What Is The Definition Of The Global Automotive Air Suspension Market?
Automotive air suspension is a type of vehicle suspension powered by an electric or engine-driven air pump or compressor. This compressor pumps air into flexible bellows, typically made from textile-reinforced rubber. The air suspension systems provide a variable ride height and adjustable firmness to enhance vehicle performance and comfort.
Automotive Air Suspension Global Market Report 2024 provides data on the global automotive air suspension market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive air suspension market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Automotive Air Suspension Market Size And Growth Rates Projected To Evolve?
The automotive air suspension market has grown steadily, increasing from $6.6 billion in 2023 to $7.06 billion in 2024, at a CAGR of 7%. Growth in recent years has been driven by rising consumer demand for comfort and safety, increasing miles driven, and higher demand for commercial and luxury vehicles. This market is expected to expand to $9.29 billion by 2028, with a CAGR of 7.1%. Future growth factors include favorable government policies, technological advancements in air suspension systems, and increased recreational off-road activities. Key trends include the adoption of electronically controlled systems, modular designs, lightweight components, and regenerative air suspension technology.
What Are The Essential Drivers Behind The Growth Of The Automotive Air Suspension Market?
The increasing need for commercial vehicles is expected to boost the automotive air suspension market. These systems enhance vehicle comfort, safety, and durability, catering to diverse applications like urban deliveries and heavy-duty transport. According to the Society of Motor Manufacturers and Traders, the UK had 5,483,319 commercial vehicles in operation in 2021, reflecting a 4.1% rise from the previous year. This growth highlights the expanding role of air suspension in commercial vehicles.
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How Is The Global Automotive Air Suspension Market Divided Into Key Segments?
The automotive air suspension market covered in this report is segmented –
1) By Control Type: Electronically Controlled Air Suspension, Non-Electronically Controlled Air Suspension
2) By Component: Air Springs, Shock Absorber, Compressor, Electronic Control Unit, Air Reservoir, Height And Pressure Sensor, Remote Control, Solenoid Valve, Other Component
3) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Bus And Coaches
4) By Sales Channel: Original Equipment Manufacturer, Aftermarket
What Trends Are Reshaping The Future Of The Automotive Air Suspension Market?
Leading firms in the automotive air suspension market are introducing innovative solutions with zero-maintenance damping technology to improve ride comfort, vehicle stability, and load-handling capabilities. This advanced suspension technology eliminates the need for conventional shock absorbers, incorporating the damping function into the air springs. For instance, in July 2023, Hendrickson, a US-based manufacturer of commercial vehicle components, unveiled ROADMAAX Z, a lightweight rear air suspension system with a 46,000-pound capacity. This suspension system, designed for heavy-duty applications, incorporates Zero Maintenance Damping (ZMD) technology to provide a smooth and consistent ride throughout the air springs’ lifespan, reducing maintenance and operational costs.
What Is The Fastest Growing Region In The Automotive Air Suspension Market?
Asia-Pacific was the largest region in the automotive air suspension market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive air suspension market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
