and Forecasts to 2028 - Component
7.1 Overview
7.2 Component Market Forecast and Analysis
7.3 Compressor Market
7.3.1 Overview
7.3.2 Compressor Market Forecast and Analysis
7.4 Air Spring Market
7.4.1 Overview
7.4.2 Air Spring Market Forecast and Analysis
7.5 Shock Absorber Market
7.5.1 Overview
7.5.2 Shock Absorber Market Forecast and Analysis
7.6 Control Module Market
7.6.1 Overview
7.6.2 Control Module Market Forecast and Analysis
7.7 Others Market
7.7.1 Overview
7.7.2 Others Market Forecast and Analysis
8 Air Suspension Market Revenue and Forecasts to 2028 - Technology
8.1 Overview
8.2 Technology Market Forecast and Analysis
8.3 Conventional Suspension Market
8.3.1 Overview
8.3.2 Conventional Suspension Market Forecast and Analysis
8.4 Electronic Suspension Market
8.4.1 Overview
8.4.2 Electronic Suspension Market Forecast and Analysis
9 Air Suspension Market Revenue and Forecasts to 2028 - Geographical Analysis
9.1 North America
9.1.1 North America Air Suspension Market Overview
9.1.2 North America Air Suspension Market Forecast and Analysis
9.1.2.1 North America Market Forecast and Analysis - By Countries
9.1.2.1.1 US market
9.1.2.1.2 Canada market
9.1.2.1.3 Mexico market
9.1.2.2 North America Market Forecast and Analysis - By Vehicle Type
9.1.2.3 North America Market Forecast and Analysis - By Component
9.1.2.4 North America Market Forecast and Analysis - By Technology
9.2 Europe
9.2.1 Europe Air Suspension Market Overview
9.2.2 Europe Air Suspension Market Forecast and Analysis
9.2.2.1 Europe Market Forecast and Analysis - By Countries
9.2.2.1.1 France market
9.2.2.1.2 Germany market
9.2.2.1.3 Italy market
9.2.2.1.4 Spain market
9.2.2.1.5 UK market
9.2.2.2 Europe Market Forecast and Analysis - By Vehicle Type
9.2.2.3 Europe Market Forecast and Analysis - By Component
9.2.2.4 Europe Market Forecast and Analysis - By Technology
9.3 Asia pacific (APAC)
9.3.1 Asia Pacific Air Suspension Market Overview
9.3.2 Asia Pacific Air Suspension Market Forecast and Analysis
9.3.2.1 Asia Pacific Market Forecast and Analysis - By Countries
9.3.2.1.1 Australia market
9.3.2.1.2 China market
9.3.2.1.3 India market
9.3.2.1.4 Japan market
9.3.2.2 Asia Pacific Market Forecast and Analysis - By Vehicle Type
9.3.2.3 Asia Pacific Market Forecast and Analysis - By Component
9.3.2.4 Asia Pacific Market Forecast and Analysis - By Technology
9.4 Middle East and Africa (MEA)
9.4.1 Middle East and Africa Air Suspension Market Overview
9.4.2 Middle East and Africa Air Suspension Market Forecast and Analysis
9.4.2.1 Middle East and Africa Market Forecast and Analysis - By Countries
9.4.2.1.1 South Africa market
9.4.2.1.2 Saudi Arabia market
9.4.2.1.3 UAE market
9.4.2.2 Middle East and Africa Market Forecast and Analysis - By Vehicle Type
9.4.2.3 Middle East and Africa Market Forecast and Analysis - By Component
9.4.2.4 Middle East and Africa Market Forecast and Analysis - By Technology
9.5 South America (SAM)
9.5.1 South America Air Suspension Market Overview
9.5.2 South America Air Suspension Market Forecast and Analysis
9.5.2.1 South America Market Forecast and Analysis - By Countries
9.5.2.1.1 Brazil market
9.5.2.2 South America Market Forecast and Analysis - By Vehicle Type
9.5.2.3 South America Market Forecast and Analysis - By Component
9.5.2.4 South America Market Forecast and Analysis - By Technology
10 Industry Landscape
10.1 Mergers & acquisitions
10.2 Market Initiatives
10.3 New developments
10.4 Investment scenarios
11 Competitive Landscape
11.1 Competitive Product mapping
11.2 Market Positioning/ Market Share
12 Air Suspension Market, Key Company Profiles
12.1 Continental AG
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Thyssenkrupp AG
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Wabco Holdings Inc.
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Hendrickson International Corporation
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Dunlop Systems and Components
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Hitachi Ltd.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Mando Corporation
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 BWI Group
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Accuair Suspension
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Firestone Industrial Products
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13 Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
13.3 Research Methodology
List of Companies
1. Continental AG
2. thyssenkrupp AG
3. Wabco Holdings Inc.
4. Hendrickson International Corporation
5. Dunlop Systems and Components
6. Hitachi Ltd.
7. Mando Corporation
8. BWI Group
9. Accuair Suspension
10. Firestone Industrial Products
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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