Global Automotive Air Suspension Market, Size, Share, Growth â…¼ Forecast (2024 - 2032) â…¼ Renub Research

Global Automotive Air Suspension Market value is expected to be about US$ 11.20 Billion by 2032. The CAGR for the automotive air suspension market from 2024 to 2032 is 6.05%. Renub Research stated that it was valued at US$ 6.60 Billion in 2023.

During World War II, the US developed an air suspension system, especially for heavier aircraft. Air suspension was first developed as a lightweight, compact construction method. A vehicle suspension system known as an air suspension system uses an electric pump or compressor to blow air into flexible bellows, usually composed of rubber with textile reinforcement. Air suspension is typically utilized to provide a steady and smooth driving experience. Nevertheless, air suspension is also a characteristic of some sports suspensions.

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Similarly, air suspension takes the place of a traditional steel spring suspension in heavier vehicle applications such as trucks, tractor-trailers, passenger buses, and even passenger trains. Trucks and trailers with air suspension have improved transport capacities since it improves grip and levels the suspension. Drivers can adjust the feel of the air suspension system to select between a harsher ride for better handling on bumpier roads and a softer feel for highway cruising.

Global Automotive Air Suspension Market is growing for several reasons

1. Rise in the Sale of Commercial Vehicles

The commercial vehicle business includes a wide variety of automobiles, such as buses, coaches, large trucks, and light commercial vehicles. Each has a distinct function in a range of industries. The global automotive air suspension market is growing due to the increase in sales of these cars.

• The Organization Internationale des Constructeurs d'Automobiles (OICA) reports that commercial vehicle sales climbed from 21.7 million in 2020 to 23.1 million in 2021.

• According to the International Energy Agency (IEA), 60.000 medium-and heavy-duty trucks and around 660.000 electric buses were sold globally in 2022, accounting for 1.2% of truck sales and approximately 4.5% of all bus sales.

2. Growth in urban population and economic development
A well-functioning transportation system contributes to a city's increased economic efficiency, while a poorly designed system impedes economic growth. In developing nations, one of the main challenges facing city governments is addressing transportation issues due to the increased and severe demands that swift urban growth places on transportation infrastructure. Automobile air suspension systems solve these issues and facilitate adequate transportation, fostering the sector's expansion.

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• The International Monetary Fund predicts that global growth will be 2.7% in 2023. The World Bank anticipates that emerging and developing economies will increase by 4.4% in 2023.

3. Adoption of technological advancements
Innovations like electronically controlled air suspension (ECAS) and adaptive air suspension are making these systems more responsive and flexible. These developments lessen component wear and tear and improve vehicle stability by enabling real-time suspension changes, contributing to the global automobile air suspension market's growth.

• In India, semi-low floor buses with a width of 900 mm were required to be purchased under the Urban Bus Specifications (UBS), and around 15,000 buses were purchased in compliance. Under this program, many State Transport Corporations purchased their first air suspension buses, drastically altering how passengers thought about public transit. Premium buses include electronically controlled air suspension systems known as ECAS (Electronically Controlled Air Suspension), allowing for various ride height choices.

• All versions of the Cayenne S E-Hybrid have innovative two-chamber, two-valve technology, including adaptive air suspension. The most recent technology achieves an even more comprehensive range between the Comfort and Sport Plus features while significantly improving driving safety and comfort.

Asia-Pacific Automotive Air Suspension Market
One of the important automotive air suspension industries worldwide is in Asia-Pacific. Both economic growth and the increase in urbanization are the reasons for this.

• The International Monetary Fund (IMF) predicts the Asia-Pacific area will significantly contribute to global growth in 2023, with an anticipated growth rate of 4.6 percent, up from 3.9 percent in 2022.

• According to UNICEF, Asia's cities are expanding so quickly that by 2030, almost half of the region's population is anticipated to live in urban areas.

Rapid economic growth is also escalating the sales of commercial and luxury vehicles in the region. The rising incorporation of air suspensions in off-road vehicles for better comfort and efficient driving are factors elevating the growth of the automotive air suspension market.

• The Society of Indian Automobile Manufacturers (SIAM) reports that 268,294 commercial vehicles were sold in India between January and March 2024.

• Due to rising demand, luxury car sales in India are expected to reach 50,000 units for the first time in 2024. The president of Audi India projects substantial growth, pointing to a 28% yearly rise in the premium automobile market by 2023.
Global Automotive Air Suspension Industry News
The leading players in the worldwide automobile air suspension market are Hitachi, Ltd., AB Volvo, Continental AG, ThyssenKrupp AG, Wabco Holdings Inc., Dunlop Systems and Components Ltd., Accuair Suspension, and Firestone Industrial Products Company, LLC.

• In July 2023- Hendrickson, a manufacturer of worldwide commercial vehicle components, stated that its air and mechanical trailer axles and suspensions would be available in the domestic market. Additionally, the business announced that it has successfully acquired Liteflex Composite Springs, a producer of cutting-edge composite suspension springs.

• In December 2022- To ensure the delivery of high-quality products, Tuopu Group has introduced new fixed projects for the Air Suspension System. These projects include the adoption of A-level traceability throughout the manufacturing process, implementing the digital factory concept, and multi-channel error-proof verification.

• In November 2022, Continental AG, with an investment of over USD 118 million, opened a brand-new, state-of-the-art campus for its Bengaluru technical center. The new site will integrate India's fast-expanding engineering capabilities and contain cutting-edge software, hardware, and vehicle test facilities for research and development, meeting the needs of both domestic and international markets for automotive R&D.

• In September 2022, Li Auto and Tenneco Inc. partnered to provide Tenneco with electronic suspension technology for Li Auto's next L9 electric luxury SUV. Monroe Intelligent Suspension CVSAe electronic dampers will be produced by Tenneco's Advanced Suspension Technologies (AST) division for this new luxury vehicle.

Technology - Market breakup in 2 viewpoints:

1. Electronically Controlled Air Suspension
2. Non-Electronically Controlled Air Suspension

Component - Market breakup in 8 viewpoints:

1. Air Spring
2. Shock Absorber
3. Compressor
4. Electronic Control Module
5. Tank
6. Solenoid Valve
7. Height and Pressure Sensors
8. Others

Application - Market breakup in 3 viewpoints:

1. Light Commercial Vehicles
2. Truck
3. Bus

Sales Channel - Market breakup in 2 viewpoints:

1. Oems
2. Aftermarket Products

Country - Market breakup of 25 Countries:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey

3. Asia Pacific

3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand

4. Latin America

4.1 Brazil
4.2 Mexico
4.3 Argentina

5. Middle East & Africa

5.1 South Africa
5.2 Saudi Arabia
5.3 UAE

All the Key players have been covered from 3 Viewpoints:

• Overview
• Recent Development
• Revenue Analysis

Company Analysis:

1. Hitachi, Ltd.
2. AB Volvo
3. Continental AG
4. ThyssenKrupp AG
5. Wabco Holdings Inc.
6. Dunlop Systems and Components Ltd.
7. Accuair Suspension
8. Firestone Industrial Products Company, LLC

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