Air Suspension Market – Global Industry Analysis and Forecast (2024-2030)

Air Suspension Market size was valued at USD 18.58 Bn. in 2023 and the total revenue is expected to grow at 4.4% of CAGR through 2024 to 2030, reaching USD 25.12 Bn.
Air Suspension Market Overview:
A type of vehicle suspension known as air suspension is powered by an electric or internal combustion engine-powered air pump or compressor. This pump pressurises the air by using compressed air as a spring. In place of conventional steel springs, air suspension is often used in large vehicle applications, such as buses and trucks. The automobile will gradually descend to the earth if the engine is left off for a long time. A smooth, constant ride that can occasionally self-level is what air suspension aims to provide. Air pressure inside the bag lifts the chassis away from the axle. Although they are frequently called airbags or air bellows, their official name is airbags.

The market is growing as a result of factors such as an increase in commercial vehicle sales globally and a rise in demand for high-end and luxury cars. In addition, there will likely be a lot of prospects for the growth and expansion of the air suspension market due to increased aftermarket demand for lightweight air suspension systems and related components. An electric pump or compressor powers an electronic air suspension system, which pushes air into flexible bellows that are commonly constructed of rubber with a textile structure. The performance of the shock absorbers and their damping is managed by an adaptive electronic suspension. In the past several years, technological innovations like electronically controlled air suspension systems have grown more common. In the near future, this is expected to significantly fuel the demand for vehicle air suspension.To know about the Research Methodology :- Request Free Sample Report
Air Suspension Market Dynamics:
The application requirement for air suspension is being gradually lowered by Chinese OEMs and Tier 1 suppliers

Cars with air suspension are far more comfortable and easy to operate. Most imported luxury vehicles costing more than RMB600,000, including Mercedes-Benz, BMW, Audi, Volvo, Land Rover, and Porsche, are equipped with it. For branding purposes, established automakers like Geely, FAW-Hongqi, and Great Wall Motor as well as up-and-coming manufacturers like NIO, Xpeng, and Li Auto add air suspension on their high-end smart vehicles. They either collaborate with air suspension vendors to realise air suspension penetration below or they focus on autonomous full-stack development. It's possible that Chinese automakers will prefer to create their own air suspension control systems and algorithms (which are eventually integrated into chassis domain controllers). Then divide the hardware assembly into components like sensors, air supply units, air springs, and other parts, and they buy them individually.

The ultimate integration is then handled by OEMs. For instance, Shanghai Baolong, Zhongding Sealing Parts, Tuopu Group, and KH Automotive Technologies among others have gradually achieved mass manufacturing and delivery of air suspension components. This method offers potential to domestic component suppliers to create breakthroughs at a single location. Currently, a single vehicle's air suspension costs between 11,000 and 16,000 RMB. The average cost of passenger car air suspension manufactured in China is anticipated to decrease to less than RMB8,000 with the localization of the supply chain and the rise in manufacturing. Air suspension is becoming an optional or even standard feature on models from emerging automakers that cost RMB600,000 to RMB300,000 due to localization and consumption upgrade.Since the introduction of the NIO ES8 and ES6, air suspension has been relegated to vehicles costing less than RMB400,000.

ZEEKR 001 and Dongfeng Voyah FREE further reduced air suspension to cars priced around RMB 300,000 in 2021. Models costing more than RMB200,000 now account for a larger percentage of all sales in China, with that percentage increasing from 17.3% in 2016 to 30% in 2021, reflecting the country's evident trend of upgrading its automotive consumption. The use of air suspension has also been pushed by the improvement in automotive consumption. KH Automotive Technologies has an in-house air spring assembly plant with a Phase I production capability of up to 150,000 units annually. In Ningbo Binhai New Area, Tuopu Group's first air suspension system plant, the totalinvestment of about RMB600 million.

Beginning in June 2022, the factory will start producing 2 million sets of air suspension per year for 500,000 automobiles. A production line for air springs worth RMB 1 billion has been built in Hefei by Shanghai Baolong, with a yearly capacity to service 100,000 automobiles. Beginning in 2023, the second and third lines will go into production. There are plans to construct an additional six production lines in the future. The business will be able to serve more than 500,000 automobiles with air springs by 2025. The general use of air springs in automobiles will undoubtedly be facilitated by the operation of several air spring production lines in China, creating the hardware groundwork for the introduction of higher-level suspension functions like Magic Carpet Suspension.

High cost hamper Air Suspension Market

As air suspension is in high demand among original equipment manufacturers (OEMs), adding upscale features to commercial vehicles comes at a high cost to customers. Commercial vehicle sales in low-to-middle income countries are expected to drop due to high adoption costs, which will impede market growth. The installation of suspension systems in heavy trucks and buses is expensive, which will restrain the spread of air suspension systems. The development and integration of cutting-edge technologies into the systems also adds complexity. Commercial cars have a shorter shelf life due to complex system architecture. Therefore, the market for air suspension systems is expected to see development restrictions due to high installation costs and complicated structures.

Commercial vehicle high production impact Air Suspension Market Growth?

The need for heavy trucks has increased due to increased building activity throughout the globe, increased transportation of machinery and equipment, and growth in the logistics sector. According to the International Organization of Motor Vehicle Manufacturers, approximately 77.9 million cars were produced globally as of 2020, with commercial vehicle sales accounting for over 24.3 million of those vehicles. The use of air suspension systems has grown along with the manufacturing of commercial vehicles. Additionally, the production of both luxury passenger cars and electric buses has improved due to the rising demand for these vehicles for long-distancedistance travel.

In the upcoming years, the market demand will be driven by the increased production of luxury passenger vehicles with air suspension systems and electric buses. In the upcoming years, increased production of premium passenger vehicles with air suspension systems and electric buses will drive market demand. The adoption of heavy-duty cars and expanding urbanisation will boost demand for air suspension systems. Electric car adoption is being pushed by growing environmental concerns, particularly in China, the United States, and Germany. As a result, throughout the upcoming years, market players for air suspension systems will have prospects for expansion due to the rising production of commercial vehicles all over the globe
Air Suspension Market Segment Analysis:
By Component, the air suspension market segment analysis by component is driven by key parts such as air springs, shock absorbers, compressors, electronic control units (ECUs), height sensors, and other related components. Air springs, being central to the system, offer flexibility and ride comfort by adjusting the vehicle's height and absorbing road shocks. Shock absorbers, another vital component, manage the vehicle's stability by reducing vibrations and impacts, ensuring a smoother ride. Compressors play a crucial role by supplying the necessary air pressure for the system to function effectively. The integration of advanced ECUs in air suspension systems has enhanced control and customization, allowing real-time adjustments based on road conditions and vehicle load.

Height sensors, critical to monitoring and maintaining the correct vehicle height, ensure the suspension system responds to changes, enhancing both safety and performance. Other components, including valves and air tanks, complement these main parts, contributing to the overall functionality and efficiency of modern air suspension systems across various vehicle types, such as passenger cars, commercial vehicles, and heavy-duty trucks. The growing demand for superior ride quality, coupled with advancements in automotive electronics, is propelling the growth of these individual components in the air suspension market.
Air Suspension Market Regional Insights:
The asia pacific region dominated the market with 48% share in 2023. The asia pacific region is expected to witness significant growth at a CAGR of 7.9% through the forecast period. The production of commercial vehicles has accelerated as the pandemic effect on the region's automotive industry begins to fade, and it is predicted that it will expand at a rate of around 3.5% over the next five years. Due to the increasing purchasing power of the local population in this economy, sales of luxury cars and high-end SUVs have surged in this area. Customers of luxury vehicle segments seek high-quality rides from their cars, which has led OEMs to include air suspension systems more frequently in their designs.

Demand for air suspension systems is only seen in trucks and the luxury class of passenger cars., trucks and buses in commercial vehicle segment. As a result of the presence of fast emerging economies like China, Japan, and India in the area, this industry is expected to grow significantly over the next years. China, where the rate of use of air suspension systems in automobiles is rising, is the main market driver in Asia Pacific.

The market for vehicle air suspension systems in the nation is consequently being driven by this. thanks to its greater acceptance rate of air suspension across all vehicle types, Europe is expected to dominate the second largest air suspension market throughout the forecast period. Manufacturers of light-duty vehicles including BMW, Mercedes-Benz, Porsche, Audi, and Land Rover provide ECAS technology in a few of their models to improve features like the ability to raise or decrease the vehicle's height. Semi-trailers and multi-axle buses have a higher installation rate for air suspension in the commercial vehicle category. Additionally, technology-driven suppliers like Continental, ThyssenKrupp, and SAF-Holland work hard to provide the newest technology in air suspension to light- and heavy-duty vehicles. The market for air suspension in the region has expanded as a result of all these reasons.
Competative landscape
The leading companies in the market for automotive air suspension systems are Continental AG (Germany), Hitachi, Ltd. (Japan), ThyssenKrupp AG (Germany), Wabco Holdings Inc. (Belgium), Dunlop Systems And Components Ltd. (U.K.), Accuair Suspension (California), Firestone Industrial Products (U.S.), Hendrickson International Corporation (U.S.), Beijing West Industries Co., Ltd (Netherlands).

The key essential companies continuously concentrate on expanding their product portfolios via the introduction of new products and innovation. Additionally, significant funds are being invested in R&D to provide new features to air suspension systems.
Air Suspension Industry Ecosystem
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Air Suspension Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 18.58 Bn.


Forecast Period 2024 to 2030 CAGR:
4.4%
Market Size in 2030:
USD 25.12 Bn.


 Segments Covered:
by Vehicle Type
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles
Buses


by Component
Air Springs
Shock Absorbers
Compressors
Electronic Control Units
Height Sensors
Others


by Technology
Electric
Non-Electric



Leading Manufacturers in the Air Suspension Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Leading Manufacturers in the Air Suspension Market
1. Continental Automotive Technologies GmbH
2. ZF Friedrichshafen AG
3. ThyssenKrupp AG
4. Wabco Holdings Inc.
5. Hendrickson International Corporation
6. Firestone Industrial Products
7. Hitachi Astemo, Ltd.
8. BWI Group
9. AccuAir Suspension
10. Dunlop Systems and Components
11. SAF-HOLLAND SE
12. Cummins Inc.
13. Vibracoustic SE
14. Air Lift Company
15. Wheels India Limited
16. Boss Air Suspension
17. Link Manufacturing, Ltd
18. VB-Airsuspension UK
19. Ridetech
20. Others

Frequently Asked Questions:

1] How much does it cost to install air suspension?
Ans. Depending on your vehicle and region, the average cost of an air suspension system might range from $500 to $2,000+. The cost of adding air suspension helper springs to a vehicle will likely be on the lower end of the price range.

2] Do luxury cars have air suspension?
Ans. Many contemporary SUVs, premium vehicles, and even everyday commuter vehicles from manufacturers like Audi, BMW, Mercedes, and Land Rover are available with air suspension. This suspension system may lessen the effect of potholes and uneven roads, making your automobile seem smoother to drive.

3] What is the cost of air suspension in India?
Ans. Depending on the price of the materials and labour, installing aftermarket air suspension might cost anywhere between Rs. 1 lakh and 1.5 lakhs.

4] What is the forecast period for the Global Air Suspension Market?
Ans. The forecast period for the Air Suspension Market is 2024-2030.

5] What was the Global Air Suspension Market Size in 2023?
Ans. The Air Suspension Market Size was valued at USD 18.58 Bn in 2023.