The global automotive air suspension market size will reach $10,805.66 million in 2030, advancing at a CAGR of 6.25% between 2021 and 2030. This is attributed to the growing demand for premium and luxury vehicles, which offer greater comfort to drivers and passengers.
Due to its greater acceptance of air suspensions across all vehicle types compared to other regions, such as North America and LATAM, Europe is predicted to experience the significant air suspension market growth rate, of more than 7%, during the forecast period. OEMs, including BMW, Mercedes-Benz, Porsche, and Audi, provide the ECAS technology in a few of their light-duty vehicle models, for better height raising and lowering.
The growing urban population and economic development in European countries are driving the demand for safe and convenient rapid transit options. Hence, the market for air suspension systems is experiencing significant expansion due to the rising demand for upscale buses. The sector is growing, in part, as a result of the steps being taken by various government and non-government agencies to enhance the traveler experience, by expanding the fleet of luxury transit buses.
Moreover, to increase car sales, an increasing number of automakers are emphasizing the inclusion of more comfort features in their automobiles. Additionally, with a growing focus on comfort and safety, consumers of mid-range and compact cars are demanding air suspensions.
Asia-Pacific is the largest shareholder in the market, with the car ownership in this region majorly concentrated in China, India, Japan, and South Korea. According to data from several sources, China has the largest automotive industry in the world, with sales of 26.2 million units in 2021.
Additionally, there is a significant potential for future growth in India's vehicle industry. India’s major cities have an expansive public transportation network; hence, the desire for comfortable rides among city commuters is projected to propel the air suspension industry in India.
Some of the major players in the automotive air suspension market are SAF-Holland SE, Thyssenkrupp AG, Continental AG, Stemco, Dunlop Systems and Components, and ZF Friedrichshafen AG.