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Automotive Air Suspension Market Overview, Trends, Growth And Forecast 2024-2033
Automotive Air Suspension Market Overview
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According to The Business Research Company's, 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 growth in the historic period can be attributed to rising consumer demand for vehicle comfort and safety, an increase in the number of miles driven, a rise in demand for heavy commercial vehicles, an increase in demand for premium and luxury vehicles, and a lower interest rate.
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%. The growth in the forecast period can be attributed to favorable government policies and incentives, a surge in preference for electronically controlled air suspension systems, growing research and development abilities, rising production of vehicles, and increasing off-road recreational activities. Major trends in the forecast period include electronically controlled air suspension, lightweight air suspension components, modular air suspension designs, a higher adoption rate for technologically advanced systems, and regenerative air suspension.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Automotive Air Suspension Market 2024 Key Insights:
• 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%.
• Automotive Air Suspension Market Poised For Growth As Commercial Vehicle Sales Surge Globally
• Innovative Suspension Solutions Enhancing Comfort And Durability
• Asia-Pacific was the largest region in the automotive air suspension market in 2023
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