As per the reports published by FMI, the global air suspension systems market is projected to have an average-paced CAGR of 9.6% during the forecast period. The current valuation of the market is US$ 5.2 Billion in 2023. The market value of the air suspension systems market is anticipated to surpass a market valuation of US$ 13.0 Billion by the year 2033. A historical market valuation of US$ 4.9 Billion has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
FMI has analyzed that the air suspension system market is witnessing an unprecedented surge owing to the high demand for luxury vehicles amidst the urban populace. People across the globe are paying attention to their safety concerns, and are highly looking out for comfort during rides. This factor is immensely driving the sales of air suspension systems in 2023.
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Furthermore, there is a surge in the production of electric vehicles and passenger vehicles for easing the transportation of the working population across developing economies. The soaring manufacture of buses and coaches is expected to stir up the market dynamics for air suspension systems. However, it is identified that the high development costs associated with these systems are likely to hinder the pace of advancement through the foreseen years.
Key Takeaways from the Air Suspension Systems Market
- The air suspension system market has grown 1.06X from the base year to the current year, with an approximate surge of US$ 0.3 Billion.
- The heavy trucks segment is likely to hold the largest share in the vehicle type category, advancing at a moderate pace of 4% CAGR.
- The buses and coaches segment is estimated to slate a CAGR of 9.4% through the estimated study period.
- The OEM segment by sales channel category is likely to foster at the highest rate. The segment is likely to account for a CAGR of 9.2% during the period 2023-2033.
“Rising concerns related to safety while driving and stringent regulations by the government for mandated air suspension equipment in vehicles is likely to curate lucrative growth opportunities for manufacturers in the air suspension industry.” – Says an FMI Analyst.
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Competitive Landscape in the Air Suspension Systems Market
The manufacturers in the air suspension systems market are indulging in activities that would fuel the rapid advancement of the industry through the forecast period. They are collaborating and entering into strategic partnerships with other prominent players proliferating in the market. Additionally, they are making significant investments in research and development activities to further launch new systems and make innovations to the comfort ride of customers. They are entering into mergers and acquisitions to further strengthen their foothold in the market.
ThyssenKrupp AG, WABCO, Hendrickson USA, L.L.C., Dunlop Systems and components, Hitachi Automotive, Ltd., ZF Friedrichshafen AG, Magneti Marelli S.p.A, and Accuair Suspension are some of the key players in the market.
- In September 2021, Continental AG made a significant launch of 3 products at Automechanika 2021, which has the inclusion of air suspension dampers.
- In May 2021, Bridgestone made an announcement to expand its plant in Williamsburg, Kentucky. It made an investment of US$ 51 Million in Firestone Industrial Products. This was initiated to cater to the demand for air suspension systems across EVs or electric vehicles.
- In May 2020, ZF Friedrichshafen AG completed its successful acquisition of commercial vehicle technology supplier WABCO. Before this acquisition, the firm gained all the approval from the required regulatory authorities.
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Key Segments in the Air Suspension System Market
By Vehicle Type:
- Buses & Coaches
- Heavy Trucks
By Sales Channel:
- Electronic Operated Systems
- Non Electronic Operated Systems
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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