Air Suspension Market size Estimated to Grow at a CAGR of 6.86% During 2020-2025


Posted August 25, 2020 by debramiller

"The growth is mainly attributed to the increasing adoption of air compressors, suspension systems, and other advanced components in commercial and luxurious vehicles is poised to drive the air suspension market."

 
Air Suspension Market size was valued at $5.37 billion in 2019, and it is estimated to grow at a CAGR of 6.86% during 2020-2025. The growth is mainly attributed to the increasing adoption of air compressors, suspension systems, and other advanced components in commercial and luxurious vehicles is poised to drive the air suspension market. Increasing research and development activities and high adoption of automatic air suspension system is poised to propel market growth during forecast period.

Key Takeaways:
1. Europe dominated the Air Suspension market in term of revenue in 2019 owing to increase in production of commercial vehicles and stringent regulations for the adoption of advanced components and systems.
2. Growing demand for luxurious and premium vehicles and increasing adoption of air suspension systems in commercial light duty vehicles set to drive the market.
3. Replacing metal springs with air suspension systems such as shock absorbers and air springs is set to provide opportunities for market growth.
4. High adoption cost for air suspension systems in low range vehicles hampers the growth of air suspension industry.

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Geography- Segment Analysis:
Europe dominated the Air Suspension market in 2019 with a market share of 37.67%, followed by North America and APAC. High adoption of air suspension in most of the vehicles owing stringent regulations have been pushing the market growth in this region. There has been increase in production of cars and commercial vehicles in countries such as Austria, Finland, Hungary, Portugal, Romania, Slovakia and Ukraine. For instance, Mercedes Benz and other luxurious vehicles manufacturing companies haveheadquarters in this region and install air suspension units to all the wheels of its vehicles in order to ensure the safety. This drives the market in this region.

Drivers –Air Suspension Market:

Increase in global commercial vehicles
With the adoption of advanced technologies including automation in automobile industry, there has been growing demand of advanced vehicles which are equipped with latest components such as air suspension systems. According to IOCA, the production of commercial vehiclesat global level has increased from 22.87 million to 24.63 million during 2016-2019 period.

Government rules and regulations
In luxury vehicles, air suspension is usually installed to make ride smooth as possible. For instance, Mercedes is the only car manufacturer that provides its car with air suspension system for all wheels.

Market Landscape:
Air Suspension top 10 companies include Continental AG, ThyssenKrupp AG, Firestone Industrial Products, Wabco Holdings Inc, Hitachi Ltd, SAF-Holland, Hendrickson International Corporation, Accuair Suspension, Mando Corporationand others.
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Issued By debra miller
Business Address https://www.industryarc.com
Country India
Categories Business , Manufacturing , Reports
Tags air suspension market , air suspension market forecast , air suspension market growth , air suspension market reports , air suspension market share , air suspension market size
Last Updated August 25, 2020