Air Suspension Market worth $13.9 billion by 2030 | MarketsandMarkets

Aug 23, 2024, 10:01 ET

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CHICAGO, Aug. 23, 2024 /PRNewswire/ -- Air Suspension market is projected to reach USD 13.9 billion by 2030 from USD 10.0 billion in 2024, at a CAGR of 5.6%, according to a new report by MarketsandMarkets. The rising sales of luxury passenger vehicles, including SUVs, sedans, and electric vehicles, are expected to boost the global demand for passenger car air suspension systems. Similarly, with enhanced ride comfort, increased load capacity, and growing demand for heavy commercial vehicle sales, the adoption of air suspension systems in buses and trucks is rising.

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Air Suspension Market Scope:

Report Coverage

Details

Market Revenue in 2024

USD 10.0 billion

Estimated Value by 2030

USD 13.9 billion

Growth Rate

Poised to grow at a CAGR of 5.6%

Market Size Available for

2019–2030

Forecast Period

2024–2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

OE Market By Component, By Technology, By Vehicle Type, Cabin Air Suspension Market By Vehicle Type, Aftermarket By Component, Electric & Hybrid Vehicle Air Suspension Market By Vehicle Type, Electric & Hybrid Vehicle Air Suspension Market By Technology, and By Region

Geographies Covered

Asia Pacific, North America, Europe, and Rest of the World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Surge in heavy commercial vehicle sales

Key Market Drivers

Trend of lightweight air suspension systems

Electric & hybrid LDVs are expected to be the market's most prominent electric & hybrid vehicle air suspension systems.

The demand for electric vehicles is growing, and there is a growing focus on clean transportation. The trend is expected to continue, where global electric light-duty vehicle sales are expected to reach 26,721 thousand units by 2030 from 8,589 thousand units in 2023, according to MarketsandMarkets estimation. Government focus on electrification of personal vehicles and an increase in demand for zero-emission mobility solutions will create growth opportunities for the electric and hybrid LDVs air suspension market during the forecast period. Air suspension is suitable for electric light-duty vehicles as it improves ride comfort by adjusting to different road conditions and manages the additional battery weight. It also maintains consistent handling and stability by automatically leveling the vehicle. Battery packs in electric LDVs have a higher center of gravity; air suspension helps manage the battery pack's weight distribution by adjusting the vehicle's height, thereby ensuring ride height and stability. With the rising global adoption of EVs, the acceptance of electric and hybrid vehicles at premium costs is higher. Due to this, OEMs are focusing on installing some models with air suspension technology at higher price brackets. Tesla Model 3, Tesla Model Y, Rivian R1T Audi e-tron, and Audi e-tron GT are pre-fitted with an air suspension system. This technology allows vehicles to adapt to various driving conditions, from highway cruising to off-road adventures. It adjusts ride height based on speed and road conditions to optimize aerodynamics and efficiency. Thus, the rise in sales of premium electric passenger cars and the growing use of electric light commercial vehicles in the e-commerce and logistic industry is anticipated to drive the demand for air suspension in the electric & hybrid LDV segment.

The trucks segment would be the largest market in the air suspension market.

Truck air suspension accounted for the largest global air suspension market in 2024. The growing e-commerce industry, increased trade activities, and rising urbanization have increased the demand for efficient logistics and delivery services, boosting the demand for trucks for efficient transportation, especially in last-mile delivery. Further, investment in infrastructure, including roads, bridges, and buildings, typically necessitates the use of heavy-duty trucks to transport materials and equipment. Countries such as the US have seen a significant increase in truck sales in recent years. According to OICA, the production of trucks in the US and China has increased from 240,056 units in 2020 to 329,138 in 2024.

Similarly, growing urbanization is due to which the demand for efficient public transportation has increased. Buses and coaches are essential in providing mass transit options in urban areas. According to OICA, bus production in the US increased from 40 thousand units in 2021 to 43 thousand units in 2023. Rising passenger expectations for a more comfortable journey are driving up demand for enhanced comfort in buses and coaches. Air suspension systems play a key role in meeting these expectations by offering smoother, more stable rides and reducing road vibration. Thus, the growing production of trucks, buses, and coaches with growing consumer preference for better and more comfortable travel experiences is expected to drive the demand for air suspension systems.

Asia Pacific region will dominate the global air suspension market.

Asia Pacific is the largest air suspension system market during the forecast period. The factors that drive the markets are changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. Further, Heavy trucks and buses are the largest market for air suspension because of the largest share in overall truck production in 2023. However, the adoption rate of air suspension stood at nearly 15–20%, mainly at the rear axles of rigid trucks and semi-trailers. However, with the changing consumer preferences and the anticipated regulations related to safety and convenience, the OE market for air suspension is expected to rise in this region. Various global suppliers are also trying to strengthen their presence in this region. For instance, Wabco signed a long-term agreement to supply a broad portfolio of its advanced technologies, including electronically controlled air suspension (ECAS) systems and air processing units (APU), for new medium-duty trucks of Hyundai Motor Company in South Korea. More such initiatives by regional OEMs in their models are expected to generate business opportunities for air suspension manufacturers in the trucks segment.

In addition, passenger cars in this region have been rapidly growing, with consumers' inclination towards luxury features that enhance in-cabin comfort while driving. Some of the passenger cars equipped with air suspensions are the Mercedes-Benz S-Class, E-Class and GLS SUV, Audi A8, A6, and Q7, Lexus LX and LS, BMW 7 series and X7, Hyundai Genesis G90 and Kia K900. The segment will remain instrumental, fueling the overall adoption rate of air suspension systems in the light-duty vehicles segment.

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Air Suspension Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenge:

Key Market Players Air Suspension Industry:

Prominent players in the Air Suspension Market include as ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), and SAF Holland (Germany).

The break-down of primary participants is as mentioned below:

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Air Suspension Industry Recent Developments:

Air Suspension Market Size - Key Benefits of Buying the Report:

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