The global automotive air suspension is experiencing a simultaneous growth with the increasing demand for luxury cars. Since its inception in the early 1900s, it has pierced the automotive industry extensively and is currently eyeing for an impressive market growth during the forecast period (2017-2023), as reported by Market Research Future (MRFR) in an intense study.
Burgeoning industries and rapid urbanization have given birth to a new lifestyle in which the number of people with disposable income is substantial. This has also proved beneficial for the luxury car segment. Automotive air suspension system has widespread use in luxury cars where people often look for comfort. Along with this, increasing sale of passenger and commercial vehicles are also significantly boosting the market. The sir suspension technology is allowing people to have a much more comfortable drive.
However, falling economy can be of severe consequences and pull down the market significantly. But other factors such as eco-friendliness can impact its market growth optimistically. Air suspension reduces carbon emission, an advantage that can assist the market in gaining momentum.
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The global automotive air suspension system market can be segmented by technology, components, and vehicle type.
Based on technology, the market can be segmented into manual air suspension and electronic air suspension. Manual air suspension system is currently leading the pack. However, electronic air suspension is expected to register the highest CAGR as it provides variable-height suspension.
Component-wise, the market comprises shock absorber, air spring, air compressor, air reservoir, height sensor, electric control unit, others. By absorbing shock impulses, shock absorbers provide a comfortable ride to the passenger which is why it has the most significant market share.
By vehicle type, the market includes passenger and commercial. Both in terms of value and volume, passenger vehicles are expected to rule the market.
The Key Players in Automotive Air Suspension System Market Are:
ThyssenKrupp Ag (Germany), Continental Ag (Germany), Volvo (Sweden), Hitachi, Ltd. (Japan), Dunlop Systems And Components Ltd. (U.K.), Accuair Suspension (California), Wabco Holdings Inc. (Belgium), Firestone Industrial Products (U.S.), Hendrickson International Corporation (U.S.), Mando Corporation (South Korea), Beijing West Industries Co., Ltd. (China), LORD Corporation (U.S.), ZF Friedrichshafen (Germany), Air Lift Company (Michigan), VB-Airsuspension (Netherlands), and others.
Region-wise segmentation includes North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
The APAC is expected to dominate the market as Japan, China and India in this region are showing considerable demand for luxury cars which is directly influencing the air suspension market. This is a consequence of a population with rising disposable income.
North America ranks second in the global chart as the region has a considerable demand for premium cars. The region is also technologically well-advanced, and substantial research is being done on this subject in its research and development facilities. Furthermore, government initiatives have also spurred a revamping of the automotive sector which, in turn, is influencing the growth of air suspension market.
Europe, just as North America, is a technologically-advanced region, which is investing a lot in the development of this sector. At the same time, its market for premium cars is expanding which necessitates the consumption of air suspension system.
Automotive behemoths such as Land Rover has installed a new air suspension system in their car Discovery which has enabled the car literally to ride on air. It has four air pockets to lift up the body thus providing a smoother ride to its passengers.
Tenneco, a Germany-based company, recently announced that its CVSA2 semi-active suspension technology is now ready for SUVs. Previously, it had a niche market for sports car only.
The market is competitive, and various companies find it easier to expand portfolio by merging or acquiring companies with a specialized focus on a particular sector. For instance, Tenneco has recently announced to take over Federal-Mogul and will create two different companies to improve their global performance and focus more on individual product quality.
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This post was originally published on The Market Plan