Global Air Suspension Market by Vehicle Type (Passenger Cars and Commercial Vehicle), Component (Air Spring, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Height & Pressure Sensor and Others), and Technology (Electronic controlled & Non-electronic controlled), and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022-2030

Industry Perspective

Air Suspension Market size was worth around USD 10.72 billion in 2021 and is predicted to grow around USD 28.47 billion by 2030 with a compound annual growth rate of approximately 12.9% between 2022 and 2030. The report analyzes the market’s drivers, restraints/challenges, and the effect they have on the demand during the projection period. In addition, the report explores emerging opportunities in the industry.

Market Overview

Compressor-driven air suspension is a component of any vehicle that is powered by the engine. Air springs, shock absorbers, a beam assembly, a braking system, and an axle comprise the air suspension system. Air suspension increased vehicle stability and reduced fuel consumption, hence boosting the comfort of driving the automobile.

Today, an increasing number of automakers are emphasizing on the incorporation of greater comfort amenities. In addition, increased customer interest in comfort and safety is rapidly influencing buyers of compact and midsize vehicles, consequently raising the global market for automobile air suspension.

Additionally, numerous street riders add air ride kits for ride adjustment, ride height modification, etc., contributing to the aftermarket's huge demand for air suspension systems. Air suspension systems are also utilized in auto racing to give improved control and maneuverability.

Air suspension systems employ air springs in lieu of steel or leaf springs. The air suspension technology reduces noise and vibration and increases carrying capacity by leveling the suspension. Air suspension components include air springs and a height sensor. Standard coil springs are less adaptable than air springs. Air-suspended vehicles are more stable regardless of the weight they are transporting.

With the advancement of automation and the adoption of technologies in automobiles, the demand for vehicles with progressive components, such as an air suspension system, has increased, leading to an increase in vehicle sales in all regions.

The introduction of a more advanced and comfortable air suspension system in commercial vehicles has increased driving comfort, decreased the danger of cargo damage, and reduced driver fatigue on long travels. These factors have increased the demand for the sale of commercial vehicles, resulting in the rise of the air suspension market share throughout the forecast period.

Key Insights

• As per the analysis shared by our analyst team, the air suspension market is estimated to grow annually at a CAGR of around 12.9% over the forecast period (2022-2030).
• In terms of revenue, the global air suspension market size was valued at around USD 10.72 billion in 2021 and is projected to reach USD 28.47 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
• Based on vehicle type segmentation, the commercial vehicle was predicted to show maximum market share in the year 2021
• Based on component segmentation, the air spring segment was the leading revenue-generating vehicle type in 2021
• Based on technology segmentation, the electronic controlled was projected to show largest share in the year 2021
• On the basis of region, North America was the leading revenue generator in 2021

Growing Demand for Luxury Buses Surging Demand of Air Suspension

Demand for luxury buses for long-distance travel is on the rise, as is the value of comfort and elegance in passenger autos. Passenger car suspension systems provide two primary tasks such as maintaining the wheel's contact with the road surface and protect passengers from feeling road shocks is expected to improve the market for vehicle air suspensions.

Rising Sales of Vehicles Augmenting the Market Growth

The increased production of commercial and passenger cars has increased the demand for vehicles using air suspension systems. Therefore, the air suspension is a feature that is typically seen on high-end and luxury car models. Rising vehicle demand in the automotive sector is expected to propel the growth rate of the targeted market.

Globalization & Urbanization Posing an Opportunity the Market Growth

Globalization has created a demanding environment for automobile manufacturing businesses, which is rapidly evolving, resulting in global rivalry between multinational and domestic automakers. The automobile sector is collaborating with large technology firms in order to remain ahead of the competition and provide extremely innovative, safe, and pleasant vehicles.

In order to have a fantastic ride, consumers choose to put the most advanced technological goods in their automobiles. People are gravitating towards purchasing luxury vehicles with all available safety features and a comfortable ride. This is anticipated to stimulate the air suspension market value for automobiles.

High Maintenance Vehicle Costs Hampering Market Growth

The high cost of installing suspension systems in automobiles, which raises the price of a vehicle is hampering the air suspension market growth. The potential of offering premium features in automobiles incurs more costs for consumers in the form of hardware, software, and telecommunications service fees, which ultimately hinders the market's expansion.

In addition, service of cars is complicated and requires trained laborers owing to the numerous sensors and components they include. Vehicles with a complex construction have a shorter lifespan. Thus, it is anticipated that high initial cost and complicated structure would have a substantial influence on market expansion.

Segmentation Analysis

Based on vehicle type, the commercial vehicle segment dominates the market share through 2030 owing to rising demand for buses with more comfort and the capacity to drive long distances without causing much pain, manufacturers are developing more accommodating vehicles. The segment's expansion is anticipated to be bolstered by the increased emphasis on new product development among industry participants.

On the basis of component, the market is segmented into air spring, shock absorber, air compressor, Electronic Control Unit (ECU), height & pressure sensor and others. The Electronic Control Unit (ECU) segment dominates the market share owing to the owing to the increasing need for products that offer enhanced performance. 

It is an integral part of the electronically controlled air suspension system (ECASS) and enables greater vibration absorption and enhanced vehicle control. Increasing use of components that may be modified to fill and vent each airbag, such as solenoid valves, lines, etc., is driving the demand for ECU.

Based on the technology, the market is segmented into Electronic controlled & Non-electronic controlled. The electronic controlled segment dominates the market share owing to growing demand for automobiles with improved suspension operations. ECAS technology reduces air consumption and vibration to make journeys more comfortable. 

In addition, great stability, optimal road grip, and flexibility to varied loads contribute to the expansion of the category. Numerous premium passenger vehicles, like the Audi A8, Porsche Cayenne, Mercedes S-Class, Land Rover Discovery, and Volkswagen Touareg, are currently equipped with ECAS.

Recent Development

August 2020- Mercedes-Benz has launched S-Class with advanced hydropneumatic semi-supporting system to the air suspension.

Regional Landscape

Europe is Dominating the Market Share Due to Growing Technological Advancements

Europe is dominating the air suspension market share owing to the growing technological advancements and presence of major players. The inclination towards premium vehicles are now inclined among customers in the region. European nations have embraced electric automobiles with open arms.

According to the Guardian, European automakers will sell over 500,000 electric vehicles in 2020. Since 2010, electric car sales have climbed steadily, averaging a 50% increase each year over the previous five years. According to data provided in the European Electric Vehicle Fact book 2019/2020, electric cars accounted for 3.6% of new passenger car registrations in 2019, a 2.5% increase over 2018.

As charging infrastructure is improved, production costs decrease, and governments work to reduce carbon emissions from the transportation sector, the acceptability of electric vehicles in Europe is increasing.

According to a research by the International Council on Clean Transportation, Europe is the world's second-largest market for electric vehicles by volume, after China and ahead of the United States. This astronomical increase in demand for electric vehicles in Europe is anticipated to propel the expansion of the Europe electric vehicle market throughout the forecast period.

Competitive Landscape

The major players contributing in the air suspension industry including Hitachi Ltd., Continental AG, Wabco, Meritor, Dunlop Systems and Components, Stemco, Thyssenkrupp AG, Vibracoustics, ZF Friedrichshafen AG, Firestone Industrial Products (Subsidairy of Bridgestone), Hendrickson USA, L.L.C., Mando Corp., BWI Group, SAF-Holland S.A., AccuAir Suspension amongst others.

The global air suspension market is segmented as follows:

By Vehicle Type

• Passenger Cars
• Commercial Vehicle

By Component

• Air Spring
• Shock Absorber
• Air Compressor
• Electronic Control Unit (ECU)
• Others

By Technology

• Electronic controlled
• Non-electronic controlled

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Reunion
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America