The automotive air suspension market size has grown strongly in recent years. It will grow from $6.6 billion in 2023 to $7.06 billion in 2024 at a compound annual growth rate (CAGR) of 7%. The increase during the historical period can be ascribed to heightened consumer demand for vehicle comfort and safety, a rise in miles driven, an uptick in heavy commercial vehicle demand, greater interest in premium and luxury vehicles, and lower interest rates.
The automotive air suspension market size is expected to see strong growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth projected for the forecast period is influenced by supportive government policies and incentives, a surge in preference for electronically controlled air suspension systems, enhanced research and development capabilities, increased vehicle production, and rising participation in off-road recreational activities. Key trends anticipated during this period include the adoption of electronically controlled air suspension, lighter air suspension components, modular design approaches, increased uptake of advanced technological systems, and regenerative air suspension systems.
The automotive air suspension market is poised for growth, driven by increasing demand for commercial vehicles. These vehicles, integral to transporting goods and passengers for commercial purposes, are influenced by economic activity and evolving industry needs, sustaining market expansion. Automotive air suspension systems significantly enhance vehicle functionality, comfort, safety, and longevity, catering to diverse applications from urban delivery fleets to heavy-duty transport and specialized services. For example, in May 2022, the Society of Motor Manufacturers and Traders (SMMT) reported a 4.1% increase in operational commercial vehicles in 2021, totaling 5,483,319 units. This surge underscores the pivotal role of commercial vehicle demand in propelling the automotive air suspension market forward.
Leading firms in the automotive air suspension sector are actively innovating, introducing products such as Zero Maintenance Damping Ride Technology (ZMDR). This cutting-edge suspension system promises optimal ride comfort, vehicle stability, and load-carrying capacity without the need for regular maintenance. In July 2023, Hendrickson unveiled its ROADMAAX Z, a lightweight rear air suspension system with a 46,000 lb. capacity and integrated Zero Maintenance Damping (ZMD) riding technology. By integrating damping functions directly into the air springs and eliminating conventional shock absorbers, ZMD technology ensures consistent, smooth ride quality over the air springs' lifespan. This innovation not only reduces downtime and maintenance costs but also enhances performance, especially in rigorous operational environments such as lift axles and off-highway applications up to 25%.
In August 2022, Cummins Inc., a US-based manufacturer specializing in diesel engines for commercial trucks, completed the acquisition of Meritor Inc. for an undisclosed sum. This strategic acquisition aims to enhance Cummins' leadership in integrated powertrain solutions, accelerate the development of decarbonized powertrain technologies, especially in electrification, and leverage Cummins' global presence to expand Meritor's core axle and brake businesses. Meritor Inc., also based in the US, is recognized for its production of automotive parts for commercial vehicles and industrial markets, including suspension solutions.
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.
Asia-Pacific was the largest region in the automotive air suspension market in 2023. 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.
The countries covered in the automotive air suspension market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Automotive air suspension operates through an electric or engine-driven air pump or compressor, which directs air into flexible bellows typically crafted from textile-reinforced rubber. These systems enable variable ride height and adjustable firmness, enhancing both vehicle performance and comfort.
There are two primary control types for automotive air suspensions electronically controlled and non-electrically controlled systems. Electronically controlled systems manage suspension components such as air springs or airbags through advanced electronic mechanisms. These systems incorporate components such as air springs, shock absorbers, compressors, electronic control units, air reservoirs, height and pressure sensors, remote controls, and solenoid valves. They cater to a wide range of vehicle types including passenger vehicles, light and heavy commercial vehicles, buses, and coaches, distributed through original equipment manufacturers and aftermarket channels.
The automotive air suspensions market research report is one of a series of new reports that provides automotive air suspensions market statistics, including automotive air suspensions industry global market size, regional shares, competitors with an automotive air suspensions market share, detailed automotive air suspensions market segments, market trends and opportunities, and any further data you may need to thrive in the automotive air suspensions industry. This automotive air suspensions market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive air suspension market includes revenues earned by entities by providing services such as load leveling, adaptive damping, off-road capability, enhanced handling and stability, and adjustable ride height. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive air suspension market also consists of sales of products including air springs, air compressors, air struts, air suspension controllers, and electronic control units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The automotive air suspension market size is expected to see strong growth in the next few years. It will grow to $9.29 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth projected for the forecast period is influenced by supportive government policies and incentives, a surge in preference for electronically controlled air suspension systems, enhanced research and development capabilities, increased vehicle production, and rising participation in off-road recreational activities. Key trends anticipated during this period include the adoption of electronically controlled air suspension, lighter air suspension components, modular design approaches, increased uptake of advanced technological systems, and regenerative air suspension systems.
The automotive air suspension market is poised for growth, driven by increasing demand for commercial vehicles. These vehicles, integral to transporting goods and passengers for commercial purposes, are influenced by economic activity and evolving industry needs, sustaining market expansion. Automotive air suspension systems significantly enhance vehicle functionality, comfort, safety, and longevity, catering to diverse applications from urban delivery fleets to heavy-duty transport and specialized services. For example, in May 2022, the Society of Motor Manufacturers and Traders (SMMT) reported a 4.1% increase in operational commercial vehicles in 2021, totaling 5,483,319 units. This surge underscores the pivotal role of commercial vehicle demand in propelling the automotive air suspension market forward.
Leading firms in the automotive air suspension sector are actively innovating, introducing products such as Zero Maintenance Damping Ride Technology (ZMDR). This cutting-edge suspension system promises optimal ride comfort, vehicle stability, and load-carrying capacity without the need for regular maintenance. In July 2023, Hendrickson unveiled its ROADMAAX Z, a lightweight rear air suspension system with a 46,000 lb. capacity and integrated Zero Maintenance Damping (ZMD) riding technology. By integrating damping functions directly into the air springs and eliminating conventional shock absorbers, ZMD technology ensures consistent, smooth ride quality over the air springs' lifespan. This innovation not only reduces downtime and maintenance costs but also enhances performance, especially in rigorous operational environments such as lift axles and off-highway applications up to 25%.
In August 2022, Cummins Inc., a US-based manufacturer specializing in diesel engines for commercial trucks, completed the acquisition of Meritor Inc. for an undisclosed sum. This strategic acquisition aims to enhance Cummins' leadership in integrated powertrain solutions, accelerate the development of decarbonized powertrain technologies, especially in electrification, and leverage Cummins' global presence to expand Meritor's core axle and brake businesses. Meritor Inc., also based in the US, is recognized for its production of automotive parts for commercial vehicles and industrial markets, including suspension solutions.
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.
Asia-Pacific was the largest region in the automotive air suspension market in 2023. 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.
The countries covered in the automotive air suspension market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Automotive air suspension operates through an electric or engine-driven air pump or compressor, which directs air into flexible bellows typically crafted from textile-reinforced rubber. These systems enable variable ride height and adjustable firmness, enhancing both vehicle performance and comfort.
There are two primary control types for automotive air suspensions electronically controlled and non-electrically controlled systems. Electronically controlled systems manage suspension components such as air springs or airbags through advanced electronic mechanisms. These systems incorporate components such as air springs, shock absorbers, compressors, electronic control units, air reservoirs, height and pressure sensors, remote controls, and solenoid valves. They cater to a wide range of vehicle types including passenger vehicles, light and heavy commercial vehicles, buses, and coaches, distributed through original equipment manufacturers and aftermarket channels.
The automotive air suspensions market research report is one of a series of new reports that provides automotive air suspensions market statistics, including automotive air suspensions industry global market size, regional shares, competitors with an automotive air suspensions market share, detailed automotive air suspensions market segments, market trends and opportunities, and any further data you may need to thrive in the automotive air suspensions industry. This automotive air suspensions market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive air suspension market includes revenues earned by entities by providing services such as load leveling, adaptive damping, off-road capability, enhanced handling and stability, and adjustable ride height. The market value includes the value of related goods sold by the service provider or included within the service offering. The automotive air suspension market also consists of sales of products including air springs, air compressors, air struts, air suspension controllers, and electronic control units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Automotive Air Suspension Market Characteristics3. Automotive Air Suspension Market Trends and Strategies32. Global Automotive Air Suspension Market Competitive Benchmarking33. Global Automotive Air Suspension Market Competitive Dashboard34. Key Mergers and Acquisitions in the Automotive Air Suspension Market
4. Automotive Air Suspension Market - Macro Economic Scenario
5. Global Automotive Air Suspension Market Size and Growth
6. Automotive Air Suspension Market Segmentation
7. Automotive Air Suspension Market Regional and Country Analysis
8. Asia-Pacific Automotive Air Suspension Market
9. China Automotive Air Suspension Market
10. India Automotive Air Suspension Market
11. Japan Automotive Air Suspension Market
12. Australia Automotive Air Suspension Market
13. Indonesia Automotive Air Suspension Market
14. South Korea Automotive Air Suspension Market
15. Western Europe Automotive Air Suspension Market
16. UK Automotive Air Suspension Market
17. Germany Automotive Air Suspension Market
18. France Automotive Air Suspension Market
19. Italy Automotive Air Suspension Market
20. Spain Automotive Air Suspension Market
21. Eastern Europe Automotive Air Suspension Market
22. Russia Automotive Air Suspension Market
23. North America Automotive Air Suspension Market
24. USA Automotive Air Suspension Market
25. Canada Automotive Air Suspension Market
26. South America Automotive Air Suspension Market
27. Brazil Automotive Air Suspension Market
28. Middle East Automotive Air Suspension Market
29. Africa Automotive Air Suspension Market
30. Automotive Air Suspension Market Competitive Landscape and Company Profiles
31. Automotive Air Suspension Market Other Major and Innovative Companies
35. Automotive Air Suspension Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Automotive Air Suspension Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on automotive air suspension market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for automotive air suspension? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive air suspension market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Control Type: Electronically Controlled Air Suspension; Non-Electronically Controlled Air Suspension2) 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; Aftermarket
Key Companies Mentioned: Hitachi Ltd.; ZF Friedrichshafen AG; ThyssenKrupp AG; Continental AG; Hyundai Mobis
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | August 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 7.06 Billion |
Forecasted Market Value ( USD | $ 9.29 Billion |
Compound Annual Growth Rate | 7.1% |
Regions Covered | Global |