Air suspension is a vehicle suspension system that replaces traditional coil or leaf springs with airbags filled with pressurized air. It allows for adjustable ride height and stiffness, enhancing comfort and handling by adjusting to varying road conditions. Air suspension is commonly used in luxury vehicles, trucks, and buses for smoother rides and better load support.
Sizing and Forecast
The air suspension market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growing automotive industry growth, rising demand for comfort in vehicles, demand for enhanced vehicle performance, and increasing luxury vehicle demand.
The air suspension market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing vehicle electrification, regulatory standards, increasing commercial vehicle demand, increasing vehicle safety regulations, and increasing research and development investments. Major trends in the forecast period include demand for lightweight air suspension systems, adoption of advanced technology systems, and integration with autonomous vehicles.
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Segmentation & Regional Insights
The air suspension market covered in this report is segmented –
1) By Component: Air Spring, Tank, Solenoid Valve, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Height And Pressure Sensor, Air Reservoir
2) By Vehicle Type: Light Duty Vehicles, Trucks, Buses
3) By Technology: Electronic Controlled, Non-Electronic Controlled
4) By Sales Channel Type: Original Equipment Manufacturers (OEMs), Aftermarket
5) By End-User Industry: Automotive, Transportation And Logistics
Europe was the largest region in the air suspension market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the air suspension market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising demand for commercial vehicles is expected to propel the growth of the air suspension market going forward. A commercial vehicle is any motor vehicle that transports commodities or pays passengers. The demand for commercial vehicles is growing as economic activities expand and the need for efficient transportation and logistics solutions increases. Air suspension systems provide superior ride comfort, reducing driver fatigue and enhancing safety for long-distance, heavy-load commercial vehicles. They improve fuel efficiency by maintaining optimal ride height and reducing aerodynamic drag, benefiting long-haul trucks and other commercial vehicles. For instance, in 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for approximately 4.5% of total bus sales and 1.2% of truck sales worldwide. Therefore, the rising demand for commercial vehicles is driving the growth of the air suspension market.
Key Industry Players
Major companies operating in the air suspension market are Hitachi Ltd., AB Volvo, ZF Friedrichshafen AG, ThyssenKrupp AG, Continental AG, Parker Hannifin Corporation, Mando Corporation, KYB Corporation, Dorman Products, Hendrickson USA L.L.C, SAF-HOLLAND SE, BWI Group, STEMCO Products Inc., Air Lift Company, Timbren Industries, Dunlop Suspension Systems, Viair Corporation, Sumitomo Electric Industries Ltd., Wabco Holdings Inc., Accuair Suspension
The air suspension market report table of contents includes:
1. Executive Summary
- Air Suspension Market Characteristics
- Air Suspension Market Trends And Strategies
- Air Suspension Market – Macro Economic Scenario
- Global Air Suspension Market Size and Growth
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32. Global Air Suspension Market Competitive Benchmarking - Global Air Suspension Market Competitive Dashboard
- Key Mergers And Acquisitions In The Air Suspension Market
- Air Suspension Market Future Outlook and Potential Analysis
- Appendix
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