Air Suspension Market Growth - 7.54% CAGR to 2021 Led by Europe
PUNE, India, August 1, 2016 /PRNewswire/ --
The air suspension market is projected to grow at a CAGR of 7.54% from 2016 to 2021 and reach a market size of $4.69 billion by 2021 led by electronically controlled air suspension (ECAS) with highest growth rate while Europe is projected to be the largest market driven by increasing demand for luxury and comfort in passenger cars.
Complete report on air suspension market across 174 pages, profiling 10 companies and supported with 70 tables and 63 figures is now available at http://www.rnrmarketresearch.com/air-suspension-market-by-vehicle-type-pc-lcv-truck-bus-component-air-spring-shock-absorber-air-compressor-ecu-air-reservoir-height-sensors-technology-electronically-non-electronically-controlled-st-to-2021-market-report.html .
The major drivers for air suspension 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.
Owing to its low cost, less complex design and easy handling as compared with electronically controlled air suspension (ECAS), 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.
Passenger cars are estimated to constitute the largest market share, by value and volume, of the air suspension market. Luxury and comfort are the major highlights of air suspension and hence they are mainly limited to the premium segment of passenger cars. Developed markets already have a high penetration when it comes to air suspension in passenger cars, and this popularity is also growing in emerging markets making passenger cars the largest 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 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. Order a copy of Air Suspension Market by Vehicle Type (PC, LCV, Truck & Bus), Component (Air Spring, Shock Absorber, Air Compressor, ECU, Air Reservoir & Height Sensors), Technology (Electronically & Non-Electronically Controlled), & by Region - Global Forecast to 2021 research report at http://www.rnrmarketresearch.com/contacts/purchase?rname=647921 .
In the process of determining and verifying, the air suspension market for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (42%), Tier 2 (26%) and Tier 3 (32%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C Level (40%), D Level (29%) and others (31%) from various key organizations operating in the global air suspension market. The primary interviews were conducted worldwide covering regions such as North America (38%), Europe (22%), Asia- Oceania (30%) and Rest of World (10%).
On a related note, another research on Suspension Market Forecast to 2021 says, increasing vehicle production around the globe and demand for riding comfort and luxury in vehicles to fuel the demand for suspension system market. The market is projected to grow at the CAGR of 5.11% from 2016 to 2021 to reach the market size of USD 67.22 billion by 2021. Asia-Oceania is expected to have high growth rate. Companies like ZF Friedrichshafen AG, Tenneco Inc., KYB Corporation, Continental AG, Magneti Marelli S.p.A, Benteler International AG, Schaeffler AG, WABCO holdings Inc., Mando Corporation and ThyssenKrupp AG have been profiled in this 260 pages research reports available at http://www.rnrmarketresearch.com/suspension-system-market-by-system-passive-semi-active-active-damping-hydraulic-pneumatic-electromagnetic-architecture-dependent-semi-independent-independent-macpherson-strut-double-wishbone-vehicle-type-by-region-forecast-to-market-report.html .
Explore more reports on Automotive & Transportation market at http://www.rnrmarketresearch.com/reports/automotive-transportation .
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