According to a recent report published by Allied Market Research, titled, “Air Suspension Market by Vehicle Type, Component, Technology Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2018-2025,” global air suspension market size was valued at $5.94 billion in 2019, and is projected to reach $9.22 billion by 2026, registering a CAGR of 6.50% 2019 to 2026.
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Air suspension is a type of suspension system used in vehicles to provide comfort to drivers while driving. The air suspension system present in vehicles is powered by an electric or engine-driven air pump or compressor. These pumps or compressors attached to the suspension system allows air to flow into suspension system which is usually made from textile-reinforced rubber.
Air suspension system is used in a vehicle in replacement of conventional steel springs and have a wider application in heavy vehicles such as buses, trucks, rolling stock, and various heavy vehicles. The main purpose of air suspension is to provide a smooth and constant ride quality to driver and passengers, which has positively impacted to the air suspension market growth.
The non-electronic segment dominated the market–
Based on technology, the non-electronic segment held the largest share in 2018, contributing more than four-fifths of the global air suspension market, owing to the presence of vehicles with non-electronic suspension system and better efficiency in present. However, the electronic segment is anticipated to portray the fastest CAGR of 7.5% during the forecast period, due to the introduction of electric vehicles across the globe and demand for lightweight suspension systems in vehicles.
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The truck segment to manifest fastest CAGR by 2026–
The truck segment dominated the market in 2018, accounting for more than one-third of the global air suspension market. The segment would dominate the market throughout the study period. Moreover, the segment is expected to register the fastest growing CAGR of 6.8% during 2019-2026. This is due to the increase in demand for an efficient transportation system.
Major market players
- Mando Corporation
- Continental
- Wabco
- Firestone Industrial Products
- Hendrickson
- Accuair Suspension
- Hitachi
- BWI Group
- SAF-Holland
- ThyssenKrupp AG
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