The Air Suspension Systems Market is expected to be worth US$ 5.2 billion in 2023. By the year 2033, it’s expected that the market for air suspension systems would be worth more than US$ 13.0 billion. The forecast period is expected to see a CAGR of 9.6% on average for the global market for air suspension systems. The analysts at Future Market Insights had estimated a historical market valuation of US$ 4.9 billion for the relevant market for the base year.
Growing application of heavy trucks for construction activities, logistic and e-commerce industries across China, the U.K., Germany and Japan will bolster the demand of air suspension systems across the globe.
As per the FMI’s analysis, the air suspension systems sales across South Korea and Japan are set to expand at over 4% in 2021. Heavy trucks are anticipated to account for over 54.1% volume share in 2021. Further, trailers segment is estimated to have accounted for nearly 32.1% volume share by the end of 2021.
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Sustainability concerns have pushed the adoption of electric vehicles, accelerating the demand of electric buses as public transport across the globe. Hence, with increasing production of commercial vehicles, the market is expected to propel over the coming years.
FMI estimates that the air suspension systems market will experience a year-on-year growth rate of 5.6% in 2021.
Amid surging competition, the top five players, comprising Saf-Holland, Hendrickson USA LLC, BPW Group, Guangdong Fuwa Engineering Group Co., Ltd., and TMC Australia are expected to account for 40% of air suspension systems market in 2021
Key Takeaways from FMI’s Air Suspension Systems Market Study
- In terms of vehicle type, heavy truck will lead the segment through 2021 & beyond on the back of increasing construction activities across Germany, the U.S., and China
- OEMs are expected to be the preferred sales channel over the aftermarket players, accounting for over 86.4% value share in 2021
- Germany is anticipated to spearhead the growth across Western Europe owing to the surging commercial vehicle production across the country
- The U.S is accounted to be one of the most lucrative market across the globe with increasing demand for luxury buses
- India and China will lead the growth of air suspension systems across South & East Asia during the forecast period
- U.K. will emerge as a highly lucrative market across Europe owing to the increasing construction activities and surge in production of heavy duty vehicles
“Increasing demand for luxury buses across the globe, especially within Germany, China and India, coupled with expansion of construction industry will propel the demand of air suspension systems, widening growth opportunities for the market players,” says the FMI analyst.
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Prominent players operating in air suspension systems market are focusing on expansion of their customer base through product innovation and new launches.
Increasing need for air suspension systems have urged the key players to form strategic alliance with regional distributors. Partnerships with suppliers and aftermarket players will provide incremental opportunities for the key players.
In January 2021, air suspension specialist, Air Lift Company, announced the acquisition of air tank manufacturer Flo Airride Mfg., Flo Airride. Through this acquisition, Air Lift Company will provide air suspension products to lower their vehicles along with the customization of the product.
Tenneco Inc., a global supplier of clean air products and systems, in 2018, announced the launch of CVSA2 semi-active suspension technology, Monroe® Intelligent Suspension, originally developed for the use of sports car, have been adopted for the SUVs and off-road vehicles.
Air Suspension Systems Market by Category
By Vehicle Type:
- Buses & Coaches
- Heavy Trucks
By Sales Channel:
- Electronic Operated Systems
- Non Electronic Operated Systems
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- North America
- Latin America
- Eastern Europe
- Western Europe
- South East Asia
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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