The global air suspension systems market is projected to be valued at USD 5.2 billion in 2023, with expectations to exceed USD 13.0 billion by 2033. Analysts at Future Market Insights estimate the market’s historical valuation at USD 4.9 billion for the base year.
Market Drivers
The increasing use of heavy trucks in sectors such as construction, logistics, and e-commerce in countries like China, the U.K., Germany, and Japan is expected to significantly boost global demand for air suspension systems.
According to FMI’s analysis, sales of air suspension systems in South Korea and Japan are anticipated to grow by over 4% in 2021. Heavy trucks are predicted to account for more than 54.1% of the volume share in 2021, while the trailer segment is estimated to hold nearly 32.1% of the volume share by the end of the same year.
Sustainability and Electric Vehicles
Growing sustainability concerns have accelerated the adoption of electric vehicles, particularly increasing the demand for electric buses in public transport globally. As the production of commercial vehicles rises, the air suspension systems market is expected to experience significant growth in the coming years.
FMI estimates that the air suspension systems market will experience a year-on-year growth rate of 5.6% in 2021.
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Key Takeaways from FMI’s Air Suspension Systems Market Study
- In terms of vehicle type, heavy truck will lead the segment through 2021 & beyond on the back of increasing construction activities across Germany, the U.S., and China
- OEMs are expected to be the preferred sales channel over the aftermarket players, accounting for over 86.4% value share in 2021
- Germany is anticipated to spearhead the growth across Western Europe owing to the surging commercial vehicle production across the country
- The U.S is accounted to be one of the most lucrative market across the globe with increasing demand for luxury buses
- India and China will lead the growth of air suspension systems across South & East Asia during the forecast period
- U.K. will emerge as a highly lucrative market across Europe owing to the increasing construction activities and surge in production of heavy duty vehicles
“Increasing demand for luxury buses across the globe, especially within Germany, China and India, coupled with expansion of construction industry will propel the demand of air suspension systems, widening growth opportunities for the market players,” – says the FMI analyst.
Competitive Landscape
Prominent players operating in air suspension systems market are focusing on expansion of their customer base through product innovation and new launches.
Increasing need for air suspension systems have urged the key players to form strategic alliance with regional distributors. Partnerships with suppliers and aftermarket players will provide incremental opportunities for the key players.
In January 2021, air suspension specialist, Air Lift Company, announced the acquisition of air tank manufacturer Flo Airride Mfg., Flo Airride. Through this acquisition, Air Lift Company will provide air suspension products to lower their vehicles along with the customization of the product.
Tenneco Inc., a global supplier of clean air products and systems, in 2018, announced the launch of CVSA2 semi-active suspension technology, Monroe® Intelligent Suspension, originally developed for the use of sports car, have been adopted for the SUVs and off-road vehicles.
Some of the key players proliferating in the market are
Continental AG, ThyssenKrupp AG, WABCO, Hendrickson USA, L.L.C., Dunlop Systems and components, Hitachi Automotive, Ltd., ZF Friedrichshafen AG, Magneti Marelli S.p.A., Accuair Suspension, Firestone Industrial Products, Beijing West Industries Co., Ltd., Mando Corporation, LORD Corporation, Air Lift Company, VB-Air suspension
Air Suspension Systems Market by Category
By Vehicle Type:
- Buses & Coaches
- Trailers
- Heavy Trucks
By Sales Channel:
- OEM
- Electronic Operated Systems
- Non Electronic Operated Systems
- Aftermarkets
- System
- Components
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- South East Asia
- China
- India
- Japan
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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