The air suspension market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of USD 8.4 billion by 2025 from USD 5.3 billion in 2018

NEW YORK, April 22, 2019 /PRNewswire/ -- Increasing demand for luxury and comfort and growing demand for luxury buses are expected to fuel the demand for the air suspension market

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The air suspension market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of USD 8.4 billion by 2025 from USD 5.3 billion in 2018. Market growth can be attributed to factors such as increasing demand for luxury buses for long distance traveling and rising disposable income, which in turn boosts the demand for high-end passenger cars. Alternatively, the high development cost of air suspension and growing presence of local suppliers are few concerns of this market.

Semi-trailer is projected to be the largest and fastest growing market for cabin air suspension during the forecast period
The semi-trailer segment is anticipated to be the largest and fastest growing market for cabin air suspension from 2018 to 2025.Semi-trailers are used in extremely harsh and rigorous working environment for off-roading conditions.

Therefore, OEMs offer a cabin with air suspension to enhance the cabin experience.Leading OEMs in Europe and North America such as Scania, MAN, Daimler, Volvo, and Paccar offer cabin air suspension in select heavy truck models with GVWR of 30 tons and above.

Additionally, with an increasing number of infrastructural projects such as airports, dams, and smart cities and the growth of import-export trade, Asia Oceania would offer lucrative growth opportunities for the cabin air suspension.

Air spring is projected to lead the air suspension market, by component, during the forecast period
Air spring is estimated to hold the largest share of the air suspension market, by component, from 2018 to 2025.It is a primary component of air suspension that is made of textile-reinforced rubber material.

There are mainly two main types of air springs—rolling lobe type and convoluted air springs.The convoluted design is widely used in the automotive industry.

Two units of air springs are installed per axle in all vehicle types.The demand for air spring is directly proportional to the demand for air suspension.

With rising demand for comfort and safety in passenger and commercial vehicles, the market for air suspension and air spring would grow significantly during the review period.

Europe and Asia Oceania: The largest and fastest growing air suspension market, respectively
Europe is estimated to be the largest air suspension market during the forecast period owing to the presence of global OEMs, particularly for premium cars (C segment and above).The high sales of premium cars in the region can be attributed to the high purchasing power of European car buyers.

According to MarketsandMarkets analysis, the share of premium cars in the total passenger car production in Germany was estimated to be nearly 81–83% in 2017, which is expected to reach 92.0–93.0% by 2025. Also, tier-1 suppliers such as Continental, ThyssenKrupp, SAF-Holland, and Dunlop are constantly updating their existing air suspension portfolio to cater the OE and aftermarket demand. Further, the adoption rate of air suspension has increased in heavy trucks and buses due to European Union regulations and consumer preferences for convenience features. These factors are expected to drive the growth of air suspension market in the region.
The Asia Oceania region is anticipated to be the fastest growing market for air suspension during the forecast period.The market growth can be attributed to the significant increase in the production of passenger cars and commercial vehicles in the region.

Further, with an increase in per capita income, China, Japan, and South Korea have witnessed a significant rise in premium vehicle sales and have emerged as lucrative markets for premium automotive OEMs.As Asia Oceania contributes a significant share of the global bus and truck production, trucks and buses hold the maximum share of air suspension market in 2018.

According to OICA statistics, the share of heavy trucks and buses in Asia Oceania was estimated to be 75% and 76%, respectively in 2018.Increased infrastructure spending, rising import-export trade, and growth of e-commerce have driven the growth of the Asia Oceania market.

With rising heavy vehicle production, the demand for air suspension is expected to grow significantly, which in turn would push foreign suppliers to extend their presence in this region. These factors together are expected to drive the air suspension market in the region in the coming years.

BREAKDOWN OF PRIMARIES
The study contains insights provided by various industry experts, ranging from equipment manufacturers, OEMs, and Tier-1 suppliers to regional associations members. The break-up of the primaries is as follows:
• By Company Type – Tier-1–69%, Tier-2 - 21% - OEM's–10%,
• By Designation: C level–45%, D Level–39%, Others–16%
• By Region: North America – 48%, Europe–33%, and Asia Oceania–19%

The report provides detailed profiles of the following companies:
• Continental AG (Germany)
• ThyssenKrupp AG (Germany)
• Hitachi Ltd. (Japan)
• Wabco Holdings Inc. (Belgium)
• Firestone Industrial Products (US)
• BWI Group (China)
• SAF-Holland (Germany)
• Hendrickson International Corporation (US)
• Accuair Suspension (US)
• Mando Corporation (South Korea)

Research Coverage
The primary objective of the study is to define, describe, and forecast the air suspension market, by value and volume.The study segments the air suspension market by technology (electronically controlled and non-electronically controlled), component (air springs, shock absorber, compressor, electronic control unit, air reservoir, height sensors, solenoid valves, and pressure sensors), vehicle type (light-duty vehicles, trucks, and buses), cabin air suspension by vehicle type (rigid trucks and semi-trailers), and region (North America, Europe, Asia Oceania, and RoW).

The study also covers the aftermarket, by component (air bellows and shock absorber bushes).It analyzes the opportunities offered by various segments of the market to the stakeholders.

It tracks and analyzes competitive developments such as market ranking analysis, expansions, joint ventures, acquisitions, and other activities carried out by key industry participants.

Reasons for buying the report
• The study provides qualitative and quantitative analysis of air suspension market (by vehicle type), in terms of volume ('000 units) and value (USD million), at country and regional level.
• The study provides qualitative and quantitative analysis of air suspension market, by technology and components in terms of volume ('000 units) and value (USD million), at the regional level. The study also analyzes the cabin air suspension market, by vehicle type, in terms of volume ('000 units) and value (USD million), at the regional level.
• The study provides qualitative and quantitative analysis of air suspension aftermarket, by component, represented in terms of volume ('000 units) and value (USD million) at the regional level.
• The study includes the profiles of the key ten companies and additional ten companies, which have a significant impact on the market, along with their financial structure, recent developments, and product portfolio.
• The report covers the competitive landscape, which reflects the market share analysis of leading players along with the dominant strategy adopted by these stakeholders to retain their position.

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