Global Air Suspension Market: Overview
The vehicle suspension driven by the compressor or engine-driven air pump is called the air suspension. The air suspension is used in case of the conventional steel springs in the passenger cars and in huge & heavy vehicles such as buses and trucks. It is also used in the trains and semi-trailers. The main purpose of air suspension is to provide a smooth and constant ride quality. In some cases, it is also used for sports suspension. The global air suspension market is driven due to the increasing demand for the suspension products.
Global Air Suspension Market: Growth Factors
The increasing demand for the air suspension systems has positively impacted the global air suspension market growth. The rising demand for higher driving comfort has escalated the demand for luxurious vehicles, for example, buses, with air suspension systems. The manufacturers have developed new advanced technological air suspension systems due to the high demand for safety regulations. Furthermore, cheap labor costs and increased job opportunities are driving the global air suspension market.
Global Air Suspension Market: Segmentation
The global air suspension market is categorized based on the technology, vehicle type, component, and region. The technology segment is further bifurcated into electronically controlled air suspension systems and non-electronically controlled air suspension systems. The electronically controlled air suspension system segment is expected to have the highest growth potential in the global market. The vehicle type segment is further categorized into passenger cars, buses, trucks and light commercial vehicles (LCVs). The component segment is bifurcated into shock absorbers, air springs, air reservoirs, air compressor, height sensors, electric control unit and air springs. The regional segmentation of the global air suspension market is North America, Asia Pacific, Europe, and Rest of the World.
Global Air Suspension Market: Regional Analysis
The largest air suspension market in terms of volume and share is Europe. The original equipment manufacturers in the European regions are developing highly advanced new products with their enhancing technical capabilities and are thus able to meet the demands for air suspension systems. About 15 to 20% passenger cars fitted with air suspension systems are sold in Europe.
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Global Air Suspension Market: Competitive Players
The key players in the global air suspension market include ThyssenKrupp AG, Hendrickson International Corporation, Continental AG, Dunlop Systems and Components, Wabco Holding Inc. and Hitachi Ltd. These major players supply their products to automobile manufacturers such as Fiat Chrysler Automobiles, BMW AG, Volvo and Daimler AG. The system also includes regional automotive associations such as the European Automobile Manufacturers Association, International Organization of Motor Vehicle Manufacturers, Japan Automotive Manufacturers Association and Society of Indian Automotive Manufacturers.