ZF Friedrichshafen AG (Germany), Continental AG (Germany) and Meritor Inc. (US) are leading players Air Suspension Market
The global automotive suspension market is expected to grow from USD 17.8 billion in 2022 and is projected to reach USD 21.8 billion in 2027, at a CAGR of 4.2% in the forecast period. Air suspension plays an important part in improving the ride quality of vehicles and help reduce emissions by improving fuel efficiency.
The air suspension market is dominated by few global players and many regional players. Few of the key players include ZF Friedrichshafen AG (Germany), Continental AG (Germany), ThyssenKrupp AG (Germany), Meritor Inc. (US), and SAF Holland (Germany). Major strategies include new product launches, expansions, mergers & acquisitions, and partnerships/collaborations to further expand their presence in automotive suspension market. In recent years strategies adopted by major OEMs include New product launches, supply contract, and acquisitions/partnerships/collaborations. This has helped them to improve innovation on their product offerings and expand their customer base.
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ZF Friedrichshafen AG has Cars and Light Commercial Vehicles; Commercial Vehicles; and Construction and Agricultural Machinery, Marine Craft, Aircraft, and Wind Power business segments from which it generates revenue. Air suspension products are offered under the Cars and Light Commercial Vehicles segment. The company employs 157,549 employees in 271 locations worldwide. Research and Development department of the company gets 8% allocation of the entire companies revenue. In May 2020, ZF Friedrichshafen AG acquired WABCO and improved its air suspension systems product portfolio which will help them to enhance their presence in the North American and European regions. ZF Friedrichshafen AG footprint across the globe spans in regions such as Europe, North America, Asia Pacific, South America, and Africa.
Continental AG’s has two segments—Automotive and Rubber. The Automotive segment is further bifurcated into Vehicle Networking and Information, Tires, Autonomous Mobility and Safety, Contract Manufacturing, and ContiTech segments. Air Spring Systems, Modules, And Components are some products offered by the company in the air suspension system product portfolio.The company caters to cars and vans, luxury limousines, SUVs, and commercial transport vehicles. PHOENIX Air Springs and PRIME-RIDE Air Springs are some of the brands products that are popular in the aftermarket. The company employs 190,875 employees in 595 locations worldwide as of 2021. The company recently announced that, parts that were supplied to OEMs now are available in aftermarket repair shops. This is expected to increase the reach of the company in aftermarket segment.
Meritor, Inc. supplies drivetrain, mobility, braking, aftermarket, and electric powertrain solutions to the commercial vehicle segment and industrial segment markets. The company caters to commercial truck, trailers, off-highway vehicles, defense vehicles, special application vehicles, and customers of aftermarket across the globe. It operates through 2 business segments: commercial truck and aftermarket & industrial. Meritor, Inc. has 32 manufacturing and distribution facilities globally and 19 engineering facilities, warehouses, and service centers. The company has a strong regional presence in North America, Europe, Asia, and South America.
Related Reports:
Air Suspension Market by Component (Air Spring, Shocker, Compressor, ECU, Tank, Solenoid Valve, Height & Pressure Sensor), Technology (Electronic, Non-Electronic), Cab Suspension, Vehicle Type (ICE & Electric), Aftermarket & Region - Global Forecast to 2027
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