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Automotive Air Suspension Global Market Demand Status, Competitive Landscape, Top Growing Regions, Segmentations, and Leading Key Opportunity Forecast To 2033
Automotive Air Suspension Market
As per the report, the automotive air suspension market size has grown strongly in recent years. It will grow from $6.6 billion in 2023 to $7.06 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The automotive air suspension market size is expected to see strong growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
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Automotive Air Suspension Market Poised For Growth As Commercial Vehicle Sales Surge Globally
The increasing demand for commercial vehicles is expected to propel the growth of the automotive air suspension market going forward. Commercial vehicles are a broad category of vehicles used for transporting goods or passengers for commercial purposes. The demand for commercial vehicles is multifaceted, driven by economic activity and evolving industry needs, which contribute to sustained growth in the commercial vehicle market. Automotive air suspension systems enhance vehicles' functionality, comfort, safety, and longevity, making them well-suited for a wide range of applications, from urban delivery fleets to heavy-duty transport and specialized services. For instance, in May 2022, according to the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, in 2021, there were 5,483,319 commercial vehicles in operation, marking a 4.1% rise compared to 2021. Therefore, increasing demand for commercial vehicles drives the automotive air suspension market.
Innovative Suspension Solutions Enhancing Comfort And Durability
Major companies operating in the automotive air suspension market are innovating products with zero maintenance damping ride technology to enhance ride comfort, vehicle stability, and load-carrying capacity. Zero Maintenance Damping Ride Technology (ZMDR) is an advanced vehicle suspension system designed to provide optimal ride comfort and handling performance without regular maintenance. For instance, in July 2023, Hendrickson, a US-based manufacturer of commercial vehicle components, announced the ROADMAAX Z, its lightest weight 46,000 lb. capacity rear air suspension system. ROADMAAX Z is Hendrickson's first drive axle suspension to incorporate its patented Zero Maintenance Damping (ZMD) riding technology. ZMD technology eliminates conventional shock absorbers and includes the dampening function directly into the air springs. This is intended to give a consistent, smooth ride throughout the life of the air springs, hence decreasing downtime and maintenance expenses. The suspension system is authorized for use with lift axles and up to 25% off-highway operation, delivering outstanding performance in demanding applications.
The automotive air suspension market covered in this report is segmented -
1) By Control Type: Electronically Controlled Air Suspension, Non-Electronically Controlled Air Suspension
2) By Component: Air Springs, Shock Absorber, Compressor, Electronic Control Unit, Air Reservoir, Height And Pressure Sensor, Remote Control, Solenoid Valve, Other Component
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Bus And Coaches
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
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Major companies operating in the automotive air suspension market are Hitachi Ltd., ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Hyundai Mobis, PACCAR Inc., Isuzu Motors Limited, Tenneco Inc., Nidec Corporation, Iveco S.p.A., DuPont de Nemours Inc., Hino Motors Ltd., Knorr-Bremse AG, Meritor Inc., Hendrickson USA L.L.C., Sogefi S.p.A., SAF-Holland S.A., Wheels India Limited, Magneti Marelli S.p.A., Stemco, Vibracoustics, Ridewell Corporation, Bilstein, Airlift Company, Firestone Industrial Products
Contents of the report:
1. Executive Summary
2. Automotive Air Suspension Market Report Structure
3. Automotive Air Suspension Market Trends And Strategies
4. Automotive Air Suspension Market - Macro Economic Scenario
5. Automotive Air Suspension Market Size And Growth
…..
27. Automotive Air Suspension Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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