Market Analysis and Insights:
The market for Air Suspension was estimated to be worth USD 5.79 billion in 2022, and from 2023 to 2032, it is anticipated to grow at a CAGR of 6.23%, with an expected value of USD 10.89 billion in 2032.
The air suspension industry is being propelled by various significant factors. One prominent driver is the increasing demand for premium and high-performance vehicles, which is stimulating market expansion. Air suspension systems are favored for their exceptional comfort and ride quality, making them highly sought-after by consumers. Moreover, the growing usage of commercial vehicles like trucks and buses is also boosting the need for air suspension systems due to their ability to enhance load-carrying capacity and overall stability. Additionally, stringent government mandates concerning vehicle safety and emissions are compelling automotive manufacturers to incorporate advanced suspension systems, including air suspension, into their products. The rising popularity of air suspension in off-road and heavy-duty applications, such as military vehicles and construction equipment, is further fueling market growth. Lastly, advancements in technology, such as the incorporation of electronic control units and self-leveling features, are driving the adoption of air suspension systems. These influential drivers are forecasted to sustain the growth trajectory of the air suspension market in the foreseeable future.
Air Suspension Market Scope:
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 10.89 billion |
| Growth Rate | CAGR of 6.23% during 2023-2032 |
| Segment Covered | By Technology, By Component , By Vehicle Type, By End User, By Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Continental AG, Wabco Holdings Inc., Firestone Industrial Products, Mando Corporation, Thyssenkrupp AG, Dunlop Systems and Components Ltd., Hendrickson USA, LLC, Hitachi Ltd., Accuair Suspension, and BWI Group. |
Market Definition
An air suspension system is a sophisticated automotive suspension mechanism utilizing air springs or bags filled with compressed air to bear the weight of the vehicle and deliver a more comfortable driving experience. This innovative system allows for customizable ride and enhanced performance, adapting seamlessly to variations in load and road surfaces.
Air suspension plays a vital role in modern vehicles, offering numerous advantages. It enhances the quality of the ride by regulating the air pressure within the suspension system, which effectively minimizes road vibrations and bumps. This adjustment leads to a more comfortable and smoother driving experience for occupants. Moreover, air suspension contributes to improved vehicle stability and handling. By adapting the suspension automatically according to road conditions, it ensures optimal traction and stability, particularly in challenging terrains. This capability proves beneficial for activities like off-roading or hauling heavy loads. Furthermore, the customizable ground clearance provided by air suspension facilitates easier navigation over uneven surfaces and obstacles like speed bumps. Lastly, air suspension aids in reducing the wear and tear on various components of the vehicle, such as tires and suspension parts, by efficiently absorbing shocks and impacts. In essence, the significance of air suspension stems from its capacity to elevate ride comfort, enhance vehicle stability, and prolong the longevity of the vehicle's components.
Key Market Segmentation:
Insights On Key Technology
Electronic Controlled
The Electronic Controlled technology is expected to dominate the Global Air Suspension Market. This is because electronic controlled air suspension systems offer several advantages over non-electronic controlled systems. Electronic controlled air suspension systems use electronic sensors to monitor vehicle , load, and road conditions, allowing for real-time adjustments and improved ride comfort. These systems also have advanced control modules that can optimize suspension response and adapt to different driving conditions. With the increasing demand for enhanced driving comfort and the growing adoption of advanced technology in the automotive industry, electronic controlled air suspension systems are likely to gain significant market share.
Non-Electronic Controlled
While the Electronic Controlled technology is expected to dominate the Global Air Suspension Market, the Non-Electronic Controlled technology still holds relevance in certain applications. Non-electronic controlled air suspension systems are typically simpler in design and are often used in commercial vehicles and heavy-duty trucks. These systems rely on mechanical components to adjust the suspension, such as manual valves or mechanical load-leveling systems. Although they may not offer the same level of sophistication and real-time adjustments as electronic controlled systems, non-electronic controlled air suspension systems are cost-effective and can provide reliable performance in specific applications where advanced technology is not required.
Insights On Key Component
Shock Absorber
The shock absorber component is expected to dominate the global air suspension market. Shock absorbers play a crucial role in providing a comfortable and smooth ride by absorbing and dampening the vibrations and impacts caused by uneven road conditions. They help in maintaining vehicle stability and control, enhancing overall driving experience and safety. With the increasing demand for passenger comfort and luxury in automobiles, the demand for advanced shock absorbers in the air suspension system is anticipated to witness significant growth. Furthermore, the growing popularity of sports utility vehicles (SUVs) and luxury cars globally is driving the demand for air suspension systems, thereby propelling the dominance of the shock absorber part in the global market.
Air Spring
Air springs are an integral component of air suspension systems, providing support and cushioning to the vehicle. They have the ability to adjust the vehicle and adapt to varying road conditions, ensuring a smooth and controlled ride. While shock absorbers dominate the global air suspension market, air springs also hold substantial market share. The increasing adoption of air suspension systems in commercial vehicles, such as trucks and buses, to improve comfort, handling, and load-bearing capacity, is driving the demand for air springs. Furthermore, the rising preference for luxury and premium cars is also contributing to the growth of the air spring part in the global market.
Tank
The tank component of the air suspension market is primarily responsible for storing compressed air, which is required for the functioning of the air suspension system. Although tanks are crucial components, they are not expected to dominate the global air suspension market. The dominance lies with the shock absorber part, which directly impacts the ride quality and comfort of the vehicle. Nonetheless, the demand for tanks is expected to grow in parallel with the overall expansion of the air suspension market, driven by the increasing focus on vehicle performance and safety.
Solenoid Valve
Solenoid valves play a vital role in controlling the airflow within the air suspension system, enabling precise adjustments of the suspension characteristics. While solenoid valves are significant components, they are not expected to dominate the global air suspension market. The dominance is held by shock absorbers due to their direct impact on ride quality and comfort. However, the demand for solenoid valves is expected to grow as air suspension systems become more advanced and sophisticated, incorporating features such as adaptive damping and automatic leveling.
Air Compressor
Air compressors are essential components in air suspension systems as they generate and supply compressed air to the system. Similar to tanks and solenoid valves, air compressors are important but not expected to dominate the global air suspension market. The dominance lies with the shock absorber part, which directly affects the overall ride quality and comfort of the vehicle. However, the demand for air compressors is anticipated to witness growth as air suspension systems continue to gain traction in the automotive industry.
Electronic Control Unit
Electronic control units (ECUs) are responsible for monitoring and controlling various functions of the air suspension system, including ride adjustment, damping control, and leveling. While ECUs are essential for the proper functioning of air suspension systems, they are not expected to dominate the global air suspension market. The dominance lies with the shock absorber part, which has a more significant impact on overall ride quality. However, with the growing adoption of advanced air suspension technologies and the integration of electronic systems in vehicles, the demand for ECUs is projected to increase.
Height & Pressure Sensor
Height and pressure sensors play a crucial role in monitoring and adjusting the ride and pressure within the air suspension system. While these sensors are essential for maintaining optimal performance and safety of the air suspension system, they are not expected to dominate the global air suspension market. The dominance lies with the shock absorber part, which directly affects the ride quality and comfort of the vehicle. However, as air suspension systems become more advanced and sophisticated, the demand for and pressure sensors is expected to grow in parallel.
Insights On Key Vehicle Type
Passenger Cars
Passenger Cars are expected to dominate the Global Air Suspension Market. This is primarily due to the high consumer demand for comfort and luxury features in passenger cars. Air suspension systems offer a smoother and more comfortable ride, improved handling, and the ability to adjust the of the vehicle to meet various road conditions. As passenger cars are increasingly equipped with advanced features and technologies, air suspension systems are becoming a common feature in high-end luxury cars and SUVs. Additionally, the rising disposable income and the increasing adoption of premium vehicles in emerging economies are further fueling the demand for air suspension systems in passenger cars.
Light Commercial Vehicles
Light Commercial Vehicles (LCVs) are likely to hold a significant share in the Global Air Suspension Market. LCVs are commonly used for the transportation of goods and materials, and the use of air suspension systems in these vehicles can offer several benefits. The ability to adjust the vehicle's allows for easy loading and unloading of cargo, while improved ride comfort and stability help in enhancing the overall driving experience. Moreover, the increasing e-commerce activities and the expanding logistics sector are driving the demand for LCVs, thereby positively impacting the growth of air suspension systems in this .
Trucks
Trucks hold a substantial share in the Global Air Suspension Market. The transportation industry heavily relies on trucks for the movement of goods across long distances. Air suspension systems help in enhancing the performance, safety, and durability of trucks by offering improved load-carrying capacity, stability, and ride comfort. The ability to adjust the of the vehicle is particularly beneficial in heavy-duty trucks that navigate rough terrains. Additionally, stringent regulations regarding vehicle emissions and fuel efficiency have led to the development of lightweight trucks, which further increases the demand for air suspension systems in this .
Buses
Buses also have a significant presence in the Global Air Suspension Market. Air suspension systems are extensively used in buses to improve passenger comfort, minimize vibrations, and offer a smoother ride experience. Buses, especially those used in public transportation or tourism sectors, require suspension systems that can handle varying passenger loads and road conditions. Air suspension systems provide the required flexibility, allowing operators to adjust the vehicle and maintain a comfortable ride irrespective of the passenger load. The increasing focus on passenger comfort, along with the growth in the public transportation sector, contributes to the demand for air suspension systems in buses.
Others
The Others category includes less commonly used vehicles, such as specialty vehicles, recreational vehicles, and off-road vehicles. While the demand for air suspension systems in these vehicles exists, it is relatively niche compared to the aforementioned parts. Specialty vehicles may require air suspension systems for specific applications, such as military or emergency response vehicles. Recreational vehicles often incorporate air suspension systems to enhance comfort during travel. Off-road vehicles may utilize air suspension systems to improve their ability to navigate rough terrains. Although the demand in this part is not as significant as in passenger cars, LCVs, trucks, or buses, it still contributes to the overall Air Suspension Market.
Insights On Key End User
Aftermarket
The Aftermarket end-user is expected to dominate the Global Air Suspension Market. The increasing demand for customization and aftermarket products by consumers is a key factor driving the growth of the aftermarket . Moreover, the aftermarket offers a wide range of air suspension products, allowing customers to choose from various brands and models. Additionally, the aftermarket sector provides cost-effective solutions compared to OEM, making it a preferred choice for many consumers. Furthermore, the presence of a strong network of aftermarket players, such as specialized retailers, distributors, and e-commerce platforms, further contributes to the dominance of the Aftermarket part in the Global Air Suspension Market.
OEM
The OEM end-user, although not expected to dominate the Global Air Suspension Market, holds significance in the industry. Original Equipment Manufacturers (OEMs) are responsible for the production and supply of air suspension systems for vehicle manufacturers. OEMs work in collaboration with automobile companies, providing them with tailored air suspension solutions that meet specific requirements and standards. The OEM part plays a crucial role in providing air suspension systems for new vehicle models and ensures the adoption of air suspension technology as a standard offering. While the aftermarket part dominates the market due to its customization options and cost-effectiveness, the OEM part maintains its relevance by catering to the needs of vehicle manufacturers and facilitating technological advancements in air suspension systems.
Insights on Regional Analysis:
Asia Pacific
Asia Pacific is expected to dominate the global air suspension market. This can be attributed to several factors. Firstly, the rapid urbanization and industrialization in countries like China, India, and Japan have led to a significant increase in the demand for commercial vehicles, which in turn drives the adoption of air suspension systems. Additionally, the growing disposable income and improving living standards in the region have fueled the demand for premium and luxury vehicles, which often come equipped with air suspension systems. Furthermore, the presence of major automotive manufacturers and suppliers in countries like Japan and South Korea further strengthens the market in this region. Overall, Asia Pacific's strong automotive industry, coupled with the increasing demand for comfort and safety features in vehicles, positions the region as the dominant player in the global air suspension market.
North America
In North America, the air suspension market is expected to witness steady growth. The region has a well-established automotive industry, with a high demand for pickup trucks, SUVs, and luxury vehicles. These vehicle s often come equipped with air suspension systems, contributing to the market growth. Additionally, the focus on vehicle safety and improved ride comfort further drives the adoption of air suspension systems in North America. Furthermore, the presence of key players in the region, along with stringent regulations pertaining to vehicle safety, creates a conducive environment for the growth of the air suspension market.
Europe
Europe is another region that exhibits significant growth potential in the air suspension market. The region is known for its strong automotive industry and the presence of major luxury car manufacturers. Luxury vehicles often incorporate advanced suspension systems, including air suspension, to enhance ride comfort and handling. Moreover, the increasing awareness regarding vehicle safety and the willingness of consumers to spend on premium features contribute to the growth of the air suspension market in Europe. Additionally, government regulations emphasizing vehicle safety standards and the adoption of advanced technologies also act as driving factors for the market in this region.
Latin America
Latin America, while not expected to dominate the global air suspension market, shows potential for growth. The region's automotive industry has been growing steadily, with increasing vehicle production and sales. Factors such as improving economic conditions and rising disposable incomes contribute to the demand for comfort features, including air suspension systems. Additionally, the rough terrains and poor road conditions in some parts of Latin America create a need for better ride quality and stability, further driving the adoption of air suspension systems. However, challenges such as economic volatility and fluctuating currencies may hinder market growth in the region.
Middle East & Africa
In the Middle East & Africa region, the air suspension market is expected to witness moderate growth. The region's growing population and increasing urbanization lead to a rise in transportation needs, particularly in the commercial vehicle . Additionally, the demand for luxury vehicles in countries like United Arab Emirates and Saudi Arabia contributes to the adoption of air suspension systems. However, factors like economic uncertainties, political instability, and a limited presence of major automotive manufacturers pose challenges for the market in this region.
Company Profiles:
Prominent figures within the international air suspension sector, including Continental, ThyssenKrupp, and WABCO, occupy strategic positions in creating, producing, and distributing sophisticated air suspension solutions for diverse vehicular uses. They prioritize pioneering research and development endeavors to unveil cutting-edge offerings and secure a competitive advantage within the industry.
Prominent companies in the air suspension sector consist of Continental AG, Wabco Holdings Inc., Firestone Industrial Products, Mando Corporation, Thyssenkrupp AG, Dunlop Systems and Components Ltd., Hendrickson USA, LLC, Hitachi Ltd., Accuair Suspension, and BWI Group. These firms are engaged in manufacturing and delivering air suspension systems, components, and associated services, focusing on advancing products, research and development, strategic alliances, and corporate mergers to enhance their competitive position. Operating across multiple industries such as automotive, transportation, and aerospace, these leading entities offer air suspension solutions that enhance vehicle stability, comfort, and safety. They significantly contribute to the advancement and prosperity of the global air suspension market.
COVID-19 Impact and Market Status:
The global air suspension market has been adversely affected by the Covid-19 pandemic, resulting in decreased demand and production as a consequence of travel constraints and financial instabilities.
The global air suspension market has been significantly impacted by the effects of the COVID-19 pandemic. The restrictions and lockdowns imposed worldwide have led to a sharp decline in demand within the automotive industry, specifically affecting the air suspension sector. Reduced vehicle sales and production have been observed as individuals were confined to their residences, resulting in a decreased requirement for air suspension systems. Furthermore, the prevailing economic uncertainties caused by the pandemic have compelled consumers to prioritize necessary expenses over luxury purchases, contributing to the decreased demand for high-end vehicles equipped with air suspension technology. Manufacturers, on the other hand, have encountered challenges in their production and supply chains due to factory closures and logistical obstacles. This has caused disruptions in the launch of new products and in fulfilling orders, impacting the overall supply of air suspension systems. However, with the gradual easing of restrictions and the commencement of economic recovery in various regions, the air suspension market is anticipated to experience a resurgence. The demand for luxury vehicles is expected to rise again, consequently driving the necessity for air suspension systems. Furthermore, as there is an increased emphasis on comfort and safety in vehicles, the popularity of air suspension systems is likely to grow, augmenting market expansion in the post-pandemic landscape.
Latest Trends and Innovation:
- In June 2021, Continental AG, a leading automotive supplier, announced the acquisition of ASK Automotive Pvt. Ltd., an Indian manufacturer of air suspension systems.
- In February 2021, Hendrickson, a global leader in suspension systems, announced the introduction of an advanced air suspension technology called AIRTEK NXT for heavy-duty trucks.
- In October 2020, BWI Group, a supplier of chassis control systems, announced a joint venture with Huilong Electric Vehicle Technologies to develop and manufacture air suspension systems for electric vehicles.
- In August 2020, Arnott Inc., a global leader in air suspension replacement products, announced the opening of a new distribution center in Canada to expand its operations and serve the local market.
- In July 2020, WABCO Holdings Inc., a global leader in advanced technologies for commercial vehicles, announced the development of an advanced electronic control unit (ECU) for air suspension systems, enhancing safety and efficiency.
- In April 2020, Mando Corp., a Korean automotive parts supplier, announced the development of an air suspension system for electric vehicles, aiming to improve ride comfort and stability.
- In January 2020, Continental AG announced a collaboration with TTTech Auto, an expert in automated driving technologies, to develop an advanced air suspension control system for autonomous vehicles.
- In November 2019, Firestone Industrial Products, a division of Bridgestone Americas, announced the launch of the Wireless Air Command System, providing wireless control of air suspension systems for trucks and trailers.
- In September 2019, Dunlop Systems and Components, a UK-based manufacturer of air suspension systems, announced a partnership with Drive-Rite Air Suspension Systems, a US-based specialist in suspension technology, to expand their global reach.
Significant Growth Factors:
The Air Suspension Market is projected to experience notable expansion due to the rising need for luxury vehicles and improved ride quality.
The air suspension industry is primed for notable expansion in the foreseeable future, driven by various pivotal factors. The escalating consumer interest in both luxury and commercial vehicles is propelling the adoption of air suspension systems. These systems are favored for their capability to deliver a smoother and more comfortable ride, enhanced handling, and increased stability, resonating well with the preferences of consumers. Additionally, the ened emphasis on superior driving experiences and safety features is resulting in the integration of advanced suspension technologies in vehicles, thereby augmenting market growth. Moreover, stringent governmental mandates concerning vehicle safety and emission standards are compelling automakers to include air suspension systems in their vehicle designs. This is primarily because these systems aid in lowering fuel consumption and emissions through the maintenance of optimal vehicle and enhancement of aerodynamics. The surge in popularity of electric and hybrid vehicles is also playing a role in driving market growth, as air suspension systems are proving to be compatible and beneficial for such eco-friendly vehicles.Another contributing factor to the expansion of the air suspension market is the increasing attention being paid to off-road and heavy-duty vehicles. Given the rugged terrains and heavy loads these vehicles encounter, robust suspension systems are essential, a need that air suspension systems efficiently fulfill. Furthermore, the aftermarket for air suspension systems is experiencing noteworthy growth owing to the growing awareness and inclination towards aftermarket customization and enhancements.
Restraining Factors:
The Air Suspension Market faces challenges due to limited awareness and the high cost associated with air suspension systems.
The Air Suspension Market is poised for significant growth in the foreseeable future, propelled by factors such as growing consumer interest in luxury vehicles, technological advancements, and the expanding transportation and logistics sector. Nonetheless, certain obstacles could impede the market's progression. The comparatively high price of air suspension systems in contrast to traditional suspension setups presents a hurdle to widespread adoption, particularly in developing economies. Moreover, the intricate installation process and the requirement for specialized expertise and equipment may dissuade some vehicle owners from selecting air suspensions. Furthermore, the maintenance and repair expenses linked with air suspensions can be rather steep, further constraining market potential.
Additionally, the scarcity of aftermarket products and the absence of standardization in air suspension systems could also serve as impediments. Despite these challenges, it is vital to recognize that continual technological advancements and innovations are being pursued within the air suspension sector to address these constraints. Furthermore, the increasing disposable income and the growing consumer preference for comfort and luxury are anticipated to fuel the demand for air suspensions in the future, presenting a favorable market outlook.
Key Segments of the Air Suspension Market
Technology Overview
• Electronic Controlled Air Suspension
• Non-Electronic Controlled Air Suspension
Component Overview
• Air Spring
• Tank
• Solenoid Valve
• Shock Absorber
• Air Compressor
• Electronic Control Unit
• Height & Pressure Sensor
Vehicle Type Overview
• Light Commercial Vehicle
• Trucks
• Bus
• Passenger Cars
• Others
End User Overview
• OEM
• Aftermarket
Regional Overview
North America
• US
• Canada
• Mexico
Europe
• Germany
• France
• U.K
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
Middle East and Africa
• Saudi Arabia
• UAE
• Rest of Middle East and Africa
Latin America
• Brazil
• Argentina
• Rest of Latin America
Frequently Asked Questions (FAQ) :
The market value of air suspension market in 2032 was USD 10.89 billion.
The air suspension market is growing at a CAGR of 6.23% during the forecast period.
The base year for the report is 2023 in air suspension market.