The Air Suspension Market Reach USD 9.22 Billion Globally By 2026, Growing At 6.5% CAGR

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Air Suspension market Report

WILMINGTON, DE, UNITED STATES, October 18, 2024 /EINPresswire / -- Allied Market Research published a new report, titled, " The Air Suspension Market Reach USD 9.22 Billion Globally by 2026, Growing at 6.5% CAGR." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global air suspension market size was valued at $5.94 billion in 2019, and is projected to reach $9.22 billion by 2026, registering a CAGR of 6.50%.

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Rise in global commercial vehicle sales and surge in demand for premium and luxury vehicles drive the growth of the global air suspension market. However, high development and adoption cost of air suspension hamper the market. Nevertheless, increase in demand for the lightweight air suspension system and upsurge in rising aftermarket demand for air suspension and related components are anticipated to usher lucrative opportunities in the near future.

Air suspension is a type of suspension system used in vehicles to provide comfort to drivers while driving. The air suspension system present in vehicle is powered by an electric or engine-driven air pump or compressor. These pumps or compressors attached to the suspension system allows air to flow into the suspension system, which is usually made from textile-reinforced rubber. Air suspension system is used in a vehicle as a replacement for conventional steel springs and have a wider application in heavy vehicles such as buses, trucks, rolling stock, and various heavy vehicles. The main purpose of air suspension is to provide a smooth and constant ride quality to drivers and passengers. These factors have positively impacted the air suspension market growth.

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The air suspension market is segmented on the basis of vehicle type, component, technology, sales channel, and region. By vehicle type, it is categorized into light duty vehicles, trucks, and buses. By components, it is categorized into air spring, tank, solenoid valve, shock absorber, air compressor, Electronic Control Unit (ECU) and height & pressure sensor. By technology, it is categorized into electronically controlled and non-electronically controlled technologies. By sales channel, it is categorized into original equipment manufacturers (OEMs) and aftermarket channels. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The truck segment held the largest market share in 2018, with more than one-third of the global air suspension market. The segment is expected to lead the market throughout the forecast period. In addition, the segment is projected to register the fastest growing CAGR of 6.8% during in between 2019 to 2026.

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The global air suspension market is studied across Asia-Pacific, Europe, LAMEA, and North America. The Asia-Pacific region held the largest share in 2018, with more than one-third of the market. In addition, the region is expected to showcase the fastest CAGR of 6.9% throughout the forecast period.

The key market players profiled in the air suspension market report include Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension and others.

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Covid-19 Scenario-

● The outbreak of covid-19 has impacted the market negatively. The manufacturing processes and supply chain demand has been disrupted due to the prolonged lockdown.

● However, the situations in various regions are getting better than before, which in turn is expected to aid the industry to recoup soon.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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