The global air suspension systems market is projected to have an average-paced CAGR of 9.6% during the forecast period. The current valuation of the market is US$ 5.2 Billion in 2023. The market value of the air suspension systems market is anticipated to surpass a market valuation of US$ 13.0 Billion by the year 2033. A historical market valuation of US$ 4.9 Billion has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
The growth is supported by:
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Technological advances and innovations play a very crucial role in improvisation of the automotive suspension systems. The recent launches of systems that are controlled electronically offer better convenience and comfort to passengers. Although these factors are leading to the healthy growth of the market, it is also estimated that these technologies are raising complexities in automotive.
System prototyping, designing, and production require a huge investment, which increases the overall cost and demands a lot of time. Therefore, the rising complexities due to the additional number of solenoid valves, sensors, and ECUs (Electronic Control Units) increase the price of the air suspension systems. This is likely to hinder the pace of advancement for the concerned industry in the long run.
It is identified that the urban population across the globe is demanding vehicles that are light in weight. This factor is making allowance for original equipment manufacturers in reducing carbon-dioxide emissions. It is also helping OEMs to improve the fuel efficiency of their vehicles.
The demand for lightweight vehicles in developing economies is fueling the manufacturers to constantly work and find the right mix of composition materials. This would reduce the weight of vehicles and affect their performance of the vehicles in the upcoming years. The OEMs are making use of air springs made of textiles for reducing the weight of air suspension systems. This aspect is likely to prompt new business opportunities in the foreseen years.
| Report Attribute | Details |
|---|---|
| Air Suspension Systems Market Value (2023) | US$ 5.2 Billion |
| Air Suspension Systems Market Anticipated Value (2033) | US$ 13.0 Billion |
| Air Suspension Systems Projected Growth Rate (2023 to 2033) | 9.6% |
Principal Consultant
It is identified that the air suspension systems market is witnessing an unprecedented surge in the recent few years. There has been an approximate rise of US$ 0.3 Billion from the base year to the current. This growth in market valuation can be highly attributed to the rising manufacture of commercial vehicles to ease transportation for the surging population across emerging economies.
In the base year, the industry witnessed a value of US$ 4.9 Billion and registered a moderate-paced CAGR of 6.4%. Rising disposable income across emerging economies and a large number of working populaces have resulted in increased spending on luxury items. The sales of high-end models of vehicles and luxury vehicles have significantly stirred up the market dynamics for air suspension systems.
Additionally, the high adoption of air suspension systems in heavy vehicles like trucks, buses, and other passenger vehicles has surged over the conventional steel springs. These systems are also equipped in trains and semi-trailers. Therefore, the requirement for a comfortable, smooth, and constant ride to the occupants has led to an unprecedented rise in market shares during the period 2018 to 2022.
| Historical CAGR (2018 to 2022) | 6.4% |
|---|---|
| Forecast CAGR (2023 to 2033) | 9.6% |
| Market Value in 2022 | US$ 4.9 Billion |
| Market Value in 2023 | US$ 5.2 Billion |
Heavy Trucks - By Vehicle Type
It is estimated that the heavy trucks segment is likely to accrue the highest share of the air suspension systems market. This segment is estimated to advance at a notable pace, registering a CAGR of 4% through the forecast period. The heavy trucks segment by vehicle type category is expected to hold over 54.1% of the global market share through the projection period.
This robust advancement of the segment can be attributed to the use of heavy trucks in diverse end-use industries that include e-commerce, and logistics. Construction, and more. The growth of e-commerce industries and surge in the construction activities across emerging economies is fueling the sales of heavy trucks, thereby raising the adoption of air suspension systems.
The buses and coaches segment is likely to register a rapid-paced CAGR of 9.4% through the estimated study period. This segment accounted for a historical CAGR of 6.2%. The significant progress of the segment is owing to the large section of the working populace, commuting from one location to another. The trailers segment is estimated to account for over 32.1% of the total market share during the period 2018 to 2022.
OEM - By Sales Channel
It is identified that the original equipment manufacturing segment by sales channel category is likely to hold the highest amount of shares through the forecast period. During the period 1018 to 2022, this segment registered a CAGR of 6.1% and is estimated to advance at a noteworthy pace, recording a CAGR of 9.2% through 2033.
The reasons contributing to the growth of this segment include soaring demand for luxury and commercial vehicles that are equipped with electronically operated systems (EOS). The high sales of buses and trucks are likely to further augment the propulsion of the OEMs segment. Additionally, the OEMs are focusing on the commercialization of innovative components, which is raising shares held by them. The aftermarket segment is projected to slate a CAGR of 8.8% through the forecast period.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
| Category | Vehicle Type |
|---|---|
| Segments | Heavy Trucks |
| CAGR (2023 to 2033) | 4% |
| Category | Vehicle Type |
|---|---|
| Segments | Buses and Coaches |
| CAGR (2023 to 2033) | 9.4% |
| Category | Sales Channel |
|---|---|
| Segments | OEMs |
| CAGR (2023 to 2033) | 9.2% |
| Category | Sales Channel |
|---|---|
| Segments | Aftermarket |
| CAGR (2023 to 2033) | 8.8% |
| Region | North America |
|---|---|
| Country | United States |
| CAGR (2023 to 2033) | 9.3% |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR (2023 to 2033) | 8.6% |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR (2023 to 2033) | 8.9% |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR (2023 to 2033) | 7.9% |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR (2023 to 2033) | 7.2% |
| Country | United States |
|---|---|
| Statistics | The USA is estimated to hold the highest share of the air suspension systems market through the projection period. The air suspension industry in the USA is advancing at a CAGR of 9.3%. the market is estimated to surpass a valuation of US$ 4.5 Billion by the end of 2033. Approximate Growth in Market Value: US$ 2.6 Billion Historical CAGR: 6.4% |
| Growth Propellants | The high production of commercial vehicles across the country and the robust expansion of the construction sector using heavy trucks are likely to drive the demand for air suspension systems through 2033. Furthermore, government initiatives for research and development activities for vehicle safety are estimated to foster demand. |
| Country | United Kingdom |
|---|---|
| Statistics | The United Kingdom is likely to hold a significant share of the air suspension systems market in the European region. The air suspension industry in the United Kingdom is advancing at a CAGR of 8.6%. The market is estimated to surpass a valuation of US$ 500 Million by the end of 2033. Approximate Growth in Market Value: US$ 300 Million Historical CAGR: 5.7% |
| Growth Propellants | Consumers across the United Kingdom are identified to highly spend on premium vehicles. The soar in investments towards luxury vehicles is fostering the growth of the sales of air suspension systems in 2023. Additionally, there is a very strong presence of multiple automotive OEMS with product portfolios that include luxury and sports vehicles. This factor is fueling the expansion of the industry in the United Kingdom. |
| Country | Japan |
|---|---|
| Statistics | The air suspension system market in Japan is estimated to move forward at a substantial rate, slating a CAGR of 7.9% through the forecast period. The market is estimated to surpass a valuation of US$ 800 Million by the end of 2033. Approximate Growth in Market Value: US$ 400 Million Historical CAGR: 5.5% |
| Growth Propellants | The growing adoption of vehicles that are technologically advanced and equipped with improvised technical capabilities is gaining popularity across Japan, thereby expanding the market shares of air suspension systems. The key players in the industry are investing heavily in research and development activities, making attempts towards creating a landscape of heightened air suspension system sales. |
New Entrants Ravel Up the Features of Air Suspension Systems For Smooth Ride of Automotives
The new entrants in the air suspension systems market are leveraging advancements in technology to launch new products and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and end-use industry demands. Efforts are being made to strengthen their foothold in the market and aid the further progression of the air suspension systems market.
Top 2 Start-ups to Watch For
Jamna - This Indian start-up organization initially started the development of air suspension systems for passenger vehicles like buses. The firm is working closely with renowned automotive biggies like Ashok Leyland, VEVC, and Tata Motors. Their systems are equipped across the complete range of buses, including semi-low-floor, low, floor, and high-floor buses.
Ridewell -This firm is completely engineering and designing support for trucks, buses, and trailers. The organization is expanding into the light-duty market with the new launch of products like the ‘Featheride’ trailer air suspension market. It is anticipated that the company is likely to hold significant shares in the forthcoming years.
Key Manufacturers of Air Suspension Systems Turn the Global Production of Heavy-duty Vehicles to their Advantage
The air suspension systems market is highly fragmented and the key manufacturers are deploying several organic and inorganic growth strategies to compete with the existing players in the market. The biggies are heavily investing in research and development activities to leverage advancements to the features of suspension systems. They are making attempts for easing the job of autonomous vehicle manufacturers to make automobiles with high speed, backed by high safety.
Recently, WABCO launched an air suspension system that is a combination of air suspension with ECAS technology. As per the company statements, ECAS Technology with WABCO Air Suspension is likely to improve fuel economy, provide better safety to passengers, enhance the comfort of rides, and increase the stability of the vehicles.
Recent Developments
The growth outlook for the air suspension system market is predicted to advance at a CAGR of 9.6% from 2023 to 2033.
The North American region is anticipated to lead the air suspension system market during the forecast period.
The market valuation of the air suspension system market stands at US$ 5.2 Billion in 2023.
The air suspension system market is likely to hold a valuation of US$ 13 Billion by 2033.
The automotive industry sector is the key driver in the air suspension system market.
1. Executive Summary | Air Suspension Systems Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ million) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ million) Analysis By Vehicle Type, 2017 to 2022
5.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Vehicle Type, 2023 to 2033
5.3.1. Buses & Coaches
5.3.2. Trailers
5.3.3. Heavy Trucks
5.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2017 to 2022
5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sales Channel
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ million) Analysis By Sales Channel, 2017 to 2022
6.3. Current and Future Market Size Value (US$ million) Analysis and Forecast By Sales Channel, 2023 to 2033
6.3.1. OEM
6.3.1.1. Electronic Operated Systems
6.3.1.2. Non Electronic Operated Systems
6.3.2. Aftermarkets
6.3.2.1. System
6.3.2.2. Components
6.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2017 to 2022
6.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033
7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ million) Analysis By Region, 2017 to 2022
7.3. Current Market Size Value (US$ million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Eastern Europe
7.3.4. Western Europe
7.3.5. South Asia Pacific
7.3.6. MEA
7.3.7. East Asia
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
8.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Vehicle Type
8.2.3. By Sales Channel
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Vehicle Type
8.3.3. By Sales Channel
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
9.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Vehicle Type
9.2.3. By Sales Channel
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Vehicle Type
9.3.3. By Sales Channel
9.4. Key Takeaways
10. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
10.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Poland
10.2.1.2. Russia
10.2.1.3. Rest of Eastern Europe
10.2.2. By Vehicle Type
10.2.3. By Sales Channel
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Vehicle Type
10.3.3. By Sales Channel
10.4. Key Takeaways
11. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
11.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. Italy
11.2.1.3. France
11.2.1.4. The United Kingdom
11.2.1.5. Spain
11.2.1.6. Rest of Western Europe
11.2.2. By Vehicle Type
11.2.3. By Sales Channel
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Vehicle Type
11.3.3. By Sales Channel
11.4. Key Takeaways
12. South Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
12.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. ASEAN
12.2.1.2. South Korea
12.2.1.3. Rest of South Asia Pacific
12.2.2. By Vehicle Type
12.2.3. By Sales Channel
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Vehicle Type
12.3.3. By Sales Channel
12.4. Key Takeaways
13. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
13.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. South Africa
13.2.1.2. Turkey
13.2.1.3. Rest of MEA
13.2.2. By Vehicle Type
13.2.3. By Sales Channel
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Vehicle Type
13.3.3. By Sales Channel
13.4. Key Takeaways
14. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ million) Trend Analysis By Market Taxonomy, 2017 to 2022
14.2. Market Size Value (US$ million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. India
14.2.1.3. Japan
14.2.2. By Vehicle Type
14.2.3. By Sales Channel
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Vehicle Type
14.3.3. By Sales Channel
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. The USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Vehicle Type
15.1.2.2. By Sales Channel
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Vehicle Type
15.2.2.2. By Sales Channel
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Vehicle Type
15.3.2.2. By Sales Channel
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Vehicle Type
15.4.2.2. By Sales Channel
15.5. Poland
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Vehicle Type
15.5.2.2. By Sales Channel
15.6. Russia
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Vehicle Type
15.6.2.2. By Sales Channel
15.7. Germany
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Vehicle Type
15.7.2.2. By Sales Channel
15.8. Italy
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Vehicle Type
15.8.2.2. By Sales Channel
15.9. France
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Vehicle Type
15.9.2.2. By Sales Channel
15.10. The United Kingdom
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Vehicle Type
15.10.2.2. By Sales Channel
15.11. Spain
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Vehicle Type
15.11.2.2. By Sales Channel
15.12. ASEAN
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Vehicle Type
15.12.2.2. By Sales Channel
15.13. South Korea
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Vehicle Type
15.13.2.2. By Sales Channel
15.14. South Africa
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Vehicle Type
15.14.2.2. By Sales Channel
15.15. Turkey
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Vehicle Type
15.15.2.2. By Sales Channel
15.16. China
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Vehicle Type
15.16.2.2. By Sales Channel
15.17. India
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Vehicle Type
15.17.2.2. By Sales Channel
15.18. Japan
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Vehicle Type
15.18.2.2. By Sales Channel
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Vehicle Type
16.3.3. By Sales Channel
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. SAF-Holland SA
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Hendrickson USA LLC
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. BPW Transpec Pvt. Ltd.
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. TMC Australia Pvt. Ltd.
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Guangzhou TND Axle Co. Ltd.
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. Meritor Inc.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Wabco Holdings
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. York Transport Equipment (Asia) Pvt. Ltd.
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. VDL Weweler-Colaert
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
Explore Automotive Insights
View Reports
Air Suspension Systems Market
