The global automotive air suspension system market was valued at $5.0 billion in 2015 and is projected to reach $8.2 billion by 2022, at a CAGR of 7.6% during the forecast period (2016–2022).
Historically, the automotive air suspension system market witnessed faster growth in the electronic air suspension category, mainly owing to the preference for greater driving comfort, higher load carrying capacity, and various adjustment options in the vehicles, which are provided by electronic systems.
Increasing Adoption of Lightweight Electronic Air Suspension Systems is the Key Trend in the Market
The increasing adoption of lightweight electronic air suspension systems is the key trend being observed in the automotive air suspension system market. Various manufacturers are developing advanced vehicle suspension systems, majorly made of lightweight and composite materials, which have better mechanical characteristics. For instance, Eco Move (PACD Logistics Pty. Ltd.), in Australia, developed the patented ‘Qbeaks’ suspension, composed entirely of composite materials.
Growing Demand for Premium Cars is Driving the Growth in the Market
The swift industrialization across various regions have raised the overall purchasing power of consumers. Due to this, the per capita vehicle ownership has increased in the recent years, mainly in developing economies, such as India and China. This is leading to the surging demand for high-range and premium cars, which, in turn, is driving the growth of the automotive air suspension system market.
Segmentation Analysis of Automotive Air Suspension System Market
Buses constitute the largest vehicle type in the automotive air suspension system market in value terms, globally. Governments in various countries are adding a significant number of fuel-efficient buses in mass transport systems, mainly in metro cities. The increasing number of orders to manufacturers for more-efficient buses is responsible for the largest revenue and volume shares of this category.
Geographical Analysis of Automotive Air Suspension System Market
Among all the regions, the highest revenue was contributed by Europe, to the automotive air suspension system market, during the historical period, and it is expected to maintain this trend during the forecast period. It is mainly due to the increasing vehicle production and strict government regulations regarding greenhouse gas emissions in European countries.
Historically, China was the largest contributor to the APAC automotive air suspension system market, mainly due to the increasing demand for fuel-efficient vehicles, increasing purchasing power, and stringent emission norms.
Mexico contributed the significant amount of revenue in the North American automotive air suspension system market and is expected to witness a noteworthy growth rate during the forecast period. The dominating position of Mexico in the regional market is mainly driven by investments in new auto factories and efforts to increase the installed capacity by over 50% in the upcoming years.
Competitive Landscape of Automotive Air Suspension System Market
The major players operating in the global automotive air suspension system market are WABCO Holdings Inc., Dunlop Systems and Components Ltd., Continental AG, Hendrickson International Corp., Beijing West Industries Co. Ltd., ThyssenKrupp AG, Firestone Industrial Products, Hendrickson International Corp., and SAF-Holland SA.
In January 2017, ThyssenKrupp AG announced plans to invest further in its automotive component business in China. The industrial group plans to build a new plant for springs and stabilizers in the Chinese city of Pinghu. The construction is expected to complete at the end of 2017, and from 2018, the plant will produce around five million springs and stabilizers per year.
GLOBAL AUTOMOTIVE AIR SUSPENSION SYSTEM MARKET SEGMENTATION
By Vehicle Type