The suspension of a vehicle operated by an engine-driven compressor or air pump is called the air suspension. Air suspension increases stability and reduces fuel consumption, which further helps improve the driving comfort of the vehicle. The application of air suspension systems in automotive also minimises the noise and vibration and enhances the capacity to transport loads by equalising the suspension. According to the publisher, Automotive Air Suspension Market is projected to reach US$ 9.13 Billion by 2027.
In the recent years, technological advancements in air suspension have also led to the growth in the adoption of air suspension in all vehicle segments. By application, the market has been fragmented into Cars, Trucks, Buses and Light Commercial Vehicles. The suspension system of cars has two primary purposes. Firstly, maintain contact between the wheel and the tarmac; and secondly, prohibit road shocks and undulations from reaching the passengers.
In addition, the demand for luxury buses for long-distance travelling and the importance of comfort and luxury in passenger cars is increasing, leading to a rise in the production of passenger cars and commercial vehicles with the automotive air suspension system in the forecast period. As per our estimation, the Automotive Air Suspension Growth rate will be CAGR 8.67% during 2020 - 2027.
Technology Analysis of Automotive Air Suspension Industry
The automotive air suspension market is divided into electronic and non-electronic. Electronic technology is expected to witness faster growth throughout the forecast period owing to the growing adoption of advanced technology systems. The Electronically controlled air suspension system is a computer-controlled system that can adapt a vehicle's ride characteristics and performance.
An electronic suspension modifies the shocks or struts electronically to ensure a smooth ride, unlike conventional air suspensions. For instance, numerous luxury passenger cars are being released with electronically controlled air suspension like Audi A8, Mercedes S-Class, Porsche Cayenne, Land Rover Discovery, and Volkswagen Touareg are some of the several models.
Components Market Size of Automotive Air Suspension
Automotive Air Suspension Market comprises of air spring, shock absorber, air compressor, electronic control unit (ECU), tank, solenoid valve and height & pressure sensor. Height sensors are indispensable devices in a vehicle; they help maintain the vehicle's height by regulating the distance between specific points of the vehicle and the pathway.
Furthermore, height sensors convey a signal to the self-levelling module, which initiates the compressor and ultimately regulates the suspension settings. This peculiarity drives the automotive air suspension market across the globe. As per our analysis, the Global Air Suspension Market Size was valued at US$ 5.10 Billion in 2020.
Regional Analysis of Global Automotive Air Suspension
The Global Automotive Air Suspension Market is divided into Asia Pacific, Europe and North America. The Asia Pacific is anticipated to behold promising growth of the automotive air suspension market during the forecast period due to technological progressions in this region and significant key players in countries like China, India, and Japan. Europe is expected to show sturdy growth in the market during the forecast period. The expanding adoption of technologically advanced products with enhanced technical capabilities is also likely to drive the market in this region.
COVID-19 Impact on Global Automotive Air Suspension Market
The outbreak of COVID-19 has rigorously reshaped the overall supply chain of the industry. The halt in production and logistics formed due to the pandemic has hit raw material suppliers of the global automotive industry. The sector suspended its day to day functioning due to COVID-19 during the beginning of the second quarter of 2020. This situation influenced the automotive air suspension market, particularly in European & North American countries, as the growth of this market is undeviating correlated to the production of carriers. However, the demand for suspension systems is awaited to rise, reflecting 2021 as the restoration period, where the automotive air industry is presumed to showcase growth.
The Global Automotive Air Suspension Market is profoundly fragmented, with prime manufacturers across the global market. In our report, we have studied a few of the key players performing in the Global Automotive Air Suspension Market are BWI Group, Continental AG, Hitachi Ltd., Mando Corporation, ThyssenKrupp AG and WABCO (Acquired by ZF Friedrichshafen AG)
The report titled Automotive Air Suspension Market, Global Forecast by Technology (Electronic & Non- Electronic), Application (Cars, Trucks, Buses, Light Commercial Vehicles), Component (Air Spring, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Tank, Solenoid Valve, Height & Pressure Sensor, Others), Regions (North America, Europe, Asia Pacific, Rest of the World), Company (BWI Group, Continental AG, Hitachi Ltd., Mando Corporation, ThyssenKrupp AG and WABCO [Acquired by ZF Friedrichshafen AG]) provides complete insights on Global Automotive Air Suspension Industry.
By Technology - Automotive Air Suspension Market has been covered from 2 viewpoints:
1. Electronic
2. Non Electronic
By Application - Automotive Air Suspension Market has been covered from 4 viewpoints:
1. Cars
2. Trucks
3. Buses
4. Light Commercial Vehicles
By Component - Automotive Air Suspension Market has been covered from 8 viewpoints:
1. Air Spring
2. Shock Absorber
3. Air Compressor
4. Electronic Control Unit (ECU)
5. Tank
6. Solenoid Valve
7. Height & Pressure Sensor
8. Others
By Region - Automotive Air Suspension Market has been covered from 4 regions:
1. Asia Pacific
2. Europe
3. North America
4. Rest of the World
All key players have been covered from 3 viewpoints:
- Overview
- Recent Development & Strategies
- Financial Insight
Companies Covered:
1. BWI Group
2. Continental AG
3. Hitachi Ltd.
4. Mando Corporation
5. ThyssenKrupp AG
6. WABCO (Acquired by ZF Friedrichshafen AG)
Table of Contents
Companies Mentioned
- BWI Group
- Continental AG
- Hitachi Ltd.
- Mando Corporation
- ThyssenKrupp AG
- WABCO (Acquired by ZF Friedrichshafen AG)
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 130 |
Published | July 2021 |
Forecast Period | 2020 - 2027 |
Estimated Market Value ( USD | $ 5.1 Billion |
Forecasted Market Value ( USD | $ 9.13 Billion |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
No. of Companies Mentioned | 6 |