Monday, January 27, 2020
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Automotive Air Suspension Market to Grow as Demand for Conventional Suspension Systems Declines Worldwide: Fortune Business Insights™

Rising awareness regarding the disadvantages of leaf spring suspension systems is expected to increase the global automotive air suspension market…

Rising awareness regarding the disadvantages of leaf spring suspension systems is expected to increase the global automotive air suspension market size in the upcoming decade. Leaf springs are one of the most basic forms of suspension, comprising of steel layers of different size that are placed in a sandwich-like fashion. While these suspension tools have been extensively used for considerable length of time, their disadvantages are coming to light with advancing technology.

For example, leaf springs are ineffective when used in performance cars as they cannot be manipulated. This is because these systems are attached to chassis of the vehicle and therefore, cannot be shortened or lengthened according to need. Moreover, leaf suspensions have a very narrow range of motion as they move only vertically, which can cause the joints holding the set-up together to wear at a faster rate. Thus, decline in the popularity of leaf springs has automatically shifted consumer preference towards air suspension, making it one of the leading automotive air suspension market trends.

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The Automotive Air Suspension Market Report Profiles the Following Players

  • Magneti Marelli S.p.A
  • Hitachi, Ltd
  • Hendrickson USA, L.L.C
  • ThyssenKrupp AG
  • Friedrichshafen AG
  • Dunlop Systems and Components
  • Continental AG

In its report, titled “Automotive Air Suspension Market Size, Share & Industry Analysis, By Component Type (Air Spring, Height Sensor), By Technology Type (Electronically Controlled Air Suspension, Non- Electronically Controlled Air Suspension), By Vehicle Type (Passenger Cars, Commercial Vehicles) and Regional Forecast, 2019-2026”, Fortune Business Insights™ shares the following information:

  • Elaborative overview of the overall industry outlook;
  • Precise segmentation of the market and meticulous study of each segment;
  • Accurate prediction of future prospects of the market;
  • In-depth analysis of the drivers, trends, and restraints shaping the share and size of the market; and
  • Thorough research into the regional and competitive dynamics of the market.

High Cost of Air Suspension Systems to Dampen Sales

Air suspension have proved to be a landmark advancement in the domain of passenger comfort and safety. With increasing incomes, people are gravitating towards luxury cars which offer these technologies. However, these systems come with a high price tag and this is turning out to be their undoing. Even luxury models of budget cars do not include air suspension in the cost; one needs to spend a few dollars more to enjoy the pleasures of this suspension system.

For example, the Chevrolet Tahoe offers air suspension in its high-end variant, but it would require the buyer to spend another $15,000 over the base price of the car. High-end cars such as those made by Mercedes and BMW are the only ones that come with air suspension preinstalled in them. Since most people cannot afford such premium cars, and many are not willing to give extra money for added comforts, the market outreach of air suspension set-ups remains limited.

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Asia-Pacific to Lead the Pack; Europe to Grow Considerably

Asia-Pacific is slated to lead the automotive air suspension market share during the forecast period on account of the rapid adoption of new technologies by the automakers in India and China. Moreover, this region is undergoing a period of high economic development which has aided the growth of the automotive industry as a result of robust domestic demand in China and India. On the other hand, the market in Europe is exhibiting stable growth due to the presence of automotive giants such as BMW and Volkswagen. These luxury vehicle manufacturers have been aggressively adopting next-generation technologies, which is driving the automotive air suspension market growth in the region.

Exciting Innovations to Redefine Competition Dynamics

The automotive air suspension market forecast predicts that the dynamics of competition in this market are set to get rearranged, with players increasingly focusing on developing innovative products. The aim of companies behind launching new products is to widen their offerings and crystallize their position in the market. A few competitors are also entering into partnerships to broaden their business horizons.

Industry Developments:

  • February 2019: French automotive technology leader, WABCO Holdings, bagged a long-term contract worth $230 million to supply novel air suspension technology to a leading European premium passenger car manufacturer. As per the agreement, WABCO will develop and supply its innovative air suspension system equipped with a control software to aid better operability of the system.
  • September 2018: Continental AG, the German automotive specialist, unveiled its unique electronic air spring technology aimed at bringing greater driving comfort for truck drivers. The suspension set-up would enable the driver to electronically regulate the truck cab, ensuring greater comfort along with higher efficiency.

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