Air Suspension Systems Market to expand at a steady CAGR of 7.0% by 2028
Posted: Mar 10, 2019
Air suspension systems are extensively used in heavy duty vehicles where they utilize pressure from compressed air for the vehicle’s braking system. As a result, the global air suspension systems market is expected to witness significant growth in 2018, reaching a market value of US$ 4,613.3 Mn at a Y-o-Y growth rate of 6.0% as compared to 2017. Furthermore, the global demand for air suspension systems will also be influenced by the rising trend to use air suspension systems in various commercial vehicles across the globe.
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Air Suspension Systems Market: Dynamics
In the recent past, China initiated the production of electric buses against the backdrop of government initiatives for greener means of public transport. Importantly, OEMs involved in bus manufacturing are equipping their buses with air suspensions, thereby proliferating the demand for air suspension systems in the OEM segment. Moreover, heavy trucks and trailers find a wide range of applications in construction, logistic and e-commerce industries, where they are used to make tasks, such as transportation of machinery, equipment, goods and raw materials, easier.
The growing e-commerce industry output is expected to be one of the most significant drivers for the sale of commercial vehicles and will, in turn, fuel the growth of the air suspension systems market. Growing urbanization has resulted in new construction activities, which is expected to further boost the demand for trailers in buildings and construction tasks. However, the prevalence of leaf springs as vehicle suspension will affect the air suspension systems market, especially the aftermarket.
Air Suspension Systems Market: Segmental Analysis
Based on the vehicle type, the air suspension systems market can be segmented into trailers, heavy trucks and buses & coaches. Importantly, heavy trucks will continue their dominance in terms of the global volume share and are expected to account for approximately a 48.9% share by the end of 2028. Based on sales channel, the OEM segment of the air suspension systems market is expected to remain dominant and account for US$ 7,665.8 Mn in terms of revenue by 2028 end. However, the demand for air suspension systems from the aftermarket segment is expected to grow at a CAGR of 6.8%, with component sales at the forefront. In 2017, Western Europe was the most attractive region for the growth of the global air suspension systems market and will likely hold more than 32.8% of the global market share. Further, the increase in road regulations in the U.S. and Western Europe countries will drive the demand for air suspension systems. In order to enhance the productivity of commercial vehicles and improve fuel economy, the adoption of air suspension systems has become inevitable.
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Air Suspension Systems Market: Key Players
The increasing need for air suspension systems has influenced prominent manufacturers to expand their business through international distributors and partnerships with suppliers and aftermarket players. SAF-Holland S.A., Hendrickson USA LLC, BPW Transpec Pty Ltd., TMC Australia Pty. Ltd., Guangzhou TND Axle Co. Ltd., Meritor Inc., Wabco Holdings and VDL Weweler-Colaert are some of the key players in the global air suspension systems market. In the report, component manufacturers are also profiled.
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