The global automotive air suspension system market was valued at $4,963.6 million in 2015, and it is expected to grow at a CAGR of 7.6% during 2016 – 2022. Increasing demand for luxury and comfort, and growing demand for premium cars and luxury buses are expected to drive the automotive air suspension market over the forecast period. Moreover, stringent emission control norms and fuel efficiency regulations in different countries is enforcing stringent targets to OEMs. This in turn, has increased the demand for lightweight air suspension system in the automotive industry. For instance, Kenworth Truck Company, a U.S. based manufacturer of medium and heavy-duty Class 8 trucks, introduced air ride suspension system in its vehicles to reduce the weight of suspension system by 400 pounds. ECOmove, an Australian company, developed patented ‘Qbeaks’ suspension composed entirely made of composite materials.
The increasing industrialization has enhanced the overall purchasing power of consumers. According to the National Bureau of Statistics of China, the annual per capita disposable income of urban households in China increased from $2,818.6 in 2010 to $4,692.9 in 2014. The per capita GDP of India increased from $1,432.3 in 2010 to $1,500.8 in 2012, and is expected to reach $1,869.3 by 2018. The overall annual disposable income in India increased from $1,366.2 billion in 2010 to $1,587.6 billion in 2013. Owing to such increase in the overall income of consumers, the per capita vehicle ownership has increased, especially in the developing Asia-Pacific countries, such as India and China. This is further driving the demand for premium cars, which in turn is supporting the growth of the automotive air suspension system market in the region. In 2012, sale of premium cars in China reached 1.25 million vehicles and is expected to reach 3 million by 2020. China’s premium car market is expected to grow at an annual rate of 12% through 2020 and is expected to surpass the U.S. as the largest premium car market.
In 2015, Europe accounted for the largest market of automotive air suspension systems; whereas the market during the forecast period is expected to witness fastest growth in Asia-Pacific. The major reason for the growth of the market in the region is increasing disposable income of people and growing demand for fuel efficient vehicles. North America was the second largest market for automotive air suspension system in 2015 owing to its increasing customer base and high disposable income of people in the region. This has resulted in increased manufacturing activities by local automotive OEMs in the region, and supporting the growth of the automotive air suspension system market.
Some of the major players operating in the global automotive air suspension system market include Thyssenkrupp AG, Hendrickson International Corporation, Continental AG, WABCO Holdings Inc., Hitachi Ltd., BWI Group, Firestone Industrial Products, Mando Corporation, Accuair Suspension, and Dunlop Systems and Components.
News Courtesy: P&S Market Research