Global Automotive Air Suspension Market
Transport Services

How Will Automotive Air Suspension Market Grow Through 2024-2033?

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

 

The Business Research Company’s Automotive Air Suspension Global Market Report 2024 offers crucial insights into the automotive air suspension market help businesses analyse and build stronger strategies.

 

The automotive air suspension market has experienced robust growth, expanding from $6.6 billion in 2023 to $7.06 billion in 2024 at a CAGR of 7%. This growth can be attributed to increasing consumer demand for vehicle comfort and safety, a rise in the number of miles driven, heightened demand for heavy commercial vehicles, the popularity of premium and luxury vehicles, and favorable interest rates.


Key Drivers of Market Growth

  • Rising Demand for Comfort and Safety: Consumers are increasingly prioritizing vehicle comfort and safety, driving the adoption of advanced air suspension systems that offer smoother rides and enhanced handling.
  • Growth in Commercial Vehicles: The surge in commercial vehicle sales, driven by expanding economic activities, has contributed significantly to the market’s growth, as air suspension systems are crucial for ensuring the durability and performance of these vehicles.
  • Premium and Luxury Vehicle Market: The rising demand for premium and luxury vehicles, which often feature advanced air suspension systems as a standard or optional feature, has further fueled market expansion.


Future Market Projections

The market is expected to grow to $9.29 billion by 2028 at a CAGR of 7.1%. This growth is driven by several factors:

  • Government Policies and Incentives: Favorable government policies and incentives, especially those promoting vehicle safety and environmental sustainability, are expected to boost the adoption of air suspension systems.
  • Technological Advancements: The shift towards electronically controlled air suspension systems, which offer better performance and customization options, is a key trend driving market growth.
  • Off-Road and Recreational Activities: The increasing popularity of off-road recreational activities has spurred demand for vehicles equipped with air suspension systems, which offer better handling and comfort on rough terrains.


Read The Full Automotive Air Suspension Market Report Here:
https://www.thebusinessresearchcompany.com/report/automotive-air-suspension-global-market-report


Surge in Commercial Vehicle Sales

The rising demand for commercial vehicles globally is a major driver of the automotive air suspension market. As commercial vehicles are essential for transporting goods and passengers, the need for reliable and comfortable suspension systems has become more critical. For instance, according to the Society of Motor Manufacturers and Traders (SMMT), the number of commercial vehicles in operation in the UK increased by 4.1% in 2021 compared to 2020. This growth in the commercial vehicle sector is expected to continue, driving further demand for advanced air suspension systems.


Major Companies in the Market

Key players in the automotive air suspension market include:

  • Hitachi Ltd.
  • ZF Friedrichshafen AG
  • ThyssenKrupp AG
  • Continental AG
  • Hyundai Mobis
  • PACCAR Inc.
  • Tenneco Inc.

These companies are focusing on innovation and strategic partnerships to maintain their competitive edge in the market.


Technological Innovations

  • Zero Maintenance Damping Ride Technology: Companies are innovating to offer products with advanced features like zero maintenance damping ride technology. For example, Hendrickson’s ROADMAAX Z, launched in July 2023, incorporates patented Zero Maintenance Damping (ZMD) technology. This innovation eliminates the need for conventional shock absorbers, integrating the damping function directly into the air springs, thereby reducing maintenance costs and downtime.


Strategic Acquisitions

  • Cummins’ Acquisition of Meritor: In August 2022, Cummins Inc. acquired Meritor Inc. to strengthen its position in integrated powertrain solutions and accelerate its efforts in electrification. This acquisition is expected to enhance Cummins’ capabilities in providing comprehensive suspension solutions, particularly in the commercial vehicle sector.


Market Segmentation

The automotive air suspension market is segmented into:

  • By Control Type: Electronically Controlled Air Suspension, Non-Electronically Controlled Air Suspension
  • By Component: Air Springs, Shock Absorber, Compressor, Electronic Control Unit, Air Reservoir, Height And Pressure Sensor, Remote Control, Solenoid Valve, Other Components
  • By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Bus And Coaches
  • By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket


Regional Insights

  • Asia-Pacific: In 2023, Asia-Pacific was the largest region in the automotive air suspension market, driven by the region’s booming automotive industry and growing demand for commercial vehicles.
  • North America: North America is expected to be the fastest-growing region during the forecast period, supported by strong demand for advanced suspension systems in both passenger and commercial vehicles.


Conclusion

The automotive air suspension market is set for continued growth, driven by the rising demand for comfort and safety, the increasing adoption of electronically controlled systems, and strong commercial vehicle sales. With the market expected to reach $9.29 billion by 2028, innovation and strategic acquisitions will play key roles in shaping the future of this market. The integration of advanced suspension technologies will be crucial in meeting the evolving demands of consumers and the automotive industry.


Get A Free Sample On The Global Automotive Air Suspension Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=16597&type=smp

The Automotive Air Suspension Global Market Report 2024  provides a comprehensive outlook of the automotive air suspension market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive air suspension market forecast offers a thorough analysis on automotive air suspension market size, automotive air suspension market share, prominent players and their strategies.


The Table Of Content For The Automotive Air Suspension Market Include:
1. Automotive Air Suspension Market Executive Summary
2. Automotive Air Suspension Market Segments
3. Automotive Air Suspension Market Size And Automotive Air Suspension Market Growth Rate
4. Key Automotive Air Suspension Market Trends
5. Major Automotive Air Suspension Market Drivers
……
25. Key Mergers And Acquisitions In The Automotive Air Suspension Market
26. Top Automotive Air Suspension Companies
27. Automotive Air Suspension Market Opportunities And Strategies
28. Automotive Air Suspension Market, Conclusions And Recommendations
29. Appendix


Explore Similar Reports From The Business Research Company:
Automotive Artificial Intelligence Global Market Report 2024
Automotive Adhesives Global Market Report 2024
Automotive Gaskets And Seals Global Market Report 2024 


Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.


Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas
+1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info


Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:

Leave a Reply

Your email address will not be published. Required fields are marked *