(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 13, 2024 (GLOBE NEWSWIRE) -- The "Air Suspension market by Component (Air Spring, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), technology (Electric, Non-Electric), Cab Suspension, Vehicle Type (Rigid, Semi-trailers), Aftermarket & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global Air Suspension Market is expected to grow from USD 10 billion in 2024 to USD 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.
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.
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 13.19 million units in 2020 to 15.21 million 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.
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.
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), Meritor, Inc. (US), and 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, analyst's view of the top five companies, recent developments, and key market strategies.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 282 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $10 Billion |
| Forecasted Market Value (USD) by 2030 | $13.9 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
Market Dynamics
Drivers Increasing Commercial Vehicle Sales Rising Consumer Demand for Premium Passenger Cars
Restraints High Development Cost of Air Suspension for Mid-Segment Cars
Opportunities Emerging Trend of Lightweight Air Suspension Systems Aftermarket Demand for Air Suspensions and Related Components Expansion of Electric and Hybrid Vehicles
Challenges Significant Presence of Local Suppliers
Case Study Analysis
Hendrickson's Creo CAD Suspension Volvo's Modified Axle Truck Configuration Continental's HITEMP Air Spring
Companies Featured
ZF Friedrichshafen AG Continental AG Thyssenkrupp AG Hl Mando Corp. Meritor, Inc. SAF-Holland SE Hendrickson USA, LLC Firestone Industrial Products Company, LLC Vibracoustic SE BWI Group Arnott LLC Thyssenkrupp Bilstein Air Lift Company Infinity Engineered Products Dunlop VB-Airsuspension Link Manufacturing, Ltd. Universal Air Inc. Liftmatic Stemcoproducts Inc. Shanghai Komman Vehicle Parts System Co. Ltd. Jamna Auto Industries Limited Accuair Suspension Aerosus Airtech Systems
For more information about this report visit
About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
CONTACT:
CONTACT:
Laura Wood,Senior Press Manager
...
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
MENAFN13092024004107003653ID1108670621
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.