Automotive Air Suspension System Market Analysis, Development and Demand Forecast to 2022
The global automotive air suspension system market was valued at $4,963.6 million in 2015, and it is expected to grow at a CAGR of 7.6% during 2016 - 2022.Increasing demand for luxury and comfort, and growing demand for premium cars and luxury buses are expected to drive the automotive air suspension market over the forecast period. Moreover, stringent emission control norms and fuel efficiency regulations in different countries is enforcing stringent targets to OEMs. This in turn, has increased the demand for lightweight air suspension system in the automotive industry. For instance, Kenworth Truck Company, a U.S. based manufacturer of medium and heavy-duty Class 8 trucks, introduced air ride suspension system in its vehicles to reduce the weight of suspension system by 400 pounds. ECOmove, an Australian company, developed patented ‘Qbeaks’ suspension composed entirely made of composite materials.
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Among the two technologies of automotive air suspension system, the manual air suspension held the larger share in the global automotive air suspension system market in 2015. However, the electronic air suspension systems segment is the faster growing segment. The consumption of automotive air suspension system was the largest in bus segment in 2015, compared to other vehicle types. The automotive air suspension system market is expected to witness fastest growth in passenger car segment.
Some of the major players operating in the global automotive air suspension system market include Thyssenkrupp AG, Hendrickson International Corporation, Continental AG, WABCO Holdings Inc., Hitachi Ltd., BWI Group, Firestone Industrial Products, Mando Corporation, Accuair Suspension, and Dunlop Systems and Components.
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