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Valued at $5.0 billion in 2015, the global automotive air suspension system market is projected to reach $8.2 billion by 2022, witnessing a CAGR of 7.6% between 2016 and 2022.
Among all the regions, APAC is expected to witness the fastest growth in the automotive air suspension system market during the forecast period, in value terms. This can be mainly attributed to the increasing production of light commercial vehicles (LCV) and passenger cars in the region. Additionally, the improving economy and standard of living in countries such as China and India have resulted in the increasing sales volume of automobiles, which, in turn, is benefiting the growth of the industry in the region.
Dynamics of Automotive Air Suspension System Market
The key trend being observed in the automotive air suspension system market is the increasing adoption of lightweight electronic air suspension systems, worldwide. Additionally, stringent emission control and fuel efficiency norms in various countries are compelling original equipment manufacturers (OEM) to develop lightweight suspension systems. For instance, Kenworth Truck Company (U.S.) managed to reduce the weight of the suspension system by 400 pounds, recently, by implementing the new air ride suspension system.
The growing demand for luxury buses is acting as a major growth driver for the automotive air suspension system market. The demand for premium and comfortable rapid transit solutions is increasing due to the rising urban population and economic growth in developing nations. Different government and non-government organizations are taking initiatives to improve the traveler experience by adding luxury transit buses to the fleet, thereby leading to the growth of the industry.
Segmentation Analysis of Automotive Air Suspension System Market
In terms of technology, the automotive air suspension system market is expected to witness faster growth in the electronic air suspension system category during the forecast period. This is mainly due to the benefits, such as higher load carrying capacity, greater driving comfort, various adjustment options, and enhanced safety level, offered by these systems.
When segmented on the basis of component, the electronic control unit (ECU) is projected to exhibit the fastest growth in the automotive air suspension system market during the forecast period, mainly due to the changing preference to use electronically controlled systems, which provide enhanced performance in the vehicle.
Geographical Analysis of Automotive Air Suspension System Market
Globally, Europe was the largest region in the automotive air suspension system market in 2015 and is expected to maintain the same trend during the forecast period. It is mainly due to the presence of established OEMs, such as BMW AG, Daimler AG, Fiat, PSA/Peugeot-Citroen, and Volkswagen Group, and the higher adoption rate of advanced air suspension systems in various vehicle categories in the European market.
Competitive Landscape of Automotive Air Suspension System Market
The various players operating in the automotive air suspension system market are Continental AG, Hitachi Ltd., WABCO Holdings Inc., Dunlop Systems and Components Ltd., Firestone Industrial Products, Hendrickson International Corp., Beijing West Industries Co. Ltd., ThyssenKrupp AG, and AccuAir Suspension.
Recent Strategic Developments of Major Automotive Air Suspension Players
In recent years, the major players in the global automotive air suspension system market have taken several strategic measures to gain a competitive edge in the industry. For instance, in January 2017, WABCO Holdings Inc. announced plans to supply the electric twin compressor air suspension technology to a major German passenger carmaker.
Moreover, in September 2016, Continental AG launched a lightweight air spring for trucks. It consists of an air spring with an advanced plastic piston in a lightweight design, which further reduces the weight of the vehicle; it featured an integrated buffer support for the first time.
Key Questions Answered in the Report