Pune, 24, Nov 2022: Maximize Market research has published a market intelligence and industry analysis report on Air Suspension Market The global air suspension market was valued at USD 32.5 billion in 2021, and is expected to be worth USD 59.71 billion by 2029, growing at a CAGR of 7.9% during the forecast period. Maximize Market Research (MMR) follows a multi-channel data collection process to gather the most reliable and current information possible. Air Suspension Market competitive landscape provides details by competitor like company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance.
Air Suspension Market Scope and Research Methodology
Maximize Market Research has analyzed and estimated the market using micro and macro factors impacting the industry which included primary and secondary research. Maximize Market Research’s research proceeds are the result of high-quality data, expert views & analysis, and high-value independent opinions. MMR conducts primary research with industry experts through questionnaires and one-on-one phone interviews. MMR carefully factors in industry trends and real developments to identify key growth factors and the future course of the Air Suspension Market.
Secondary research includes a synthesis of existing publications across the web to collect significant insights on the current industry situation, technology developments, and other industry-related information. MMR pulls from reliable secondary sources such as white papers and statistics, investor documents, published documents by government organizations and regulatory bodies, company filings, Key Opinion Leaders (KoL) publications, and more. MMR’s research process is designed to deliver a balanced view of the global Air Suspension Market and allows stakeholders to make informed decisions to attain their highest growth objectives. MMR’s approach helps build a greater market consensus view for size, shape, and industry trends within each industry segment.
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Air Suspension Market Overview
Air suspension is a form of vehicle suspension that is powered by an electric or internal combustion engine-powered air pump or compressor. This pump uses compressed air as a spring to pressurise the air. Air suspension is frequently utilised in big vehicle applications, such as buses and trucks, in place of traditional steel springs. If the engine is turned off over an extended period of time, the car will gradually fall to the ground. Air suspension tries to produce a smooth, consistent ride that can oAir Conditioning Marketasionally self-level. The chassis is lifted away from the axle by the air pressure within the bag. Although they are commonly referred to as airbags or air bellows, their formal name is airbags. The industry is growing as a consequence of factors such as increased commercial vehicle sales globally and increased demand for high-end and luxury vehicles.
Air Suspension Market Dynamics
With the rising automation and air conditioning aceptance of new technologies in automobiles, demand for vehicles equipped with cutting-edge components such as air suspension systems has surged, resulting in higher vehicle sales globally. Furthermore, the emergence of stronger and more modern air suspension systems in commercial vehicles has boosted driver and passenger comfort while decreasing the likelihood of cargo damage. During the forecast period, these factors are likely to drive the growth of the air suspension market.
The high cost of installing air suspension systems leads to an increase in vehicle cost, which is predicted to slow market development. The potential of delivering premium features in automobiles incurs extra costs to consumers in the form of hardware, apps, and telecom service charges, stifling market growth. Furthermore, because to the numerous components and sensors, such vehicles are difficult to maintain and need the use of professional staff. The complexity of system structures reduces vehicle shelf life. As a result, the high starting cost and complicated construction will have a substantial influence on the growth of the air suspension industry.
Air Suspension Market Regional Insights
In 2021, Asia Pacific dominated the market with a 48% share. Through the forecast period, the Asia Pacific region is expected to grow at a CAGR of 7.9%. Commercial vehicle production has increased as the pandemic effect on the region’s automotive sector continues to diminish, and it is expected to grow at a rate of around 3.5% over the next five years. Sales of premium automobiles and high-end SUVs have increased in this market as the local population’s spending power has increased.
Customers in the luxury vehicle category want high-quality rides from their vehicles, which has pushed OEMs to include air suspension systems into their designs increasingly frequently. Air suspension systems are exclusively used in trucks and luxury passenger vehicles, as well as trucks and buses in the commercial vehicle industry. This business is predicted to increase greatly in the next years as a result of the presence of fast rising economies such as China, Japan, and India in the region. The key market driver in Asia Pacific is China, where the adoption of air suspension systems in vehicles is increasing.
Air Suspension Market Segmentation
By Vehicle Type
- Light Duty Vehicles
- Electronically Controlled,
- Non-Electronically Controlled
By OE Type
- Air Springs,
- Shock Absorbers,
- Electronic Control Units,
- Air Reservoirs,
- Height Sensors,
- Solenoid Valves,
- Pressure Sensors
Air Suspension Market Key Competitors:
- Continental AG (Germany)
- Hitachi, Ltd. (Japan)
- ThyssenKrupp AG (Germany)
- Wabco Holdings Inc. (France)
- Dunlop Systems And Components Ltd. (U.K.)
- AAir Conditioning Marketuair Suspension (U.S.)
- Firestone Industrial Products Company, LLC (U.S.)
- Hendrickson USA, L.L.C. (U.S.)
- BWI Group (China)
- Mando Corp. (South Korea)
- ZF Friedrichshafen AG (Germany)
- Parker Hannifin Corp (U.S.)
- AB Volvo (Sweden)
- Air Lift Company (U.S.)
- VB-Airsuspension (Netherlands)
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Key questions answered in the Air Suspension Market are:
- What is Air Suspension?
- What is the nature of competition in the Air Suspension industry in developed economies and developing economies?
- What are the factors affecting growth in the Air Suspension Market?
- What is the growth rate of the Air Suspension Market over forecast period?
- What are the factors for the growth of the Asia-Pacific region in the Air Suspension Market?
- Who are the market leaders in Air Suspension in Europe?
- Who are the key players in the Air Suspension Market?
- Who are the market leaders in Air Suspension in India, China, Japan, and South Korea?
- Who are the market leaders in Air Suspension in USA and Canada?
- Who held the largest market share in Air Suspension Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Vehicle Type, Application, OE Type and Region and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
Automotive Suspension Market: The Automotive Suspension Market is expected to reach USD 53.4 billion by 2029 at a CAGR of 3.5 percent during the forecast period. The rapid uptake of e-mobility in rich nations and the transformation of the automotive sector in developing nations are forecast to increase demand for automotive suspension systems globally.
Motorcycle Suspension Market: The Motorcycle Suspension Market is expected to reach USD 2.38 billion by 2029 at a CAGR of 4.7 percent during the forecast period. Rising demand for comfort and road safety among consumers and increasing consumer preference for motorcycle is expected to drive the growth of motorcycle suspension market.
Air Conditioning Market: The Air Conditioning Market is expected to reach USD 285.31 billion by 2029 at a CAGR of 9.8 percent during the forecast period. The building and tourism industries’ optimistic growth, rising disposable incomes, rising customer preference for energy-efficient systems, as well as the increasing popularity of communication devices, are expected to drive the growth of the air conditioning market.
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