The size of the air suspension market was estimated at USD 5.66 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.91% from 2023 to USD 9.06 billion by 2030
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"The Global Air Suspension Market 2020-2030 (USD Billion)")
Air suspension market is expected to gain market growth in the forecast period of 2020 to 2028. Increase in global commercial vehicle sales and rise in demand for premium and luxury vehicles fuel the growth of the global air suspension market. Moreover, the market across Asia-Pacific dominated in 2018, and would rule the roost throughout the forecast period. Prominent Companies: Continental, ThyssenKrupp AG, Hitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, and Accuair Suspension. Air suspension is a type of suspension system used in automobiles to provide driver relaxation when driving. Air suspension technologies are used as a replacement of traditional steel springs in automobiles and are used most commonly in heavy vehicles such as buses, trucks and rolling stock. The main aim of the air suspension is to guarantee drivers and passengers a comfortable and consistent driving performance.
The growth of the global air suspension market will be the driving factor in the forecast period of 2020 to 2028 like research and development of improved automatic shift systems may play an important role in improving world market revenues.
Air Suspension Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | 9.06 billion |
| Growth Rate | CAGR of 5.91 % during 2020-2030 |
| Segment Covered | Component, Application, By Technology Type, By Sales Channel Type, Regions |
| Regions Covered | Component, Deployment Model, Organization Size, Industry Vertical, Regions |
| Key Players Profiled | Continental AG (Germany), ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea). |
Key Segments of the Global Air Suspension Market
Type Overview, (USD Million)
- Leaf springs
- Coil springs
- Air springs
- Torsion bars
Application Overview, (USD Million)
- Heavy vehicles
- Light commercial vehicles (LCV)
- Trucks
- buses
Component Overview, (USD Million)
- Air spring
- Tanks
- Solenoid valve
- Shock absorber
- Air compressor
- Electronic control unit (ECU)
Regional Overview, (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global air suspension market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global air suspension market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Global air suspension industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global air suspension market. The report will benefit Every stakeholder involved in the Global air suspension market.
- Managers within the Global air suspension industry looking to publish recent and forecasted statistics about the global air suspension market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global air suspension market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market value of air suspension market in 2030 was USD 9.06 billion
The air suspension market is growing at a CAGR of 5.91% during the forecast period.
The base year for the report is 2023 in air suspension market.
Over the past few decades analytics has evolved from code-based conventional analytics structure to automated structure. With the growing adoption of numerous technologies, analytics is no more limited to a particular department and being adopted across a wide range of industries and their business processes.
Advanced technologies such as artificial intelligence, machine learning, and data science enable Global air suspension to prepare data, generate insight, and visualize them which further allows businesses to make better decisions. Moreover, Global air suspension also boosts business intelligence processes through numerous ways such as conversational analytics, task automation, and context-aware insight suggestions. With all these capabilities Global air suspension allows organizations to save costs as well as time spent on gathering the data and generating insights manually by the data scientists.
Furthermore, as the adoption of IoT is increasing, the amount of data is being generated at tremendous speed. To store all this data in its natural form is going to be impossible in upcoming years as it also contains a large number of unnecessary things. Hence, Global air suspension is expected to help organizations in creating the necessary and useful insights through all such raw data at a faster pace.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Component Segment
Based on the component segment, the market is bifurcated into Air spring, tanks & others. In 2020, the software segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, the services segment is projected to attain major growth throughout the forecast years owing to the increasing need to provide uninterrupted support & maintenance and training & consulting services.
Application Segment
Based on the application, the market is segmented into Heavy vehicles, LCV, trucks, buses, and others. The finance sector seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the growing adoption of advanced technologies in the BFSI industry and an increase in the need to provide better services to the customers.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand among small & medium as well as large enterprises to enhance their business operations. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the Global air suspension market in this region is mostly ascribed to the growing adoption of Global air suspension by companies in countries such as India, Japan, and China to compete against other regional players.
.png "North American Global air suspension Market 2019-2028 (USD Million)")
The major players of the global air suspension market are Domo, IBM, Microsoft, MicroStrategy, Oracle, Salesforce, SAS, SAP, Tableau, and TIBCO Software. Moreover, the additional prospective market players in the Global air suspension market are Pyramid Analytics, Qlik, Sisense, ThoughtSpot, and Yellowfin. Renowned companies are offering new and modern Global air suspension software solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.