The Worldwide Market for Air Suspension to 2025 - By Component, Air Spring is Projected to Lead the Market
DUBLIN, May 1, 2019 /PRNewswire/ -- The "Air Suspension Market by Vehicle Type), Component, Technology, Cab Suspension, Aftermarket, Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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 the growing presence of local suppliers are few concerns of this market.
The air suspension market is dominated by a few global players and comprises several regional players. Some of the key players in the air suspension market are Continental AG (Germany), Thyssenkrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAFHolland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea).
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 an 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 springsrolling 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 the 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 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 92-93% 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 the 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.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency & Pricing
1.5 Package Size
1.6 Limitations
1.7 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Secondary Data
2.3 Primary Data
2.4 Market Size Estimation
2.5 Market Breakdown and Data Triangulation
2.6 Assumptions
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Air Suspension Market
4.2 Air Suspension Market in Europe, By Vehicle Type and Country
4.3 Air Suspension Market, By Country
4.4 Air Suspension Market, By Technology
4.5 Air Suspension Market, By Vehicle Type
4.6 Air Suspension Market, By Component
4.7 Cabin Air Suspension Market, By Vehicle Type
4.8 Air Suspension Aftermarket, By Component
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Global Commercial Vehicle Sales
5.2.1.2 Increasing Demand for Premium and Luxury Vehicles
5.2.2 Restraints
5.2.2.1 High Development and Adoption Cost of Air Suspension
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Lightweight Air Suspension System
5.2.3.2 Rising Aftermarket Demand for Air Suspension & Related Components
5.2.4 Challenge
5.2.4.1 Increasing Presence of Local Suppliers
6 Industry Trend
6.1 Introduction
6.2 Revenue Impact Analysis
6.3 Pricing Analysis
6.4 Porter's Five Forces
7 Air Suspension Market, By Technology
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions
7.1.3 Industry Insights
7.2 Electronically Controlled
7.2.1 Electronically Controlled is Anticipated to Be the Fastest Growing Market
7.3 Non-Electronically Controlled
7.3.1 Non-Electronically Controlled is the Largest Market as of 2018
8 Air Suspension Market, By Component
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions
8.1.3 Industry Insights
8.2 Air Spring Assembly
8.2.1 Air Spring Assembly is Estimated to Be Largest Market
8.3 Shock Absorbers
8.3.1 Shock Absorbers are Usually Two Number of Units Per Axle
8.4 Compressor
8.4.1 Europe is Expected to Be the Largest Market for Air Compressor
8.5 Electronic Control Unit
8.5.1 Electronic Control Unit is Estimated to Be the Fastest Growing Market
8.6 Air Reservoir
8.6.1 Air Reservoirs are Also Used for Air Brake Mechanism in Commercial Vehicles
8.7 Height Sensors
8.7.1 Two Number of Height Sensors are Installed Per Axle in All Vehicle Types
8.8 Solenoid Valve
8.8.1 Solenoid Valve is Required for Electronically-Controlled Air Suspension
8.9 Pressure Sensors
8.9.1 Europe is Expected to Be the Largest Market for Pressure Sensors
9 Cabin Air Suspension Market, By Vehicle Type
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions
9.1.3 Industry Insights
9.2 Rigid Trucks
9.2.1 Asia Oceania is Expected to Be the Fastest Growing Market
9.3 Semi-Trailers
9.3.1 Semi-Trailers Hold the Maximum Share for Cabin Air Suspension
10 Air Suspension Market, By Vehicle Type
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions
10.1.3 Industry Insights
10.2 Light-Duty Vehicles
10.2.1 LDV is the Largest and Fastest Market for Air Suspension
10.3 Trucks
10.3.1 Semi-Trailers Lead the Trucks Air Suspension Market in 2018
10.4 Bus
10.4.1 Bus Segment has the Maximum Installation Rate of Air Suspension
11 Air Suspension Aftermarket, By Component
11.1 Introduction
11.1.1 Research Methodology
11.1.2 Assumptions
11.1.3 Industry Insights
11.2 Air Bellows
11.2.1 Air Bellows Lead the Air Suspension Aftermarket, By Components
11.3 Shock Absorber Bushes
11.3.1 There are 15-20 Units of Bushes Per Shock Absorber for Heavy Duty Vehicles
12 Air Suspension Market, By Region
12.1 Introduction
12.2 Asia Oceania
12.3 Europe
12.4 North America
12.5 RoW
13 Competitive Landscape
13.1 Overview
13.2 Competitive Leadership Mapping
13.2.1 Visionary Leaders
13.2.2 Innovators
13.2.3 Dynamic Differentiators
13.2.4 Emerging Companies
13.3 Competitive Leadership Mapping: Air Suspension Manufacturers
13.3.1 Competitive Benchmarking
13.3.1.1 Strength of Product Portfolio
13.3.1.2 Business Strategy Excellence
13.4 Competitive Leadership Mapping: Air Suspension Component Manufacturers and Suppliers
13.4.1 Competitive Benchmarking
13.4.1.1 Strength of Product Portfolio
13.4.1.2 Business Strategy Excellence
13.5 Air Suspension Market: Market Share Analysis
13.6 Competitive Scenario
13.6.1 Expansions
13.6.2 New Product Launches/New Product Developments
13.6.3 Supply Contract/ Partnerships/Joint Ventures/ Collaborations
13.6.4 Mergers & Acquisitions
14 Company Profiles
14.1 Continental
14.2 ThyssenKrupp
14.3 Hitachi
14.4 Wabco
14.5 Firestone Industrial Products
14.6 Hendrickson
14.7 Mando Corporation
14.8 BWI Group
14.9 SAF-Holland
14.10 Accuair Suspension
14.11 Additional Companies
14.11.1 Europe
14.11.1.1 Vibracoustic
14.11.1.2 Dunlop
14.11.1.3 Vb-Air suspension
14.11.2 North America
14.11.2.1 Link
14.11.2.2 Universal Air Suspension
14.11.2.3 Liftmatic
14.11.2.4 Stemco
14.11.2.5 Arnott
14.11.3 Asia Oceania
14.11.3.1 Shanghai Komman
14.11.3.2 Jamna Auto
For more information about this report visit https://www.researchandmarkets.com/r/3nku84
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