Press release
Automotive Air Suspension Market Industry Trends, Estimation & Forecast, 2018 - 2025
Automotive Air Suspension Market
Major drivers for the increase in the demand for automotive air suspension is due to factors such as a rise in the demand for ultra-luxury vehicles. Rising demand for luxury buses and coaches especially in the growing preference for air suspension in emerging economies are the most important forces for this market. It is also evident that growth in the automotive air suspension systems is because of the increase in the disposable income of customers. Buyers are expecting to have the latest technology in their own vehicles.
The air suspension market is projected to reach USD 8.4 billion by 2025 from USD 5.3 billion in 2018, at a CAGR of 6.76% during the forecast period.
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In terms of vehicle type, the automotive air suspension market can be segmented into passenger vehicles and commercial vehicles. The commercial vehicles segment can, especially heavy-duty trucks and buses & coaches are subject to shocks to a larger extent compared to passenger vehicles. Air suspension systems help in shock absorption. This is anticipated to provide promising opportunities for the growth of the automotive air suspension market during the forecast period for commercial vehicles.
The Asia Pacific is expected to witness significant growth in the automotive air suspension market during the forecast period owing to the rapid advancement in the automotive sector in the region and the strong manufacturing footprint of major vehicle manufacturers in few countries of the Asia Pacific such as China, Japan, and South Korea. The Asia Pacific is anticipated to be followed by Europe in the high growth rate of the automotive air suspension market. Europe is an important market due to the focus on OEMs toward technological advancements and the rising public preference toward possessing luxury vehicles equipped with air suspension systems in the region in recent years.
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). Continental adopted the strategies of expansion, new product development, collaboration, and mergers & acquisitions to retain its leading position in the air suspension market whereas ThyssenKrupp adopted expansion as a key strategy to sustain its market position.
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