Air suspension market is projected to grow at a CAGR of 7.54% from 2016 to 2021, to reach a market size of USD 4.69 billion by 2021.
Europe accounts for the largest market share, both in terms of value and volume, as the region houses a number of premium car manufacturers as well as air suspension manufacturers like Continental AG (Germany), Dunlop Systems and Components (U.K.) and ThyssenKrupp AG (Germany) and hence is able to cater to a large variety of consumers. Asia-Oceania is the fastest growing market, both in terms of value and volume, for air suspension.
This is because of the high demand for vehicles, especially in emerging economies such as China and India with several OEMs investing in these regions. Availability of cheap labor and favorable government policies are additional factors that spur this growth.
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The major drivers for this market are rising demand for comfort and luxury, as a result of increased disposable income, increased preference towards luxury public transport for long distance travel among others are together driving the market for air suspension systems globally.
Owing to its low cost, less complex design and easy handling as compared with electronically controlled air suspension, the market for non-electronically controlled air suspension is largest. The system has a very simple electric connection where air flow inwards and outwards from the air springs through valves.
All the wheels have a good grip to the road surface which leads to increased stability of the steering system and improved braking performance.
- Raw material suppliers to air suspension component manufacturers
- Manufacturers of air suspension systems
- Traders, distributors, and suppliers of air suspension components
- Automobile industry as end user
- Industry associations
Top Companies Analyzed for Air Suspension Market are –
- Continental AG (Germany)
- Hendrickson International Corporation (U.S.)
- ThyssenKrupp AG (Germany)
- Dunlop Systems and Components (U.K.)
- Wabco Holdings Inc. (Belgium)
- Hitachi Ltd. (Japan)
- Accuair Suspension (U.S.)
- Mando Corporation
- BWI Group
- Firestone Industrial Products
- amongst others
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