Air Suspension Market Predicted to grow $21.8 billion by 2027
The air suspension market is projected to grow from USD 17.8 billion in 2022 to USD 21.8 billion by 2027, at a CAGR of 4.2% during the forecast period. Automotive OEMs are investing in R&D activities to introduce innovative suspension systems to enhance ride comfort. For example, in August 2020, The commercial vehicle control systems division of ZF Friedrichshafen AG in India designed air suspension with Electronically Controlled Air Suspension (ECAS) technology to address higher fuel consumption, decreased rider comfort, passenger safety, and vehicular instability. The driving factors for the air suspension market are the global demand for SUVs and luxury passenger vehicles in the North American and European regions along with high demand for commercial vehicles in developing regions such as the Asia Pacific. Increasing sales of EVs too will drive the demand for air suspensions as customers demand better ride quality.
Cabin air suspension is expected to have a significant demand in heavy-duty vehicles
Cabin air suspension for semi-trailers holds the maximum share in the global market because of the demand for this category of trucks in harsh and rigorous working environments and off-roading conditions. Rigid trucks are used in various applications with long working hours. This prompts vehicle manufacturers to provide air suspensions for cabins in this segment. Continental AG (Germany), WABCO (Switzerland), and Liftmatic (US) are the key players that offer cabin air suspensions for heavy-duty trucks in the global market. The semi-trailers segment is expected to hold a larger share due to the long distance traveled by this vehicle type. Long-haul semi-trailer drivers demand better ride comfort for efficient driving and avoiding travel fatigue. Rigid trailers are gaining popularity in air suspension adoption due to the rugged terrains they operate in. Cabin air suspension provides comfort and safety in rigid trucks; hence,, this segment is expected to be the largest growing segment in the cabin air suspension market.
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Increasing sales of electric vehicles globally to provide new opportunities to the suspension market
This air springs segment leads the components market during the forecast period because of its high number of units per vehicle and huge price variation across different vehicle categories. The height sensors segment is also growing at a promising rate. A height sensor measures the relative displacement of the vehicle body and axle. It converts this information into an electrical signal to ECU, thus, improving the overall comfort and luxury of the vehicle. With increased economic and infrastructural activities in Asia Pacific, the demand for rigid trucks in heavy industry applications has increased. Japan, South Korea, and India have safety guidelines and work environment regulations that prompt the OEM manufacturers of this segment to increase the adoption of cabin air suspension in their products. Hence, Asia Pacific is expected to hold the largest share and be the fastest-growing region for this segment.
Europe and North America have wide applications for long-haul semi-trailers. Drivers of this vehicle type in these regions demand more comfort as the distance traveled by them is large in number. Drivers want to avoid fatigue in order to improve the turnaround times for goods transported. The European Union has safety and works environment guidelines that prompt OEM manufacturers to provide cabin air suspension for better ride quality for the drivers of this vehicle type. The Asia Pacific is expected to be the fastest-growing segment due to the increased economic activities and demand by drivers of semi-trailers for cabin air suspension in the long-haul transport industry.
North American region to be the second largest market by volume
An increase in demand for better ride quality in rugged and long-haul environments in North America and Europe is expected to drive the air suspension market in these regions. The transportation industry in the North American region is well-developed due to the strong presence of commercial vehicle OEMs and good road infrastructure. The US trucking industry has a wide network in the region, making it the largest market for air suspensions in the region. Canada has a high demand for light trucks and pickups with increasing demand for commercial vehicles, making it the fastest-growing country in the region.
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