Air Suspension Market

Market Leaders - Air Suspension Market

Shifting inclination towards comfort and convenience, growing demand for heavy-duty vehicles such as semi-trailers, increasing use of luxury buses for long distance traveling, and rising demand for enhanced stability & maneuverability in vehicles are the key factors driving the demand for air suspension. The air suspension market is projected to grow at a CAGR of 6.76% during the forecast period, to reach a market size of USD 8.4 billion by 2025 from USD 5.3 billion in 2018.

The air suspension market is dominated by a few global players and comprises several regional players. Some of the key players in the air suspension market are Continental AG (Germany), ThyssenKrupp AG (Germany), Firestone Industrial Products (US), Hitachi Ltd. (Japan), Wabco Holdings Inc. (Belgium), SAF-Holland (Germany), Hendrickson International Corporation (US), Accuair Suspension (US), and Mando Corporation (South Korea). Expansion is the primary strategy adopted by these players to gain traction in the air suspension market. For instance, in October 2018, Wabco opened its first Distribution Center in Istanbul, Turkey. This move enhanced the distribution capabilities for the company’s extensive portfolio of technologies and services to support the needs of local aftermarket customers, original equipment manufacturers, and trailer builders in the country.

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Continental adopted the strategies of expansion, new product development, collaboration, and mergers & acquisitions to retain its leading position in the air suspension market. In February 2019, Continental developed a new air spring system with integral sensor technology that provides continuous operational status information in real time. In September 2018, Continental showcased an Electronic air spring damping solution for the driver’s cabin in trucks at the International Motor Show for Commercial Vehicles (IAA Commercial Vehicles). It is based on four air spring damper modules with integrated ultrasonic height and air pressure sensors as well as a control unit programmed with a special regulation algorithm. In September 2017, it introduced an integrated Continental Air Supply (CAirS) module for air suspension system. This highly integrated air supply system simplifies installation in the vehicle because it comes as a complete unit. In May 2017, Continental and NIO signed a strategic cooperation agreement in the field of electric vehicles, intelligent transportation systems, and automated driving. Continental and NIO will further collaborate on NIO’s new car platforms. In the first step, Continental will supply vehicle technology such as air suspension systems and tires to NIO’s ES8 electric SUV.

On the other hand, ThyssenKrupp adopted expansion as a key strategy to sustain its market position. In February 2017, ThyssenKrupp planned to invest in automotive components business in Hungary. This new production facility, which is to be built in Debrecen, will produce springs and stabilizers. The plant would be constructed in approximately 20,000 square meter site in the eastern Hungarian city of Debrecen at the cost of around USD 39.6 million. In January 2017, ThyssenKrupp expanded its automotive components business in China. The industrial group planned to build a new plant for springs and stabilizers in the Chinese city of Pinghu. From 2018, the plant started producing around five million springs and stabilizers per year.

Related Reports:

Air Suspension Market by Vehicle Type (LDV, Truck, Bus), Component (Air Spring, Shock Absorber, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Aftermarket, & Region - Forecast to 2025

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