NEW YORK, Aug. 8, 2016 /PRNewswire/ -- "Increasing demand for luxury and comfort in passenger cars and growing demand for luxury buses are the major drivers of the air suspension market"
The air suspension market is projected to grow at a CAGR of 7.54% from 2016 to 2021, to reach a market size of USD 4.69 billion by 2021. The major drivers for this market are rising demand for comfort and luxury, as a result of increased disposable income, increased preference towards luxury public transport for long distance travel among others are together driving the market for air suspension systems globally.
"Non- Electronically Controlled Air Suspension System: Largest Technology Market"
Owing to its low cost, less complex design and easy handling as compared with electronically controlled air suspension, the market for non-electronically controlled air suspension is largest. The system has a very simple electric connection where air flow inwards and outwards from the air springs through valves. All the wheels have a good grip to the road surface which leads to increased stability of the steering system and improved braking performance.
"Europe is projected to be the largest market segment while Asia-Oceania is the fastest growing market segment"
Europe accounts for the largest market share, both in terms of value and volume, as the region houses a number of premium car manufacturers as well as air suspension manufacturers like Continental AG (Germany), Dunlop Systems and Components (U.K.) and ThyssenKrupp AG (Germany) and hence is able to cater to a large variety of consumers. Asia-Oceania is the fastest growing market, both in terms of value and volume, for air suspension. This is because of the high demand for vehicles, especially in emerging economies such as China and India with several OEMs investing in these regions. Availability of cheap labor and favorable government policies are additional factors that spur this growth.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier-1 companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier-1 -42%, Tier-2 - 26%, Tier-3 - 32%
- By Designation - C level - 40%, D level - 29%, and Others - 31%
- By Region - North America - 38%, Europe - 22%, Asia-Oceania - 30%, and RoW - 10
The air suspension market is dominated by a few globally established players, namely, Continental AG (Germany), Hendrickson International Corporation (U.S.), ThyssenKrupp AG (Germany), Dunlop Systems and Components (U.K.), Wabco Holdings Inc. (Belgium), Hitachi Ltd. (Japan), Accuair Suspension (U.S.) amongst others. Key growth strategies adopted by these players include new product development, partnerships, agreements, joint ventures, and supply contracts.
List of Companies
Hendrickson International Corporation
Thyssen Krupp AG
Dunlop Systems and Components
Wabco Holdings Inc.
Firestone Industrial Products
Reasons to Buy the Report:
This report contains various levels of analysis, including industry analysis, industry trends, and company profiles, which together comprise and discuss the basic views on the emerging and high-growth segments of the air suspension market, competitive landscape, high-growth regions and countries, government initiatives, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report enables new entrants/smaller firms as well as established firms to understand the market better, and thereby helps them acquire a larger market share. Firms purchasing the report could use any one or a combination of the below-mentioned four strategies (market development, product development/innovation, market diversification, and competitive assessment) to strengthen their position in the market.
The report provides insights with reference to the following points:
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for air suspension across regions.
- Product Development/Innovation: Detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive air suspension market.
- Market Diversification: Detailed information about untapped markets, investments, new products, and recent developments in the air suspension market.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the air suspension market.
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