NOIDA, India, Nov. 10, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Air Suspension Market is expected to reach at USD 22 billion in 2027, growing at a CAGR of 7% from 2021-2027. The analysis has been segmented into Technology (Electronic and Non-Electronic); Sales Channel (OEMs and Aftermarket); Vehicle Type (Passenger Cars and Commercial Vehicle); Region/Country.
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The Air Suspension market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Air Suspension market. The Air Suspension market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Air Suspension market at the global and regional levels.
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Market Overview
The present level of traffic on the roads has prompted the need for automobiles that are both safe and pleasant. Manufacturers in the air suspension business are stepping up their efforts to deliver systems with intuitive designs, cost-effectiveness, and error-free operation to increase driver safety and comfort. Vehicle OEMs and Tier 1 suppliers are constantly developing cutting-edge air suspension systems. An air suspension system uses an electric pump or compressor to pressurize flexible bellows that are typically made out of a textile-reinforced type of rubber. Moreover, air suspension is typically employed to provide a smooth and consistent driving quality. Similarly, in heavier vehicle applications, such as trucks, tractor-trailers, and buses, air suspension takes the place of a traditional steel spring suspension. Thus, rising global commercial vehicle sales and increasing penetration of advanced comfort components and systems in premium and luxury vehicles are expected to drive the Air Suspension Market at a significant CAGR of around 7% during the forecast period.
Some of the major players operating in the market include Continental AG, ThyssenKrupp AG, ZF Friedrichshafen AG, STEMCO Products Inc., Dunlop Systems and Components Ltd., Hendrickson International, Mando Corporation, BWI Group, SAF-Holland, and Accuair Suspension.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the Air Suspension industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for Air Suspension manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China’s supply shortages have triggered a chain reaction throughout the world.
The global air suspension market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on vehicle type, the market is divided into passenger and commercial vehicles. The passenger car segment is estimated to be the largest and the fastest-growing market for air suspension because of the higher production of passenger cars. Further, increasing awareness about the benefits of air suspension and shifting consumer preferences towards comfort and luxury have encouraged premium vehicle manufacturers to deploy advanced suspension technology.
Based on sales channel, the market is bifurcated into OEM and Aftermarket. The OEM segment is expected to grow at a significant CAGR during the forecasted period. Due to the rapid development of new technologies by OEMs the air suspension market is expected to grow along with the rising penetration of autonomous and electric vehicles. For instance, Tesla Inc. first introduced Adaptive Air Suspension in its Model S in 2014, and that system became standard for all Model S trims from 2017 to mid-2019. As per the company, Adaptive Air Suspension offers superior ride quality and allows the driver to choose a softer or firmer ride based on their preference. When carrying loads, the system also maintains a level height between the front and rear.
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Air Suspension Market Geographical Segmentation Includes:
North America (United States, Canada, and Rest of North America)
Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
Rest of the World
For a better understanding of the market adoption of Air Suspension, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. APAC region to lead the growth in the global market during the forecast period. Further, improved social status and rising demand for sophisticated and advanced components and systems have fueled premium vehicle sales in the region. All these factors drive the air suspension market in the region.
The major players targeting the market include
Continental AG
ThyssenKrupp AG
ZF Friedrichshafen AG
STEMCO Products Inc.
Dunlop Systems and Components Ltd.
Hendrickson International
Mando Corporation
BWI Group
SAF-Holland
Accuair Suspension
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Air Suspension Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and technological advancements in the Air Suspension market?
Which factors are influencing the Air Suspension market over the forecast period?
What are the global challenges, threats, and risks in the Air Suspension market?
Which factors are propelling and restraining the Air Suspension market?
What are the demanding global regions of the Air Suspension market?
What will be the global market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by global companies?
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Air Suspension Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2020 |
|
Forecast period |
2021-2027 |
|
Growth momentum |
Accelerate at a CAGR of 7% |
|
Market size 2027 |
USD 22 billion |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
APAC to Dominate the Global Air Suspension Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Italy, France, China, Japan, India, South Korea |
|
Companies profiled |
Continental AG, ThyssenKrupp AG, ZF Friedrichshafen AG, STEMCO Products Inc., Dunlop Systems and Components Ltd., Hendrickson International, Mando Corporation, BWI Group, SAF-Holland, and Accuair Suspension. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Technology; By Sales Channel; By Vehicle Type; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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