Press release
Air Suspension Market Regional Trend & Growth Projections By 2020-2025
Air Suspension Market
Technological advancements including innovative electronics embedded with suspension systems and real time tuning for varying road conditions will influence the air suspension market demand. Industry participants focus on new product launches for expanding their product portfolio and attract new customers. For instance, in February 2018, Dorman Products announced the launch of a new active advanced suspension line up featuring solutions for OE compressor failure. Moreover, in September 2014, WABCO Holdings Inc introduced OptiRide in China, an improved electronically controlled air suspension technology (ECAS) for multiple truck platforms to gain competitive advantage in the region.
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Government support for the automotive manufacturing sector along with rising preference of automobile manufacturers to incorporate superior performance suspension technologies in their vehicles further accentuates the air suspension market size over the study timeframe. Increasing demand for overnight journey and log haul buses with superior comfort for minimizing fatigue over long distance travel are expected to significantly boost the industry share. However, the higher costs associated with the acquisition and maintenance of such systems may restrict the market share over the study timeframe.
Air Suspension Market, By Component, 2013-2025 (USD Million)
• Electronic control unit
• Shock absorber
• Solenoid valve
• Air spring
• Air compressor
• Height and pressure sensors
Air Suspension Industry, By Technology, 2013-2025 (USD Million)
• Non-electronically controlled
• Electronically controlled
Air Suspension Industry, By Vehicle Type, 2013-2025 (USD Million)
• PCV
• LCV
• HCV
Air Suspension Industry, By End-User, 2013-2025 (USD Million)
• OEM
• Aftermarket
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Europe air suspension market is expected to register significant market share owing to the consumer preferences towards premium vehicles across the region. Presence of multiple automobile OEMs with product portfolio consisting of luxury and sports vehicles will further propel the industry growth. For instance, in 2018, Lamborghini launched its Urus SUV with air suspension and active damper technologies. Asia Pacific will account for a considerable share owing to rising demand for buses for long haul travel along with rising commercial vehicle production across the region.
Few of the major players in air suspension market share include ThyssenKrupp AG, Continental AG, Firestone Industrial Products, Wabco Holdings Inc, Hitachi Ltd, Hendrickson International Corporation, SAF-Holland and Accuair Suspension. Industry players are continuously investing in R&D for developing innovative products to improve the overall driving experience. For instance, in April 2019, Hyundai Mobis Co announced the development of new air suspension technology featuring automatic suspension adjustment for varying the vehicle height based on navigation system.
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