Global Air Suspension Market Size, Share, Revenue, Trends And Drivers For 2024-2033

The Business Research Company's Air Suspension Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, August 28, 2024 /EINPresswire.com/ -- The global air suspension market is projected to grow from $6.18 billion in 2023 to $6.61 billion in 2024, at a compound annual growth rate (CAGR) of 6.9%. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. This growth trajectory is driven by increasing automotive industry expansion, rising demand for comfort and enhanced vehicle performance, and a surge in luxury vehicle demand.

Rising Demand for Commercial Vehicles Fuels Market Expansion
The increasing demand for commercial vehicles is a major factor propelling the growth of the air suspension market. As economic activities expand and the need for efficient transportation and logistics solutions intensify, commercial vehicles are in higher demand. Air suspension systems offer superior ride comfort, reduce driver fatigue, and enhance safety for long-distance, heavy-load vehicles. They also improve fuel efficiency by maintaining optimal ride height and reducing aerodynamic drag. According to the International Energy Agency, nearly 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, highlighting the rising demand for commercial vehicles.

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Key Players and Market Innovations
Leading companies in the air suspension market, including Hitachi Ltd., AB Volvo, and ZF Friedrichshafen AG, are focusing on advancing their control and suspension product lines. These innovations aim to provide high-quality suspension solutions across various vehicle applications. For example, in November 2023, DMA Industries launched RideMaster, a product line that includes air struts, springs, and shocks, designed to enhance ride quality and performance.
In a strategic development, DMA Industries introduced RideMaster products in both active and passive configurations, offering damping and performance that match original parts while being produced in a tariff-free zone.

Major Trends Shaping the Market
The air suspension market is experiencing several key trends, including:
• Demand for lightweight air suspension systems
• Adoption of advanced technology systems
• Integration with autonomous vehicles

These trends are expected to drive growth as the market evolves, with advancements in technology and increasing vehicle electrification contributing to this positive outlook.

Market Segmentation
The air suspension market is segmented as follows:
• By Component: Air Spring, Tank, Solenoid Valve, Shock Absorber, Air Compressor, Electronic Control Unit (ECU), Height and Pressure Sensor, Air Reservoir
• By Vehicle Type: Light Duty Vehicles, Trucks, Buses
• By Technology: Electronic Controlled, Non-Electronic Controlled
• By Sales Channel Type: Original Equipment Manufacturers (OEMs), Aftermarket
• By End-User Industry: Automotive, Transportation and Logistics

Geographical Insights: Europe Leading the Market
Europe led the air suspension market in 2023 and is expected to continue its leadership. However, the Asia-Pacific region is anticipated to be the fastest-growing region in the forecast period, driven by rapid industrialization and increasing vehicle production.

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Air Suspension Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Air Suspension Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on air suspension market size, air suspension market drivers and trends, air suspension market major players, competitors' revenues, market positioning, and market growth across geographies. The air suspension market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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