Market Growth in the Global Air Suspension Industry (Latest Information)
The market is primarily driven by consumer preference for vehicle comfort and safety and the widespread adoption of air suspension systems in heavy commercial vehicles (HCVs). Heavy trucks are commonly equipped with air suspension systems due to their capacity to carry heavy and variable loads, which can significantly affect their stability and handling. These systems automatically adjust the vehicle height and stiffness based on the load, ensuring optimal performance and safety. Additionally, air suspension systems require ample space, making trucks well-suited for installation. This will, in turn, raise the demand for heavy commercial vehicles, including trucks and buses, in the coming years.
The air suspension market is expected to reach USD 13.9 billion by 2030, up from USD 10.0 billion in 2024, with a CAGR of 5.6%.
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Surge in heavy commercial vehicle sales
In recent years, the global demand for commercial vehicles has increased significantly. OICA reported that commercial vehicle sales increased from 23.0 million units in 2021 to 26.4 million units in 2023. This growth can be attributed to increasing infrastructure spending, rising import-export trade, urbanization, growing e-commerce activities, the construction industry for residential and industrial applications, smart-city projects, and last-mile delivery services. With improving economic and technological advancements and regulatory changes, the global demand for heavy-duty vehicles will continue growing.
Trend of lightweight air suspension systems
The trend of lightweight vehicles has helped OEMs decrease CO2 emissions and increase fuel efficiency. Light-duty vehicles’ suspension systems and chassis constitute 22–27% of the vehicle weight, including the suspension, steering, brake, tires, and wheels. Conventional suspension systems are heavy, increasing vehicle weight and fuel consumption. Suspension makers are continually searching for the optimum blend of material content in a chassis and components, lowering the weight without compromising the performance. For instance, Kenworth Truck Company (US) succeeded in decreasing the suspension system weight by 400 pounds with the help of an air-ride suspension system. Similarly, SAF Holland SE (Germany) presented a lightweight CBX23 AeroBeam fixed frame air suspension, which gives a balance between power and weight for improved performance in heavy trucks. The textile-reinforced rubber air springs reduce the weight of the suspension systems. Such initiatives would prompt other players to develop lightweight air suspension systems and related components to tap new business opportunities in the coming years.
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Trucks to be largest segment by vehicle type
The trucks segment is expected to secure a leading position in the air suspension market due to the need for improved ride quality in specialized applications such as refrigerated trucks and the delivery of sensitive commodities. Asia Pacific is witnessing substantial economic growth in this segment, especially in China and India, due to rising demand for trucks and other commercial vehicles. Domestic manufacturers have begun using air suspension systems in their models, subject to stringent environmental laws and high consumer demand for ride comfort. This, in turn, propels the air suspension market for trucks in the region.
Asia Pacific is a prominent market in the global automotive industry, accounting for over 40% of the world’s truck and bus production. This output is further complemented by the OEMs’ increasing tendency to incorporate air suspension systems into high-end trucks and buses to meet the rising demand in this segment. The region has also seen a surge in the sales of luxury passenger cars and premium SUVs, attributed to the growing purchasing power of consumers. This shift in consumer preference toward more luxurious vehicles necessitates a smoother ride, prompting OEMs to more frequently adopt air suspension systems in the luxury and SUV segments.
Key Market Players
The major players in the automotive suspension industry include ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), and SAF Holland (Germany).
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