Air Suspension Market Size, Growth, Demand, Opportunities & Forecast to 2027

Air Suspension Market by Component (Air Spring, Shocker, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Vehicle Type (ICE & Electric), Aftermarket & Region - Global Forecast to 2027


Northbrook, IL 60062 -- (SBWire) -- 09/26/2022 --The air suspension market is expected to grow from USD 17.8 billion in 2022 and is projected to reach USD 21.8 billion in 2027, at a CAGR of 4.2% during the forecast period. The demand for air suspension is driven by the increased demand for vehicle comfort and safety and the increasing adoption of air suspension systems in HCVs.

Air Suspension Market Dynamics

Driver: Rising global commercial vehicle sales

The global demand for commercial vehicles has shown significant growth in recent years. According to OICA statistics, commercial vehicle sales have increased from 21.7 million units in 2020 to 23.1 million units in 2021, at a CAGR of 3%. The growth can be attributed to increasing infrastructure spending, rising import-export trade, and growing e-commerce activities.

Rising commercial vehicle sales have increased the demand for air suspension in recent years. Most heavy trucks, semi-trailers, and multi-axle buses in European and North American countries have air suspension as a standard feature. Volvo FH; Mercedes Actros; Freightliner Cascadia; Iveco Trakker; Eurocargo; and Kenworth C500, T440, T470, T800, and W900 are some heavy trucks models that come with standard fitment of air suspension. OEMs in China, South Korea, and India have also started offering air suspension in heavy commercial vehicles. Global suppliers such as Z.F. Friedrichshafen AG (Germany), Continental AG (Germany), and Hendrickson (U.S.) have started following various strategies to cater to the demand and strengthen their presence in this market. In some countries, the fitment of air suspension offers additional benefits to fleet owners. In India, installing air suspension in one axle would increase the vehicle carrying capacity by 1 to 2 tons. Similar benefits and upcoming regulations on cabin comfort for heavy trucks would encourage OEMs to offer air suspension in the semi-trailers segment. Thus, the increase in global commercial vehicle sales increase would boost the air suspension market in the coming years.

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Opportunities: Increasing demand for lightweight air suspension systems

The trend of lightweight vehicles has helped OEMs to reduce CO2 emissions and improve fuel efficiency. A major step towards achieving this goal is reducing the fuel consumption of vehicles fitted with air suspension systems. The chassis and suspension system constitute 22%–27% of the weight of a light-duty vehicle, including the suspension, steering, and brakes, as well as the tires and wheels. Conventional suspension systems are usually heavy, increasing vehicle weight and fuel consumption. Suspension manufacturers are constantly working to find the right mix of material composition to reduce the weight of the chassis and components without affecting their performance. Kenworth Truck Company (U.S.) managed to reduce the weight of the suspension system by 400 pounds by using an air ride suspension system. SAF Holland S.E. has introduced a lightweight CBX23 AeroBeam fixed frame air suspension, which provides an optimal balance of strength and weight for enhanced performance in heavy trucks. Air spring made up of textile reinforced rubber reduces the weight of the suspension systems. This would prompt other players to develop lightweight air suspension systems and related components to tap new business opportunities in the coming years.

Electrictronically controlled air suspension systems to grow at the fastest pace.

North America leads the electronically controlled system because of the higher adoption rate for technologically advanced systems. Audi A8, Mercedes S-Class, Porsche Cayenne, Land Rover Discovery, and Volkswagen Touareg are some of the passenger vehicle models with electronically controlled systems as a standard fitment in their selected trims. The adoption rate in Europe for Trucks and buses stood at nearly 40-50% and 55-60%, respectively, in 2022. Volvo, Daimler AG, Scania, and MAN offer electronically controlled systems in trucks and buses for the European market.

Key Market Players

The air suspension market is dominated by global players and comprises several regional players as well. The key players in the air suspension market are ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), and SAF Holland (Germany).

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Media Relations Contact

Mr. Aashish Mehra
MarketsandMarkets™ INC.

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