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Air Suspension Market In-Depth Insights, Size, Share And Growth 2024
Air Suspension Market Insights
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According to The Business Research Company's, The air suspension market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing automotive industry growth, rising demand for comfort in vehicles, demand for enhanced vehicle performance, and increasing luxury vehicle demand.
The air suspension market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing vehicle electrification, regulatory standards, increasing commercial vehicle demand, increasing vehicle safety regulations, and increasing research and development investments. Major trends in the forecast period include demand for lightweight air suspension systems, adoption of advanced technology systems, and integration with autonomous vehicles.
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Market Drivers and Trends:
The rising demand for commercial vehicles is expected to propel the growth of the air suspension market going forward. A commercial vehicle is any motor vehicle that transports commodities or pays passengers. The demand for commercial vehicles is growing as economic activities expand and the need for efficient transportation and logistics solutions increases. Air suspension systems provide superior ride comfort, reducing driver fatigue and enhancing safety for long-distance, heavy-load commercial vehicles. They improve fuel efficiency by maintaining optimal ride height and reducing aerodynamic drag, benefiting long-haul trucks and other commercial vehicles. For instance, in 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Therefore, the rising demand for commercial vehicles is driving the growth of the air suspension market.
Major companies operating in the air suspension market are focused on developing advanced control and suspension product lines to provide high-quality suspension and control solutions for various vehicle applications. Control and suspension products work together to provide a smoother ride, better handling, and the capacity to dynamically modify the vehicle's ride height based on driving circumstances and cargo load. For instance, in November 2023, DMA Industries, a US-based manufacturer of aftermarket accessories, launched RideMaster, a product line that includes air struts, springs and shocks, coil springs, control arms, and small chassis components. The product line is available in both active and passive configurations, with damping and performance matching those of the original part. RideMaster products are proudly created in a tariff-free zone, allowing DMA to provide exceptional value while maintaining quality.
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Major Key Players of the Market:
Hitachi Ltd., AB Volvo, ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Parker Hannifin Corporation, Mando Corporation, KYB Corporation, Dorman Products, Hendrickson USA L.L.C, SAF-HOLLAND SE, BWI Group, STEMCO Products Inc., Air Lift Company, Timbren Industries, Dunlop Suspension Systems, Viair Corporation, Sumitomo Electric Industries Ltd., Wabco Holdings Inc., Accuair Suspension
Air Suspension Market 2024 Key Insights:
• The air suspension market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Commercial Vehicle Demand Boosts The Air Suspension Market Growth
• Innovative Air Suspension Solutions Enhance Vehicle Performance And Comfort
• Europe was the largest region in the air suspension market in 2023
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