Air Suspension Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Light Commercial Vehicle, Trucks, Bus, and Others); By Component; By Technology; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jun-2023
- Pages: 119
- Format: PDF
- Report ID: PM3400
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global air suspension market was valued at USD 6.51 billion in 2022 and is expected to grow at a CAGR of 6.3% during the forecast period. The exponential growth in technological advancements like the introduction of chassis air suspension control, electronic air suspension system, electronically controlled air suspension system, and many others along with the rising usage of these systems as air-operated and microprocessor-controlled suspension with improved shock waves and solenoid valves, are among the major factors key factors projected to fuel the global market growth.
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Additionally, the emerging demand for luxury passenger cars and buses for comfort and convenient traveling across the globe and innovations in suspension technologies will further likely create huge demand and traction in the near future. For instance, in September 2021, Continental announced the expansion of its product range through the launch of air suspension dampers, compressors, and coolant thermostats. With the launch of these new products, the company will strengthen its market position and comes one step closer to its vision of offering everything from a single source.
Moreover, the continuously growing urban population and significant economic development especially in emerging economies like India, China, and Malaysia, which fuels the demand for extremely safe and convenient rapid transit options. There has been a drastic increase in the number of government-favorable initiatives and the focus of various non-governmental organizations to improve the overall transit system user experience, which influences the market in a positive way.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the air suspension market. The rapid emergence of deadly coronavirus across the globe had several declined the sales of both commercial and passenger vehicles due to imposed lockdowns and mass movement restrictions among many countries to get control the spread of the pandemic. The vehicle manufacturing activities were on halt for a few months, as there was a significant lack of raw materials and require labor during the pandemic.
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Industry Dynamics
Growth Drivers
There has been a significant rise in the demand and sales of commercial vehicles across the globe in recent past years along with the surging trend of lightweight vehicles that have helped OEMs to mitigate CO2 emissions and enhance fuel efficiency, which are primary factors boosting the growth of the global air suspension market. Additionally, several manufacturers globally are constantly working towards finding perfect mix of material composition to reduce vehicle weight, that are positively influencing market growth.
Furthermore, with the continuous upgradation and advancements in the automotive sector, the demand for vehicles equipped with most innovative and advanced components has significantly increased all over the world. Thus, in order to meet the rising need, automobile manufacturers have focused on developing lightweight suspension systems over others, which further propelled the market growth over the coming years.
Report Segmentation
The market is primarily segmented based on vehicle type, component, technology, and region.
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By Vehicle Type |
By Component |
By Technology |
By Region |
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Light Commercial Vehicle Segment Accounted For the Largest Market Share in 2022
The rise in consumer demand and preference for comfort and safety while driving, leads to significant adoption of air suspension systems, as it provides numerous benefits including smoother ride and better and improved handling, thereby propelling the growth of the segment market. In addition, with the rapid emergence of e-commerce and home deliveries across the globe, LCVs have gained huge traction and popularity for the transportation of goods, as air suspension systems can help reduce damage of goods during transit and improve the overall safety of the delivery process, is further likely to have positive growth over the next coming years.
Air Spring Segment is Expected to Hold A Significant Market Share Over the Forecast Period
The segment growth is highly attributable to an extensive rise in the adoption of air springs across various commercial vehicles such as trucks and buses for improving rise quality, enhancing fuel efficiency, and minimizing maintenance costs. Additionally, the product is being widely utilized to reduce carbon emissions by enhancing fuel efficiency and also reducing vehicle weight, as many government authorities that mandated the reduction in carbon emissions through vehicles, which has been positively affecting the segment market growth.
The air compressors segment led the industry market with considerable market share in 2022, which is mainly driven by the development and innovations in various smart and connected compressors that are equipped with sensors and control systems and many other improved characteristics. Furthermore, the emerging trend towards the customization and personalization of air compressors, as customers across the globe are actively looking for compressors that meet their specific needs and requirements like size, capacity, and pressure, is fueling the market growth at a rapid pace.
Electronic Controlled Segment Held the Maximum Market Share in 2022
The electronic controlled segment held the maximum market revenue share at a substantial growth rate in 2022 and will continue its position over the coming years, on account of rapidly growing demand for luxury passenger vehicles mainly across developed and high-income countries like the US, Canada, Germany, and France and integration of various innovative and advanced capabilities of these systems such as the availability of automated load transfer function which reduces the war of the vehicle axel and many others.
In addition, the rapid increase towards the development and continuous changes in technology and surging need for precision technology, which includes the advanced electronics to control several verticals, including rise height, bag pressure, & controlled drive coupled with the rising installation rates of these systems in semi-trailers & multi-axle buses are further anticipated to boost segment’s growth.
Asia Pacific Region Dominated the Global Market in 2022
The Asia Pacific region dominated the global market and is expected to maintain its dominance throughout the projected period. The growth of the regional market can be highly accelerated to a growing focus on prompting OEMs to boost the adoption of air suspension systems in their several products along with the presence of some of the world’s largest car markets across the region like China and India due to high population burden and demand for passenger vehicles among middle and high-income class families.
The Europe region is projected to witness a significant growth rate during the forecast period, owing to a higher rate of adoption of advanced air suspension systems across almost all vehicle types as compared to other regions coupled with the rising incorporation of ECAS technology in select models with an aim to improve and enhance benefits like height-raising and lowering options.
Competitive Insight
Some of the major players operating in the global air suspension market include Firestone Industrial, Mando Corporation, AccuAir Suspension, BWI Group, Hitachi, Continental, WABCO, Hendrickson, SAF Holland, Parker Hannifin, Jamna Auto Industries, Air Lift Company, Vibracoustic, AB Volvo, S.J. Sportscars, ThyssenKrupp, Dunlop Suspension, and Arnott.
Recent Developments
- In June 2022, Meritor announced the launch of its new ProTec Independent Front Suspension especially for motorcoach applications. It is the first product designed for the ride, which is based on proven technology. The product is the company’s 1st suspension & steering
- In June 2022, WABCO introduced India’s first air suspension system combining the air suspension with its award-winning ECAS technology, which will be used as an alternative to steel-spring suspension which improves fuel economy, boost ride comfort, increases passenger safety, and enhances vehicular stability. The new innovative solution is a state-of-the-art technology providing both possible facilities for Indian road conditions.
Air Suspension Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 6.91 billion |
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Revenue forecast in 2032 |
USD 11.96 billion |
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CAGR |
6.3% from 2023– 2032 |
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Base year |
2022 |
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Historical data |
2019– 2021 |
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Forecast period |
2023– 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Vehicle Type, By Component, By Technology, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Firestone Industrial Products, Mando Corporation, AccuAir Suspension, BWI Group, Hitachi Ltd., Continental AG, WABCO, Hendrickson US LLC, SAF Holland, Parker Hannifin Corporation, Jamna Auto Industries Ltd., Air Lift Company, Vibracoustic, AB Volvo, S.J. Sportscars Limited, ThyssenKrupp AG, Dunlop Suspension Systems Ltd., and Arnott LLC. |
FAQ's
key companies in air suspension market are Firestone Industrial, Mando Corporation, AccuAir Suspension, BWI Group, Hitachi, Continental, WABCO, Hendrickson, SAF Holland, Parker Hannifin.
The global air suspension market is expected to grow at a CAGR of 6.3% during the forecast period.
The air suspension market report covering key segments are vehicle type, component, technology, and region.
key driving factors in air suspension market are rising global commercial vehicle sales.
The global air suspension market size is expected to reach USD 11.96 billion by 2032.
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