CHICAGO, April 15, 2019 /PRNewswire/ -- According to the new market research report "Air Suspension Market by Vehicle Type (LDV, Truck, Bus), Component (Air Spring, Shock Absorber, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Aftermarket, & Region - Forecast to 2025", published by MarketsandMarkets™, the Air Suspension Market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of USD 8.4 billion by 2025 from USD 5.3 billion in 2018. Increasing demand for ride comfort, demand for extra payload capacity, awareness of driver safety, and increasing government support are expected to fuel the demand for air suspension.
Light-Duty Vehicle is estimated to hold the largest share in Air Suspension Market
Light-duty vehicle leads the Air Suspension Market during the forecast period. Increasing demand for luxury and comfort features in the premium vehicle segment has driven market growth in the light-duty vehicle segment. Europe is estimated to lead the light-duty vehicle market due to the high demand for premium vehicles. Although the cost of air suspension is higher than a conventional suspension system, it justifies the cost with additional benefits for premium vehicles. Range Rover, Rolls-Royce, Audi A8, Porsche Cayenne, Mercedes-Benz E-class, and Mercedes-Benz S65 AMG Coupe offer air suspension technology in the European market. North America and Asia Oceania countries such as Japan, China, and India are expected to offer market growth opportunities due to increased demand for premium vehicles.
Electronically-controlled system is estimated to be the fastest growing segment in Air Suspension Market
Electronically-controlled air suspension (ECAS) is estimated to be the fastest growing market during the forecast period. ECAS provides benefits such as raising and lowering the vehicle height, control options, and reduced air consumption. Hence, most of the luxury passenger cars and sport-utility vehicles (SUV) offer ECAS technology. Further, rising intra and inter-city transport has fueled the demand for multi-axle buses that are compulsorily installed with air suspension across all axles in the global market. Developed regions such as Europe and North America have a high adoption rate of air suspension in buses. Although the adoption rate of ECAS is lower in heavy trucks, it is anticipated to increase in the future. Increasing demand for premium vehicles, rising preferences toward lift axle in heavy trucks, and improved comfort & ride quality in city and multi-axle buses are expected to boost the growth of the electronically-controlled Air Suspension Market.
Europe is expected to have a major share in the Air Suspension Market
Europe is estimated to lead the Air Suspension Market during the forecast period owing to the higher adoption rate of air suspension than North America and Asia Oceania. Premium passenger vehicles hold the largest market share in the light-duty vehicle segment due to the rising significance of comfort & convenience amongst passengers. Further, the adoption rate of air suspension has increased in heavy trucks and buses to enhance safety and cabin comfort. Passenger and commercial vehicle manufacturers in the region are constantly working towards enhancing their technological capabilities and are thus able to cater a large segment of the air suspension demand.
Some of the key players in the Air Suspension Market are Continental AG (Germany), ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea).
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