Air suspension systems came into existence in the early 1900s. Since then various technological improvements and increasing penetration have led to widespread adoption of this suspension technology. Further, air suspension systems are a type of suspension system that support the vehicle on the axles with the inclusion of air springs (air bags) as an alternative for steel springs or conventional leaf springs. Air suspension systems can increase the ability to transport loads by levelling the suspension. Additionally, they also reduce noise and vibration. Furthermore, in the market, integrated type of air suspension systems are being utilized in automotive owing to various cost related advantages. An air suspension system basically includes shock absorbers, air springs (ranging from 1 to 4), beam assembly, axle, brake system (excluded in the study), frame bracket, bushings and other mountings.
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Air suspension systems are predominantly sold by OEMs by integrating the system in the vehicle. The global Air Suspension Systems Market is estimated to have been valued at US$ 4,370.5 Mn at the end of 2017 and is expected to expanding at a CAGR of 7.0% over the forecast period.
Growing e-commerce, global trade and urbanization are some of the trends impacting the supply chain logistics in the Air Suspension Systems market. Intercontinental trade between European, Asian and North American countries will strengthen the replacement and sales of new heavy and light trucks. Subsequently, continuous operations through trucks and growing freight transport will encourage the demand for air suspension systems. However, any economic downturn might affect the air suspension systems market significantly. For instance, Japan witnessed subdued demand for commercial vehicles in 2017, which negatively impacted the demand for Air Suspension Systems. Moreover, freight vehicles are major contributors to climate change and emissions. Thus, technologies which could curb emissions are being employed -- air suspension systems reduce emissions and optimize fuel efficiency.
Globalization is one of the key trends responsible for the growth of the air suspension systems marketin near future. Customers are increasingly moving to new markets and to facilitate and support their operations, manufacturers have been expanding their global footprint, which has been elevating the penetration rate of air suspension systems.
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On the basis of vehicle type, the global air suspension systems market can be segmented into three segments: buses & coaches, trailers, and heavy trucks. Heavy trucks accounted for 52.1% volume share in 2017 and the segment is expected to expand at a significant CAGR as compared to other two segments. Further, trailers are estimated to have accounted for 30.1% volume share by the end of 2017.
On the basis of sales channel, the global air suspension systems market can be segmented into OEM and aftermarket. Revenue from OEM segment accounted for 84.4% value share in 2017 and is expected to expand at a CAGR of 6.7% over the forecast period.
On the basis of geography, the global air suspension systems market is segmented into North America, Latin America, Western Europe, Eastern Europe, Japan, China, South East Asia & Pacific, India and Middle East & Africa. Western Europe is expected to have dominated theAir Suspension Systems market with 32.8% value share in 2017 and is anticipated to remain dominant throughout the forecast period. Growth of the construction sector coupled with the prevalence of government regulations in Europe and other developed regions is expected to drive the growth of air suspension systems in the region. SEA is expected to emerge as one of the lucrative regions in terms of CAGR in the Air Suspension Systems market during the forecast period.
Some of the key players operating in the global Air Suspension Systems market are SAF-HOLLAND S.A., Hendrickson USA, L.L.C., BPW Transpec Pty Ltd., TMC Australia Pty. Ltd., Guangzhou TND Axle Co., Ltd., Meritor, Inc., Wabco Holdings, York Transport Equipment (Asia) Pte. Ltd., VDL Weweler-Colaert etc.
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Air Suspension Systems Market Analysis Showcases Growth Trends and Opportunity Forecasted Until 2028
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