Potential Impact of COVID-19 on Automotive Air Suspension Market
Air suspension of a vehicle helps in improving the driving comfort of the vehicle to a large extent. Besides, air suspension also helps in effectively reduce fuel consumption and improve vehicle stability. Air suspension also helps in adjusting the ride height according to the vehicle speed.
Automotive Air Suspension Market: Drivers and Restraints
The booming automotive sector is expected to drive the automotive air suspension market during the forecast period. The basic function of the air suspension system is to provide a comfortable ride to the driver. Thus, the air suspension is a feature that is primarily prevalent in luxury vehicles and high-end models of vehicles. Increasing technological advancements such as electronically controlled air suspension systems (ECAS) have been gaining traction in recent years. This is further expected to fuel the automotive air suspension market in the near future.
Most key manufacturers of passenger vehicles do not prefer to provide air suspension in vehicles that fall in the medium price range category owing to the high price of the system. This is anticipated to hamper the automotive air suspension market during the forecast period.
Automotive Air Suspension Market: Key Segments
The global Automotive Air Suspension Market can be segmented based on vehicle, technology, component, and geography. In terms of vehicle type, the automotive air suspension market can be segmented into passenger vehicles and commercial vehicles. The commercial vehicles segment can be further divided into light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and buses & coaches. Commercial vehicles, especially heavy duty trucks and buses & coaches are subject to shocks to a larger extent compared to passenger vehicles. Air suspension systems help in shock absorption. This is anticipated to provide promising opportunities for the growth of the automotive air suspension market during the forecast period.
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Based on technology, the automotive air suspension market can be divided into electronically controlled air suspension and manually controlled air suspension. The electronically controlled air suspension (ECAS) is anticipated to expand at a rapid pace during the forecast period owing to the rising consumer preference toward cars with technologically advanced systems. ECAS enables better levelling of the vehicle, reduced air consumption, reduced vibration, more comfortable ride, higher stability, optimum road grip, and the ability to adapt to varying load capacities.
Based on components, the automotive air suspension market can be segregated into air compressor, air reservoir, electronic control unit and height sensors.
Based on sales channel, the automotive air suspension market can be classified into OEM (original equipment manufacturer) and aftermarket. The OEM segment is anticipated to expand at a significant growth rate during the forecast period owing to the fact that the air suspension system does not require replacement on a frequent basis.
Based on geographical region, the automotive air suspension market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to witness a significant growth in the automotive air suspension market during the forecast period owing to the rapid advancement in the automotive sector in the region and the strong manufacturing footprint of major vehicle manufacturers in few countries of Asia Pacific such as China, Japan and South Korea. Asia Pacific is anticipated to be followed by Europe. This high growth rate of the automotive air suspension market in Europe is mainly due to the focus of Europe-based OEMs toward technological advancements and the rising public preference toward possessing luxury vehicles equipped with air suspension systems in the region in recent years.
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Automotive Air Suspension Market: Key Players
Key players operating in the global automotive air suspension market include Continental AG, ThyssenKrupp AG, WABCO, Hendrickson USA, L.L.C., Dunlop Systems and components , Hitachi, Ltd. , ZF Friedrichshafen AG, and Magneti Marelli S.p.A.
