The global Air Suspension Market is expected to grow from USD 10.0 billion in 2024 to 13.9 billion by 2030, it is projected to grow at a CAGR of 5.6% in the forecast period. There is a rise in demand for heavy vehicles in the APAC and North American markets owing to economic growth, infrastructural developments, and e-commerce activities. According to OICA, the production of trucks in North America has increased from 388,244 units in 2020 to 562,244 units in 2023, at a growth rate of 45% from 2020 to 2023. This growing production of trucks will directly impact the demand for air suspension systems. Most heavy trucks are equipped with air suspension systems because trucks often carry heavy and variable loads, which can significantly affect the truck's stability and handling. Air suspension systems in trucks automatically regulate the ride height and stiffness according to the load, ensuring optimal performance and safety. Further, air suspension systems require ample space, and trucks are well-suited for installing air suspension systems. Thus, the demand for heavy commercial vehicles, including trucks and buses, will rise in the coming years.
| Scope of the Report | |
|---|---|
| Years Considered for the Study | 2019-2030 |
| Base Year | 2023 |
| Forecast Period | 2024-2030 |
| Units Considered | Value (USD Billion) |
| Segments | By Component, By Technology, By Vehicle Type, Aftermarket, By Region |
| Regions covered | Asia Pacific, North America, Europe, and Rest of the World |
In addition to this, the demand for premium vehicles has continuously grown in developed and developing countries with increasing disposable income, improving infrastructure, rising brand awareness, and growing competition among OEMs to offer enhanced features. Some premium cars, mainly from Class E& F segments, are fitted with air suspension systems for better ride and comfort. This will subsequently prompt the growth of the air suspension market in the passenger vehicle segment.
"The Electronically controlled Air Suspension accounted for the largest and fastest in the technological segment in the air suspension market during the forecast period."
The electronically controlled air suspension is experiencing rapid growth and gaining popularity in the air suspension market. The adoption rate of air suspension in Europe for Trucks and buses stood at>80% in 2023. Volvo, Daimler AG, Scania, and MAN offer electronically controlled systems for trucks and buses in the European market. The electronically controlled air suspension has advanced software and sensors that allow real-time adjustments to the suspension settings based on the road conditions, load, and vehicle speed. This results in a smooth and comfortable ride, which is very much valued in luxury and premium cars and long-haul trucks. These systems can optimize vehicle stability and handling by adjusting the air suspension to maintain the ideal height and reducing the chances of body roll during cornering. This real-time suspension height adjustment also improves the vehicle's aerodynamics by reducing its height at fast speeds and increasing it at slower speeds. Aerodynamics, in turn, helps improve the overall performance and efficiency of the vehicle by reducing drag. The electronically controlled air suspension also provides drivers a higher degree of customization (e.g., comfort, sport, off-road) depending on their needs.
The demand for luxury passenger cars has grown significantly globally in recent years. The production of luxury passenger cars has grown from 3,758 thousand units in 2020 to 5,322 thousand units in 2023 at a growth rate of 12.3% from 2020 to 2023. As the cost of electronically controlled air suspension is higher than that of non-electronically air suspension systems, the usage of ECAS is found to have a higher installation rate in luxury vehicles. Thus, with the growing adoption of luxury vehicles in most developing Asian countries like China and India with higher populations, the market for passenger cars fitted with electronically controlled air suspension is likely to demonstrate a promising business in upcoming years.
"The passenger car segment is expected to be the fastest growing air suspension market."
The passenger car segment is estimated to be the fastest air suspension system market due to the maximum share across all vehicle types. The need for enhanced ride comfort in passenger cars has surged, primarily due to consumer expectations for a smoother and quieter ride. Innovations in vehicle design, suspension systems, and interior materials have significantly reduced noise, vibration, and harshness (NVH), improving overall comfort. Further, SUV cars have shown a noticeable shift in the passenger vehicles segment in the last few years. For instance, SUVs accounted for 48% of global car sales in 2023, and the production of SUVs in Asia Pacific increased from 15,998 units in 2020 to 22,956 units in 2023. The rise in SUV popularity, driven by their spaciousness and comfort, has led automakers to prioritize the development of suspension systems tailored to the specific dynamics and weight distribution of these larger vehicles. This focus aims to improve the overall ride comfort of SUVs. Some SUVs from Mercedes-Benz, BMW, and Range Rover have electronically controlled air suspension systems to enhance traction and stability, particularly in adverse weather or off-road situations. Asia Pacific region accounted for the largest demand for SUVs. This growing demand for SUVs will fuel the air suspension system market in the coming years. In addition to this, increasing sales of premium passenger cars is also expected to boost the demand for air suspension systems, as most premium cars are equipped with electronically controlled air suspension systems.
Furthermore, the rise of electric and hybrid vehicles, which often emphasize the use of advanced technology and comfort, has spurred the demand for electronically controlled air suspensions. These vehicles benefit from the weight management and weight-balancing capabilities of ECAS, which enhances the range and performance of the vehicle. Thus, with the rise in the production and sales of SUV categories, consumer focus on ride comfort, and growing premium car sales are expected to boost the demand for the air suspension systems market in the coming years.
"North America is the second largest market for air suspension."
During the forecast period, North America is expected to hold the 2nd largest market share in the air suspension system market. The North American automotive industry consists of developed economies in Canada, the US, and Mexico, dominated by established OEMs such as Tesla, Inc. (US), Ford Motor Company (US), and General Motors (GM) (United States). North America accounted for the largest market for heavy commercial vehicle demand. According to OICA, the sales of heavy commercial vehicles, including light commercial vehicles, buses & coaches, and trucks, increased from 13,192 thousand units in 2020 to 15,211 thousand units in 2023. General Motors, Ford Motor Company Ltd, Volvo Group, Freightliner Trucks, and PACCAR are some OEMs for North American heavy commercial trucks and buses. These OEMs offer premium vehicle models in the North American market, such as Volvo VNL and VNR Series, Volvo 9700 bus, Freightliner Cascadia, and Freightliner 122SD. These premium models from these OEMs are fitted with electronically controlled air suspension systems.
Moreover, North America is a hub of the markets for premium and luxury vehicles, majorly equipped with air suspension systems as consumers of this region prioritize comfort, performance, and technological advancement, which makes all desire air suspensions. Commercial vehicles-trucks and buses-are also exceedingly well connected in North America. Air suspensions on public transit buses will also include load management, improve ride quality, and increase vehicle stability and safety. North American automakers and suppliers are also state-of-the-art in the innovations of automotive technology; therefore, there is a strong integration of advanced systems such as electronic control over air suspension to make it better for the vehicle in terms of stability, comfort, and safety. Air suspensions are favored due to the variety of terrains across North America. These factors collectively boost the air suspension market in different vehicle segments.
The breakup of primary respondents
- By Company: Tier 1 - 70%, Tier 2 - 15%, OEMs -15%
- By Designation: C level Executives - 25%, Director Level - 50%, Others - 25%
- By Region: North America - 25% Europe - 30%, Asia Pacific - 45%
The automotive air suspension market is dominated by global players and comprises several regional players, including ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), and Meritor, Inc. (US), SAF-Holland SE (Germany). The study includes an in-depth competitive analysis of these key players in the automotive suspension market with their company profiles, MnM view of the top five companies, recent developments, and key market strategies.
Research Coverage
The study's primary objective is to define, describe, and forecast the air suspension market by value and volume. The study segments the air suspension market by technology (electronically controlled and non-electronically controlled), component (air springs, shock absorber, compressor, electronic control unit, air reservoir, height sensors, solenoid valves, and pressure sensors), vehicle type (light-duty vehicles, trucks, and buses), cabin air suspension by vehicle type (rigid trucks and semi-trailers), electric and hybrid HDVs (trucks and buses) and region (North America, Europe, Asia Pacific, and RoW). The study also covers the aftermarket by component (air bellows and shock absorber bushes). It analyzes the opportunities offered by various market segments to the stakeholders. It tracks and analyzes competitive developments such as market ranking analysis, expansions, joint ventures, acquisitions, and other activities carried out by key industry participants.
Reasons to buy this report:
This report offers comprehensive analyses of market share and supply chains and detailed information on component manufacturers. It is designed to aid market leaders and new entrants by providing precise revenue estimates for the overall automotive Air suspension market. Additionally, the report helps stakeholders understand the market dynamics, highlighting key drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Rising global commercial vehicle sales, Demand for premium and luxury vehicles, Enhanced Ride Comfort and Stability, Technological Advancements), restraints (High development and adoption costs, High Installation, Maintenance and Repair Cost), opportunities (Increasing demand for lightweight air suspension systems, Aftermarket demand for air suspensions and related components, Expansion of Electric and Autonomous Vehicles), and challenges (Presence of local suppliers, Durability and Reliability Concerns, Limited Adoption in Certain Segments ) are fueling the demand of the Air Suspension systems.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive air suspension market, such as using various materials to design the components, such as plastics and carbon fiber.
- Market Development: Comprehensive information about lucrative markets - the report analyses the automotive air suspension market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive Air Suspension market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the automotive Air Suspension market, such as ZF Friedrichshafen (Germany), ThyssenKrupp (Germany), Continental AG (Germany), Mando Corporation (South Korea), and Cummins-Meritor INC (US).
