The global air suspension systems market is expected to be worth US$ 5.2 billion in 2023. By the year 2033, it’s expected that the market for air The value of suspension systems would exceed $13.0 billion at CAGR of 9.6%. For the relevant market for the base year, experts at Future Market Insights predicted a historical market worth of US$ 4.9 billion.
The market for air suspension systems will rise as huge vehicles are being used in construction projects, logistics, and e-commerce activities in China, the UK, Germany, and Japan.
The FMI forecasts that in 2021, sales of air suspension systems will rise by more than 4% in South Korea and Japan. More than 54.1% of all tonnage is anticipated to be carried by heavy trucks in 2021. By the end of 2021, it is anticipated that the trailers category would have contributed close to 32.1% of the total volume.
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Environmental concerns have sped up the adoption of electric vehicles and raised demand for electric buses as public transportation globally. As a result, it is projected that the market will expand over the coming years as commercial vehicle production increases.
According to FMI, the market for air suspension systems will grow at a 5.6% yearly pace in 2021.
Despite intense competition, it is expected that the top five players—Saf-Holland, Hendrickson USA LLC, BPW Group, Guangdong Fuwa Engineering Group Co., Ltd., and TMC Australia—will hold 40% of the market for air suspension systems in 2021.
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.
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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
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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)
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