NEW YORK, Oct. 27, 2022 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, in 2021, the automotive air suspension market accounted for a size of $6,262.00 million, which will touch $10,805.66 million value by 2030, progressing at a 6.25% CAGR from 2021 to 2030.
This may be attributed to the rising demand for commercial vehicles and increasing safety and comfort standards for automobiles, which contribute to the integration of air suspension systems into heavy vehicles, in particular.
Why Are Passenger Cars Leading User of Air Suspensions?
The category of passenger cars accounts for an over 50% share of the market. This is attributed to the need for better driver comfort and less wear and tear on the suspension, which, ultimately, lessens the roughness, vibration, pain, and tiredness of driving on poor-quality roads and for long distances.
Passenger vehicles provide a safe and comfortable ride, thereby improving customer satisfaction and adds to fast and pleasant traveling. This motivates manufacturers to use air suspensions in their high-end models.
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Electronic Technology Has Bright Future
The electronically controlled category will grow at an around 7% CAGR in the coming years. These components contain height sensors dependent on sensing the resistance with the terrain, to provide height references for all four axles of the vehicle. Electronic control units that can be affixed beneath the car’s floorboard, are one of the latest developments allowing for wider air suspension usage.
Air Suspension Procurement Highest among APAC-Based OEM Factories
The APAC region generates the highest revenue for firms manufacturing and providing air suspensions for vehicles. This is due to the reopening of offices following the pandemic, which has significantly boosted the demand for automobiles.
- China, Japan, India, and South Korea account for the highest car ownership and, therefore, the strongest influence on the regional market. China is expected to be the largest industry in the region due to its huge population and rise in the sale of passenger automobiles post the pandemic.
Similarly, Europe is set to witness the greatest increase in the demand for automotive air suspensions over this decade. This may be attributable to the growing need for comfortable public transportation. France and Germany are the two key manufacturing centers for the automotive giants in the region.
- Germany is also Europe’s largest market for electric automobiles, which is why the expansion of the automotive sector will fuel the industry.
Browse detailed report on Automotive Air Suspension Market Size, Share and Demand Analysis Report 2022-2030
North America will witness a growth of about 6% in the future. In addition to having an expanding infrastructure and government support for EVs, the region is home to several major automotive OEMs.
Global Automotive Air Suspension Market Report Coverage
By Vehicle type
- Light Commercial vehicle
- Passenger cars
- Heavy Commercial
- Buses & Coaches
By Component
- Air Springs
- Shock Absorbers
- Compressors
- Electronic Control Units
- Air Reservoirs
- Height Sensors
By Technology
- Electronically Controlled
- Non-Electronically Controlled
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- South Africa
- Saudi Arabia
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