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Air Suspension Market Set to Garner Staggering Revenues by 2025

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swapnil bhosale
Air Suspension Market Set to Garner Staggering Revenues by 2025

According to the new market research report "Air Suspension Market by Vehicle Type (LDV, Truck, Bus), Component (Air Spring, Shock Absorber, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Aftermarket, & Region - Forecast to 2025", Published by MarketsandMarkets™, The air suspension market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of USD 8.4 billion by 2025 from USD 5.3 billion in 2018.


The air suspension market is dominated by a few global players and comprises several regional players. Some of the key players in the air suspension market are Continental AG (Germany), ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea).


Opportunities:

  • Increasing Demand for Lightweight Air Suspension System
  • Rising Aftermarket Demand for Air Suspension & Related Components

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The electronically controlled system is estimated to be the fastest-growing segment in the air suspension market


Electronically controlled air suspension (ECAS) is estimated to be the fastest-growing market during the forecast period. ECAS provides benefits such as raising and lowering the vehicle height, control options, and reduced air consumption. Hence, most luxury passenger cars and sport-utility vehicles (SUVs) offer ECAS technology. Further, rising intra and inter-city transport has fueled the demand for multi-axle buses that are compulsorily installed with air suspension across all axles in the global market. Developed regions such as Europe and North America have a high adoption rate of air suspension in buses. Although the adoption rate of ECAS is lower in heavy trucks, it is anticipated to increase in the future. Increasing demand for premium vehicles, rising preferences toward lift axles in heavy trucks, and improved comfort & ride quality in the city and multi-axle buses are expected to boost the growth of the electronically controlled air suspension market.


The air below is estimated to be the largest air suspension aftermarket, by component, during the forecast period


The air below holds the maximum share in the air suspension aftermarket. Europe and North America are the leading markets with a high installation rate of air suspension in the existing heavy vehicles segment. Also, proposed smart city projects, rising infrastructural spending, and expansion of global companies are expected to boost the demand for trucks and buses in the Asia Oceania region. This is expected to boost the air suspension components aftermarket in this region.


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ECU is projected to grow at the highest CAGR for the Air suspension components OE market from 2018 to 2025


ECU is anticipated to grow at the highest CAGR during the forecast period for the components segment. The ECU comprises a microprocessor, memory, input conditioners, and output drivers. ECU is a key component of an electronically controlled air suspension system that offers better vibration absorption and enhanced performance. Changing preferences toward electronically controlled systems would drive the market for ECU in the future.


Europe is expected to have a major share in the air suspension market


Europe is estimated to lead the air suspension market during the forecast period owing to the higher adoption rate of air suspension than North America and Asia Oceania. Premium passenger vehicles hold the largest market share in the light-duty vehicle segment due to the rising significance of comfort & convenience amongst passengers. Further, the adoption rate of air suspension has increased in heavy trucks and buses to enhance safety and cabin comfort. Passenger and commercial vehicle manufacturers in the region are constantly working towards enhancing their technological capabilities and are thus able to cater for a large segment of the air suspension demand. 


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