The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Air Suspension Global Market Report 2024, the air suspension market is expected to show significant growth in the forecast period.

The air suspension market has experienced robust growth, with its size increasing from $6.18 billion in 2023 to $6.61 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.9%. This growth is driven by the expansion of the automotive industry, increasing demand for comfort and performance in vehicles, and the rising popularity of luxury vehicles.

Looking ahead, the market is projected to grow to $8.65 billion by 2028, achieving a CAGR of 7.0%. Factors contributing to this continued growth include increasing vehicle electrification, stringent regulatory standards, rising demand for commercial vehicles, and ongoing research and development investments.

Key Drivers of Market Growth

• Vehicle Electrification: The shift towards electric vehicles (EVs) is driving demand for advanced suspension systems that can support the unique requirements of EVs, including weight distribution and ride comfort.
• Regulatory Standards: Stricter vehicle safety and emissions regulations are pushing manufacturers to adopt more advanced and efficient suspension systems.
• Commercial Vehicle Demand: The growing need for commercial vehicles, driven by expanding economic activities and logistics demands, is boosting the adoption of air suspension systems that offer enhanced ride comfort and fuel efficiency.
• Luxury Vehicle Demand: The increasing popularity of luxury vehicles, which often come equipped with advanced air suspension systems, is further fueling market growth.

View More On The Air Suspension Market Report 2024 –
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Major Trends Influencing the Market

• Lightweight Air Suspension Systems: The demand for lightweight components to improve fuel efficiency and reduce vehicle emissions is driving the development of lightweight air suspension systems.
• Advanced Technology Systems: The integration of advanced technologies, such as electronic control units (ECUs) and sensors, is enhancing the performance and adaptability of air suspension systems.
• Integration with Autonomous Vehicles: As autonomous vehicles become more prevalent, there is a growing need for air suspension systems that can adapt to varying road conditions and enhance passenger comfort in self-driving cars.

Commercial Vehicle Demand as a Growth Driver
The rising demand for commercial vehicles is a significant factor propelling the growth of the air suspension market. As the need for efficient transportation and logistics solutions increases, air suspension systems are becoming essential for maintaining ride comfort, safety, and fuel efficiency in long-distance and heavy-load commercial vehicles. For instance, the International Energy Agency reported that nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, underscoring the growing demand for commercial vehicles equipped with advanced suspension systems.

Major Companies in the Market

Key players in the air suspension market include:

• Hitachi Ltd.
• AB Volvo
• ZF Friedrichshafen AG
• ThyssenKrupp AG
• Continental AG
• Parker Hannifin Corporation
• Mando Corporation
• KYB Corporation
• Dorman Products
• Viair Corporation
• Sumitomo Electric Industries Ltd.
• Wabco Holdings Inc.
• Accuair Suspension

Recent Industry Developments

• Innovative Air Suspension Solutions: Companies are focusing on developing advanced air suspension solutions to enhance vehicle performance and comfort. For example, in November 2023, DMA Industries launched the RideMaster product line, which includes air struts, springs, shocks, and other components designed to provide a smoother ride and better handling.
• Arnott Inc.’s Acquisition of JRi Shocks: In November 2021, Arnott Inc. acquired JRi Shocks to expand its air suspension product portfolio, particularly in the Specialty Equipment Market Association (SEMA) performance market. This acquisition allows Arnott to reach new customers across various vehicle segments, including street cars, trucks, and motorcycles.

Market Segmentation

The air suspension market is segmented as follows:

• By Component: Air Spring, Tank, Solenoid Valve, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Height and Pressure Sensor, Air Reservoir
• By Vehicle Type: Light Duty Vehicles, Trucks, Buses
• By Technology: Electronic Controlled, Non-Electronic Controlled
• By Sales Channel Type: Original Equipment Manufacturers (OEMs), Aftermarket
• By End-User Industry: Automotive, Transportation, and Logistics

Regional Insights

• Europe: Europe was the largest region in the air suspension market in 2023, driven by the region’s strong automotive industry and stringent regulatory standards.
• Asia-Pacific: Asia-Pacific is expected to be the fastest-growing region during the forecast period, supported by the region’s expanding automotive industry, increasing vehicle electrification, and rising demand for commercial vehicles.

Conclusion
The air suspension market is poised for significant growth, driven by increasing demand for comfort and performance in vehicles, the shift towards electric vehicles, and the rising popularity of luxury and commercial vehicles. As the market evolves, advancements in lightweight materials, technology integration, and autonomous vehicle compatibility will continue to shape its trajectory.

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The Air Suspension Global Market Report 2024  provides an in-depth analysis on the air suspension market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the air suspension market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
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Advanced Suspension Control System Global Market Report 2024
Automotive Suspension Systems Global Market Report 2024

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