Air Suspension Market: Current Analysis and Forecast (2021-2027)

Air Suspension Market: Current Analysis and Forecast (2021-2027)

The present level of traffic on the roads has prompted the need for automobiles that are both safe and pleasant. Manufacturers in the air suspension business are stepping up their efforts to deliver systems with intuitive designs, cost-effectiveness, and error-free operation to increase driver safety and comfort. Vehicle OEMs and Tier 1 suppliers are constantly developing cutting-edge air suspension systems. Air suspension is offered for many modern SUVs, luxury cars, and even regular commuter cars from brands such as Audi, BMW, Mercedes, and Land Rover. This is mainly due to the better working mechanism of air suspension systems. This suspension system can make the vehicle feel smoother to drive and soften the impact caused by bumpy roads and potholes. An air suspension system uses a pressurized chamber and other onboard equipment to give a smoother ride whereas traditional suspension systems use a coiled spring and hydraulic damper to absorb the impact of rough or uneven road surfaces. Thus, increasing penetration of advanced comfort components and systems in premium and luxury vehicles is expected to drive the Air Suspension Market at a significant CAGR of 7% during the forecast period.

Insights Presented in the Report
"Amongst Technology, electronically controlled is expected to witness higher growth during the forecasted period”

Based on technology, the market is categorized into electronically controlled and non-electronically controlled air suspensions. The electronically controlled is expected to witness higher growth during the forecasted period. This is mainly due to the rising adoption of electronically controlled air suspension in commercial vehicles. Electronic air suspension offers better aerodynamics and ground clearance, higher stability, heavy load carrying capacity, and enhanced safety level, among other advantages. An air suspension system can be adjusted in real-time depending on the conditions of the road, helping to improve comfort and quality while driving across a variety of road surfaces. It can provide a buttery-smooth riding experience. Thus, OEMs are increasingly focusing on integrating electronically controlled air suspension systems in their vehicles, especially premium and luxury cars. In addition to traditional comfort, convenience, entertainment, and safety features, luxury cars bristle with advanced connectivity elements, autonomous-driving options, and the latest powertrain electrification and suspension technologies.
"Amongst Sales Channel, OEM segment held a significant share in 2020.”

Based on sales channel, the market is bifurcated into OEM and Aftermarket. The OEM segment held a significant share in 2020. Due to the rapid development of new technologies by OEMs, the market for air suspensions is expected to grow along with the rising penetration of autonomous and electric vehicles. For instance, Tesla Inc. first introduced Adaptive Air Suspension in its Model S in 2014, and that system became standard for all Model S trims from 2017 to mid-2019. Further, along with the ability to manually adjust the height of the car through the vehicle’s control panel, drivers can expect the car to save the GPS location of the vehicle for each adjustment. Tesla’s Adaptive Air Suspension software then automatically adjusts the height of the car when it encounters a saved data point, such as a steep driveway, a carwash, or a bumpy dirt road. Moreover, increasing demand for luxury buses for long-distance traveling and the growing significance of comfort and luxury in passenger cars is further expected to boost the installation of advanced air suspension systems by OEMs in their new and upcoming vehicles during the forecast period.
"Amongst Vehicle Type, Passenger segment dominated the market in 2020.”

Based on vehicle type, the market is divided into passenger and commercial vehicles. The passenger car segment is estimated to be the largest and the fastest-growing market for air suspension because of the higher production of passenger cars. Further, increasing awareness about the benefits of air suspension and shifting consumer preferences towards comfort and luxury have encouraged premium vehicle manufacturers to deploy advanced suspension technology. Furthermore, the demand for luxury passenger cars has been increasing at an unprecedented rate, especially in emerging economies like China, India, Brazil, and Mexico, among others, which is expected to fuel the demand for air suspensions during the forecast period. Moreover, a significant growth of tangible luxury offerings in vehicles, shifting consumer preferences from sedans to SUVs, and increasing disposable incomes of consumers have been propelling the demand for luxury cars worldwide.
"Asia Pacific represents the fastest-growing market.”

APAC air suspension market is expected to witness the fastest growth rate during the forecast period. The market for air suspension would be boosted by growing vehicle production and future severe safety standards in China and India. Moreover, with the growing awareness and demand for new-age electric vehicles coupled with the presence of a large number of automotive OEMs and component manufacturers in countries like India and China, the demand for air suspension will witness a steady rise during the forecast period. China is the largest automobile market in the world whereas India is the 5th largest automobile market in the world, surpassing Germany in terms of sales, as of 2020. Furthermore, the demand for air suspension in the Chinese, as well as the Indian market, is growing rapidly, as various Chinese and Indian companies are launching vehicles with advanced safety and comfort features, which shall lead to a growth of the air suspension market in the region.

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