The report "Air Suspension Market by Vehicle Type (PC, LCV, Truck & Bus), Component (Air Spring, Shock Absorber, Air Compressor, ECU, Air Reservoir & Height Sensors), Technology (Electronically & Non-Electronically Controlled), & by Region - Global Forecast to 2021", The air suspension market is expected to grow at a CAGR of 7.54%, from USD 3.26 Billion in 2016 to USD 4.69 Billion by 2021.
Browse 70 market data Tables and 63 Figures spread through 143 Pages and in-depth TOC on "Air Suspension Market by Vehicle Type (PC, LCV, Truck & Bus), Component (Air Spring, Shock Absorber, Air Compressor, ECU, Air Reservoir & Height Sensors), Technology (Electronically & Non-Electronically Controlled), & by Region - Global Forecast to 2021"
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The global market for air suspension is driven by growing significance of higher driving comfort which has spurred the demand for luxury buses equipped with air suspension systems, and enhanced safety regulations which have forced manufacturers to come up with technologically advanced suspension systems.
Passenger Cars: Largest Market for Air Suspension Systems
Passenger cars are estimated to constitute the largest market share, by value and volume, of the air suspension market. Luxury and comfort are the major highlights of air suspension and hence they are mainly limited to the premium segment of passenger cars. Developed markets already have a high penetration when it comes to air suspension in passenger cars, and this popularity is also growing in emerging markets making passenger cars the largest market segment.
Electronically Controlled Air Suspension is the Fastest Growing Segment
The electronically controlled air suspension (ECAS) system segment is estimated to have the highest growth potential. We can see a visible shift from non-electronically controlled air suspension to electronically controlled air suspension. This can be credited to the proven benefits of the system in terms of better levelling of the vehicle and reduced air consumption. Owing to this, there is a remarkable reduction in vibration which helps in providing better comfort while travelling. Electronically controlled air suspension provides stability, optimum road grip, and adaptation to different weight loading. The ECAS provides not only additional driving comfort, but also an enhanced level of safety.
The air suspension market is projected to grow USD 3.26 Billion in 2016 to USD 4.69 Billion by 2021, at a CAGR of 7.54%. The market is primarily driven by the increasing demand for luxury buses for long distance travel and growing significance of comfort and luxury among car buyers.
The passenger car segment is the fastest growing segment globally, in terms of both value and volume, whereas the heavy commercial vehicle segment is the promising market for air suspension systems in the near future. The increasing awareness about the benefits of air suspension along with shifting consumer preferences towards comfort and luxury is encouraging OEMs to focus on manufacturing more advanced suspension systems with increasing penetration in the case of passenger cars.
Non-electronically controlled air suspension systems dominate the global market, in terms of both value and volume however, the electronically controlled air suspension systems segment is the fastest growing globally, in terms of both value and volume. This is owing to the electronically controlled air suspension systems are more advanced and comfort with less maintenance as compared with non-electronically controlled air suspension systems. Still, considering the complexity and the cost of these electronically controlled air suspension systems, their existing demand is limited to premium vehicles only.
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Europe: Largest regional market segment
The air suspension market has been segmented into four regions, namely, Asia-Oceania, Europe, North America and Rest of the World. Europe is estimated to constitute the largest market share, globally, in terms of both value and volume. OEMs in this region are highly advanced and are working on enhancing their technical capabilities and thus are able to cater a larger segment of the air suspension system demand. Europe is the only region where 15-20% of passenger cars sold are fitted with air suspension systems.
Asia-Oceania: Fastest growing market
Asia-Oceania is the fastest growing market for air suspension systems, both in terms of value and volume. The region comprises of emerging markets like China, Japan, India and South Korea which are characterized by increasing vehicle production and growing demand for comfort and convenience. These factors coupled with the fact that China, being one of the largest vehicle producers in the world, would drive the automotive air suspension market
The air suspension market report covers various established air suspension system and component manufacturers. Some of the major players include 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).
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