Automotive Air Suspension Market The automotive air suspension market has experienced significant growth, rising from $6.6 billion in 2023 to $7.06 billion in 2024, with a CAGR of 7%. This increase is attributed to rising demand for vehicle comfort and safety, increased mileage, demand for heavy commercial vehicles, premium and luxury vehicles, and lower interest rates. The market is projected to grow to $9.29 billion by 2028 at a CAGR of 7.1%, driven by favorable government policies, a preference for electronically controlled air suspension systems, growing R&D capabilities, rising vehicle production, and increased off-road recreational activities. Key trends include electronically controlled air suspension, lightweight components, modular designs, advanced systems adoption, and regenerative air suspension.
Major Driver In The Automotive Air Suspension Market
The growing demand for commercial vehicles is set to boost the growth of the automotive air suspension market. Commercial vehicles, used for transporting goods or passengers for business purposes, are seeing increased demand due to economic activity and evolving industry needs. Automotive air suspension systems enhance vehicle functionality, comfort, safety, and durability, making them suitable for various applications, from urban delivery fleets to heavy-duty transport. For example, the Society of Motor Manufacturers and Traders (SMMT) reported in May 2022 that there were 5,483,319 commercial vehicles in operation in 2021, reflecting a 4.1% increase from the previous year. Thus, the rising demand for commercial vehicles is driving the growth of the automotive air suspension market.
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Automotive Air Suspension Market Competitive Landscape
Hitachi Ltd., ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Hyundai Mobis, PACCAR Inc., Isuzu Motors Limited, Tenneco Inc., Nidec Corporation, Iveco S.p.A., DuPont de Nemours Inc., Hino Motors Ltd., Knorr-Bremse AG, Meritor Inc., Hendrickson USA L.L.C., Sogefi S.p.A., SAF-Holland S.A., Wheels India Limited, Magneti Marelli S.p.A., Stemco, Vibracoustics, Ridewell Corporation, Bilstein, Airlift Company, Firestone Industrial Products
Key Automotive Air Suspension Market Trend
The automotive air suspension market is advancing with innovations like zero maintenance damping ride technology, which enhances ride comfort and vehicle stability. In July 2023, Hendrickson, a US-based manufacturer of commercial vehicle components, introduced its lightest rear air suspension system, the ROADMAAX Z. This system incorporates patented Zero Maintenance Damping (ZMD) technology, eliminating traditional shock absorbers and integrating the damping function into the air springs. This technology provides a consistent and smooth ride throughout the air spring's lifespan, reducing maintenance costs and downtime for commercial vehicle operators.
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Automotive Air Suspension Market Segmentation
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
By Geography:The regions covered in the automotive air suspension market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Automotive Air Suspension Global Market Report 2024 furnishes information about the global automotive air suspension market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
