Automotive Air Suspension Systems Estimated USD 29.41 Billion Market Size by 2032

Overview

The global industry for automotive air suspension systems market was valued at USD 19.15 Billion in 2022. It is estimated to grow at a CAGR of 4.88% from 2023 to 2032 and reach USD 29.41 Billion by the end of 2032.

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Global Automotive Air Suspension Industry Growth

• Increased demand for premium autos and commercial vehicles.
• Increased demand for vehicle comfort and safety features.
• Increased use of air suspension systems in big commercial vehicles.
• Consistently increasing aftermarket demand for lightweight air suspension systems.
• An increase in luxury car sales due to increased disposable income in emerging economies.
• Manufacturers are concentrating on enhancing the dependability of air suspension systems. 
• The higher cost of these technologies may impede market growth.

Introduction to the Automotive Air Suspension System Market

• An air suspension system is a type of vehicle suspension that employs an electric pump or compressor to inflate flexible rubber-reinforced textile bellows.
• The system supports the vehicle's axle using air springs instead of traditional steel or leaf springs.
• By adjusting the suspension height, the air suspension system reduces noise and vibration while improving the vehicle's weight-carrying capacity.
• The critical components of the air suspension system are height sensors and air springs.
• Air springs offer advantages over traditional coil springs, including stable levels regardless of the load placed on the vehicle.
• The automotive air suspension market is driven by the widespread adoption of air suspension systems in heavy commercial vehicles and increasing consumer demand for vehicle comfort and safety.

Rise in Commercial Vehicle Sales on a Global Scale

• The demand for vehicles with advanced components like air suspension systems is rising due to increased automobile automation.
• Commercial trucks are adopting better and more sophisticated air suspension systems to enhance driving comfort and reduce the risk of cargo damage.
• The automotive air suspension market is expected to experience growth in the coming years, driven by increasing demand for commercial vehicles worldwide.
• Many countries have implemented regulations mandating the adoption of advanced comfort features in automobiles, including air suspension systems.
• This regulatory landscape enables commercial vehicle manufacturers to equip their vehicles with air suspension systems, contributing to market growth.

Impact of Increased Vehicle Usage on Automotive Air Suspension Market

• The global increase in vehicle miles traveled (VMT) contributes to a rise in vehicle wear and tear, necessitating the replacement of components like shock absorbers and air suspension parts at regular intervals.
• With VMT per capita also rising, vehicles are experiencing increased wear and tear, particularly on air suspension components, leading to a surge in replacements.
• The ageing vehicle fleet is driving up aftermarket demand for air suspension components, owing to greater maintenance requirements and extended vehicle usage.
• In the European Union (EU), the average age of vehicles is increasing annually due to better quality and consistent owner maintenance, leading to a higher number of miles driven and fueling growth in the automotive air suspension industry.

Shifting Preferences for Electronically Controlled Air Suspension Systems on the Rise

• The worldwide market for automobile air suspension systems is divided into two segments depending on control type: electronically controlled air suspension and non-electronically controlled air suspension, with the former projected to dominate shortly.
• Electronically controlled air suspension systems (ECAS) are computer-controlled systems that change shocks and struts to improve vehicle ride and handling.
• High-end passenger automobiles such as Audi, Mercedes-Benz, Porsche, Land Rover, and Volkswagen now include electronically controlled air suspension systems.
• Automakers must get safety ratings from agencies such as IIHS, NCAP, and ICAT to sell automobiles. Applying government-mandated safety standards and regulations will promote market advancement in the coming years.

The Growing Popularity of Electronically Controlled Air Suspension Systems

• The heavy commercial vehicle segment accounted for a significant share of 45.3% in 2022 and is expected to maintain its dominance during the forecast period.
• The global industry is being propelled by increased demand for heavy commercial vehicles, including refrigerated trucks, particularly for transporting fragile and temperature-sensitive products.
• Asia Pacific is experiencing significant growth in demand for heavy commercial vehicles, driven by rising commercial activities in the region.
• OEMs are incorporating air suspension systems into their vehicles to comply with stringent environmental regulations and meet customer demands for smoother rides.

Analyzing the Global Automotive Air Suspension Industry Landscape

• According to analysis of the global automotive air suspension market, Asia Pacific is expected to dominate the market during the forecast period.
• The growth of the automotive sector in the region is a key driver fueling the demand for automotive air suspension systems.
• The increasing number of commercial vehicles in countries such as Japan, India, and China is anticipated to further drive demand for automotive air suspension systems in Asia Pacific in the near future.
• The rise in vehicle production in Asia Pacific is contributing to the growth of the automotive air suspension business in the region.
• Infrastructure development and easy access to vehicle financing in Asia Pacific are expected to boost car sales in the coming years, consequently positively impacting the automotive air suspension market in the region.

Examining Key Players in Automotive Air Suspension Market

• Fragmented global market with numerous manufacturers controlling a significant portion of the automotive air suspension market.
• Key players are strengthening their market positions through innovative marketing strategies such as partnerships, mergers, acquisitions, and portfolio expansion.

Some of the Leading Manufacturers Identified in the Global Market are:

• AccuAir Control Systems
• L.L.C.
• Air Lift Company
• BWI Group
• Continental AG
• Dunlop Systems and Components
• DuPont de Nemours, Inc.
• Firestone Industrial Products
• Hendrickson International Corporation
• Hendrickson USA
• Hitachi Ltd.
• Magneti Marelli S.p.A.
• Mando Corporation, Meklas Group
• SAF-Holland
• ThyssenKrupp AG
• VB-Airsuspension
• Wabco Holdings Inc.
• ZF Friedrichshafen AG.

These players are following the latest automotive air suspension industry trends to gain revenue benefits.

Key Developments in Global Automotive Air Suspension Market

• Firestone Industrial Products upgraded its Williamsburg, Kentucky, air spring production factory in May 2021 to fulfil the increased demand for innovative air suspension technology in electric automobiles.
• In May 2020, ZF Friedrichshafen AG bought Wabco Holdings Inc., a prominent provider of commercial vehicle technology. The automobile air suspension market research profiles both firms, including their financial overviews, company sectors, product portfolios, strategies, and most recent advancements.

Automotive Air Suspension System Market Segmentation:

By Product

• Parking
• Fog Light Front
• Fog Light Rear
• Stop Light
• Side Signals/Warning Signals
• Head Lamp
• Brake/Tail Light
• License/Number Plate
• Panel Lights

By Vehicle Type

• Passenger Cars
• Commercial Vehicles
• By Technology
• Halogen
• Xenon
• LED
• Others

By Geography

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
• Middle East
• Africa
• Latin America