Global Automotive Air Suspension Market to grow at 8.67% CAGR from 2021-2027
This Report covered the Global Automotive Air Suspension Market breakup by regions & segments. The impact is visible on the auto industry as many companies.
According to the report by Renub Research, titled “Automotive Air Suspension Market, Global Forecast, Impact of Coronavirus, Industry Trends, Growth, Opportunity, Company Analysis” the Global Automotive Air Suspension Market is projected to reach US$ 9.13 Billion by 2027. Suspensions play a pivotal role in-vehicle comfort and handling. An automotive air suspension system is a vehicle suspension powered by an electric pump or compressor that pumps air into flexible bellows typically made out of a textile-reinforced kind of rubber. It is used in vehicles to provide support to drivers while driving. The automotive air suspension decreases noise and vibration and increases the capacity to transport loads by leveling the suspension.
Factors Driving Automotive Air Suspension Industry
Notwithstanding, the rise in global commercial vehicle sales and demand for premium and luxury vehicles make the automotive air suspension industry grow. Further, the improvement in demand for lightweight air suspension systems and rising aftermarket demand for air suspension and related components is to create numerous opportunities for the growth and expansion of the air suspension market.
Electronic Suspension are Technologically Superior to Conventional Air Suspensions
On the basis of technology, automotive air suspension includes Electronic and Non- Electronic. The electronically controlled air suspension system is essentially a computer-controlled system that can adjust the ride characteristics and performance of the vehicle. Unlike conventional air suspensions, an electronic suspension modifies the shocks and struts electronically to ensure a smooth ride.
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Furthermore, automotive air suspension has a higher installation in cars and heavy vehicles like buses, trucks, and Light Commercial Vehicles. Many luxury passenger cars are being released with electronically controlled air suspension, such as Mercedes S-Class, Audi A8, Land Rover Discovery, Porsche Cayenne, and Volkswagen Touareg, are some of many models.
Air Springs has advantages over Conventional Coil Sprig
The air suspension system consists of different components, such as Air Spring, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Tank, Solenoid Valve, Height & Pressure Sensor, Others. Air suspension helps improve the vehicle's driving comfort with increased stability and reduced fuel consumption. Air Springs have more capacities than conventional coil springs. Vehicles maintain constant levels with air suspension, regardless of the amount of load applied to them. Besides, the ECU comprises a memory, microprocessor, input conditioners, and output drivers. ECU is a vital component of an electronically controlled air automotive suspension system that offers better vibration absorption and enhanced performance.
Automotive Air Suspension rate is high in Asia-Pacific
In the Asia Pacific, automotive air suspension systems are witnessing a tremendous upsurge owing to gaining consciousness regarding vehicle safety and increasing sales of luxury vehicles. These systems play an essential role in maintaining vehicle tires in contact with the road. South Korea, China, and Japan are the leading vehicle-producing countries in the region. The growth of China's automotive air suspension industry is primarily associated with higher vehicle production and foreign direct investments (FDIs) in alliances and joint ventures between international OEMs and Chinese partners.
Although, Europe is to lead the automotive air suspension market due to its tremendous adoption rate of air suspension across all vehicle types. Light-duty vehicles such as Audi, Mercedes-Benz, BMW, Porsche, and Land Rover offer ECAS technology in select models to improve benefits such as height-raising and lowering options. Remarkably, technology-driven suppliers such as ThyssenKrupp, Continental, and SAF-Holland are continually making efforts to introduce the latest technology in the domain of air suspension for light and heavy-duty vehicles in this region.
COVID-19 Scenario on Automotive Air Suspension Market
The COVID-19 crisis has compelled all automotive-related companies to put their workforces on clasp during the lockdowns. The impact is visible on the auto industry as many companies suffered disturbances with their production activities and supply chain. Manufacturing activities have been suspended due to a shortage of disrupted supply chain, raw materials and lockdown inflicted by the government. Research and development projects have been resumed due to a shortage of access to resources, and manufacturers have delayed new product launches.
Key Players Operating in the Automotive Air Suspension Market
Some influential organizations present in the automotive air suspension market include BWI Group, Continental AG, Hitachi Ltd., ThyssenKrupp AG, Mando Corporation and WABCO [Acquired by ZF Friedrichshafen AG]. For instance, in 2020, ZF Friedrichshafen AG successfully acquired commercial vehicle technology supplier WABCO, getting approval from all required regulatory authorities.
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Technology – We have covered Automotive Air Suspension Market breakup by 2 viewpoints by technology (Electronic & Non- Electronic)
Application – This report covered the Application in the 4 segments (Cars, Trucks, Buses, and Light Commercial Vehicles)
Component – Renub Research Report covered by Component in the 8 viewpoints (Air Spring, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Tank, Solenoid Valve, Height & Pressure Sensor, Others)
Regions – Our Report covered the Automotive Air Suspension Market breakup by 4 Regions (North America, Europe, Asia Pacific, and Rest of World)
All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) BWI Group, Continental AG, Hitachi Ltd., Mando Corporation, ThyssenKrupp AG and WABCO [Acquired by ZF Friedrichshafen AG]
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