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 USD 5.2 Billion in 2023. The market value of the air suspension systems market is anticipated to surpass a market valuation of USD 13.0 Billion by the year 2033.
A historical market valuation of USD 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:
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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) | USD 5.2 Billion |
| Air Suspension Systems Market Anticipated Value (2033) | USD 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 USD 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 USD 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 | USD 4.9 Billion |
| Market Value in 2023 | USD 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.
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| 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 USD 4.5 Billion by the end of 2033. Approximate Growth in Market Value: USD 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 USD 500 Million by the end of 2033. Approximate Growth in Market Value: USD 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 USD 800 Million by the end of 2033. Approximate Growth in Market Value: USD 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 USD 5.2 Billion in 2023.
The air suspension system market is likely to hold a valuation of USD 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
2. Market Overview
3. Market Background
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type
5.1. Buses & Coaches
5.2. Trailers
5.3. Heavy Trucks
6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sales Channel
6.1. OEM
6.1.1. Electronic Operated Systems
6.1.2. Non Electronic Operated Systems
6.2. Aftermarkets
6.2.1. System
6.2.2. Components
7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region
7.1. North America
7.2. Latin America
7.3. Eastern Europe
7.4. Western Europe
7.5. South Asia Pacific
7.6. MEA
7.7. East Asia
8. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
9. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
10. Eastern Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
11. Western Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
12. South Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
13. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
14. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country
15. Key Countries Market Analysis
16. Market Structure Analysis
17. Competition Analysis
17.1. SAF-Holland SA
17.2. Hendrickson USA LLC
17.3. BPW Transpec Pvt. Ltd.
17.4. TMC Australia Pvt. Ltd.
17.5. Guangzhou TND Axle Co. Ltd.
17.6. Meritor Inc.
17.7. Wabco Holdings
17.8. York Transport Equipment (Asia) Pvt. Ltd.
17.9. VDL Weweler-Colaert
18. Assumptions & Acronyms Used
19. Research Methodology
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Air Suspension Systems Market
