Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Air Suspension Systems Market (By Type: Electronically Controlled Air Suspension, Non-Electronically Controlled Air Suspension; By Application: LCV OEM Segment, LCV Aftermarket Segment, Other Segment) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025”, estimates that global Air Suspension Systems market is expected to reach the market value of around $4 billion by 2025 and is anticipated to grow at a CAGR of around 4.5% in terms of revenue during the forecasting period 2018 – 2025.
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Increasing e-commerce, worldwide trade and urbanization are a portion of the patterns affecting the supply chain coordination in the air suspension systems market. Intercontinental exchange between European, Asian and North American nations will fortify the substitution and sales of new substantial and light trucks. Thus, persistent activities through trucks and developing freight transport will persuade the demand for air suspension systems. On the other hand, monetary downturn may influence the air suspension systems market significantly. For example, Japan saw stifled interest for business vehicles in 2017, which contrarily affected the demand for air suspension systems. In addition, cargo vehicles are real supporters of environmental change and outflows which in turn creates a huge demand for air suspension system.
Segment Viewpoint
Non-Electronically Controlled Air Suspension segment dominated the market in terms of both revenue and volume however, with growth in premium and luxury car segments, the demand for electronically-controlled air suspension systems is expected to rise rapidly over the coming decade. In terms of application, LCV OEM segment grab the prime share in overall market owing to the rising number of LCV vehicles on the streets throughout the globe. LCV OEM segment value around USD 670 million in 2017, and is expected to grow at a considerable rate amid the forecasting time span.
The market is consolidated with few players dominating the global landscape. Hitachi, Continental, ThyssenKrupp, Dunlop, and WABCO led the overall market for air suspension in 2017.
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The air suspension market has been segmented into four regions, namely, Asia-Pacific, Europe, North America and Rest of the World. North America is estimated to constitute the largest market share, globally, in terms of both value and volume. OEMs in this region are extremely advanced and are operational on enhancing their technological abilities and consequently are capable to cater a larger segment of the air suspension system demand. North America is the only region where more than 20% of passenger cars sold are fitted with air suspension systems. Closely followed by, Europe which holds around USD 1 billion of global share. Asia-Pacific also holds a noteworthy share and is anticipated to grow at a peak CAGR amid the forecasting time span.
Global Air Suspension Systems market is segmented by type, application and geography. Based on different types, the market is segmented into electronically controlled air suspension, non-electronically controlled air suspension. Also, by application Air Suspension Systems is further bifurcated into LCV OEM segment, LCV aftermarket segment, other segment. Based on geography market is further classified into North America, Europe, Asia Pacific, Rest of World
Key Players
The major players profiled in the report include Continental AG, Thyssenkrupp Bilstein GmbH, WABCO Holdings, Inc., Firestone Industrial Products Company LLC, Drive-Rite Ltd, Hitachi Automotive Systems Americas, Inc., BWI Group, Dunlop Systems and components, and more.
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