Press release
Automotive Air Suspension Market to Grow at 6.2% CAGR, Reaching $9.5 Billion by 2029
Automotive Air Suspension
Automotive Air Suspension Market Outlook: How is the Market Expected to Grow by 2025?
In the past few years, there has been a solid growth in the automotive air suspension market size. It's projected to increase from $7.06 billion in 2024 to $7.48 billion in 2025, achieving a compound annual growth rate (CAGR) of 5.9%. The upward trend during the historical period is linked to an augmentation in consumer preference for vehicle comfort and safety, a higher mile consumption, an escalating demand for heavy-duty commercial vehicles, an enhanced demand for premium and luxury vehicles, and the effect of reduced interest rates.
Automotive Air Suspension Market Forecast: What Size Will It Reach By 2029?
The market size of automotive air suspension is expected to witness robust growth in the coming years, set to reach $9.5 billion by 2029 with a CAGR of 6.2%. The predicted growth during the forecast period can be attributed to the favorable government policies and incentives, an increase in preference for electronically controlled air suspension systems, advancements in research and development, vehicle production growth, and a rise in off-road recreational activities. Key trends during this forecast period include electronically controlled air suspension systems, lightweight components in air suspension, modular designs in air suspension, increased adoption of technologically superior systems, and regenerative air suspension.
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Which Key Market Drivers Will Shape Automotive Air Suspension Industry Trends in 2025-2029?
The ascent in commercial vehicle needs is anticipated to drive the progression of the automotive air suspension market in the future. Commercial automobiles are a diverse grouping of vehicles utilized for the commercial transport of goods or passengers. Economic activities and changing industry requirements fuel the demand for these vehicles, thus triggering an upswing in the commercial vehicle sector. Automotive air suspension units augment a vehicle's operation, comfort, security, and lifespan, making them perfect for an array of uses, from city delivery fleets to heavy transport and specialized services. For instance, in May 2023, as per the European Automobile Manufacturers Association, a Belgium-based automotive industry group, worldwide motor vehicle production touched 85.4 million units in 2022, denoting a rise of 5.7% from 2021. Such burgeoning demand for commercial vehicles is propelling the advancement of the automotive air suspension market.
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What Are the High-Growth Segments in the Automotive Air Suspension Market?
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, After market
Subsegments:
1) By Electronically Controlled Air Suspension: Adaptive Air Suspension Systems, Semi-Active Air Suspension Systems, Fully Active Air Suspension Systems, Smart Suspension Systems With Automatic Load Adjustment, Suspension Systems With Height Control And Ride Quality Enhancement
2) By Non-Electronically Controlled Air Suspension: Manual Air Suspension Systems, Pneumatic Air Suspension Systems (Non-Digital Control), Fixed-Height Air Suspension Systems, Mechanical Air Suspension With Adjustable Pressure
Which Global Trends Are Driving Automotive Air Suspension Market Expansion?
Key players in the automotive air suspension market are developing innovative products featuring zero maintenance damping ride technology. This technology works to improve ride comfort, vehicle stability, and load-hauling capacity. Zero Maintenance Damping Ride Technology (ZMDR) represents an advanced suspension system, crafted to provide superior ride comfort and performance handling without the need for regular maintenance. To illustrate, in July 2023, Hendrickson, a commercial vehicle components manufacturer based in the US, introduced the ROADMAAX Z, its most lightweight 46,000 lb. capacity rear air suspension system. The ROADMAAX Z marks Hendrickson's first inclusion of its patented Zero Maintenance Damping (ZMD) ride technology in a drive axle suspension. The ZMD technology does away with traditional shock absorbers and integrates the dampening function directly into the air springs, ensuring a consistently smooth ride while reducing both downtime and maintenance costs. The suspension system has gained authorization for usage with lift axles and can handle up to 25% off-highway operation, effectively delivering top-tier performance under demanding conditions.
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Who Are the Fastest-Growing Companies in the Automotive Air Suspension Industry?
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
What Is the Regional Outlook for the Automotive Air Suspension Market by 2029?
Asia-Pacific was the largest region in the automotive air suspension market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive air suspension market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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