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The automotive air suspension market share is expected to increase by USD 1.85 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.6%.
This automotive air suspension market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive air suspension market segmentation by application (commercial vehicle and passenger vehicle) and geography (Europe, North America, APAC, South America, and MEA). The automotive air suspension market report also offers information on several market vendors, including Continental AG, Dunlop Systems and Components, EnPro Industries Inc., Hendrickson Holdings LLC, Hitachi Ltd., Knorr Bremse AG, Marelli Holdings Co. Ltd., thyssenkrupp AG, VDL Groep BV, and ZF Friedrichshafen AG among others.
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The rising sales of luxury cars are notably driving the automotive air suspension market growth, although factors such as high production costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive air suspension industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Air Suspension Market Driver
Rising sales of luxury cars are a major driver fueling the automotive air suspension market growth. Luxury cars are equipped with modern technologies that offer better performance, comfort, and convenience to the vehicle occupants as compared to other vehicles. Hence, the majority of the latest technological innovations, such as air suspension systems, for passenger cars are initially offered in luxury vehicles. Air suspension systems are mainly used in heavy-duty commercial trucks to reduce vibration and engine noise. However, technological advancements have made it possible to fit air suspension systems in passenger cars. The air suspension technology is restricted to luxury vehicles as the inflated price tags of luxury cars justify the cost of equipping the vehicle with air suspension systems. Increasing sales of luxury vehicles are expected to drive the production of automotive air suspension systems during the forecast period. Major luxury vehicle makers, such as BMW, Mercedes-Benz, and Audi, witnessed a significant increase in sales in 2019 as compared to 2016.
Key Automotive Air Suspension Market Trend
The development of three-chamber air spring systems is a major trend influencing the automotive air suspension market growth. OEMs and suppliers have been closely developing advanced automotive suspension systems that offer maximum comfort to the vehicle occupants. Automotive air suspension systems automatically adjust the air pressure in the airbag to mitigate the majority of the force from the road bump to go to the vehicle occupants. Automotive air suspension systems heavily cushion road bumps and let minimal impact reach the vehicle occupants while traveling over rough terrains. Vendors are developing multiple types of automotive air suspension systems with more advanced capabilities. For instance, the three-chamber air spring system developed by Vibracoustic offers increased smoothness while driving over rough terrains. The system intelligently sets its air springs based on four different stiffness levels by switching on and off individual air chambers for providing a smoother drive.
Key Automotive Air Suspension Market Challenge
High production costs are a major hindrance to the automotive air suspension market growth. The installation of automotive air suspension systems significantly increases the production costs of vehicles. Hence, the adoption of automotive air suspension systems is largely limited to luxury vehicles and heavy-duty commercial trucks. High production and installation costs associated with air suspension systems will pose a significant challenge to the growth of the global automotive air suspension market during the forecast period. The automotive air suspension system for a passenger car roughly costs $2,200, whereas the spring conversion kit costs about $1,300. The price difference between the two types of automotive suspensions is driving vehicle makers to use automotive air suspension systems in high-performance luxury vehicles only. Air suspension systems involve a complex system of sensors and equipment to constantly monitor the road conditions and adjust vehicle height accordingly. The additional number of sensors used in the system and their integration with the vehicle's electronic control module further increase the production costs of automotive air suspension systems.
This automotive air suspension market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive air suspension market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive air suspension market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive air suspension market encompasses successful business strategies deployed by the key vendors. The automotive air suspension market is fragmented and the vendors are deploying organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive air suspension market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive air suspension market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of automotive components and accessories market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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