The Global Air Suspension Compressor Market size is expected to reach $3 billion by 2027, rising at a market growth of 6.6% CAGR during the forecast period.
The air suspension compressor is a part of the car suspension system that keeps the driver comfortable while driving. The vehicle's air suspension system is powered by an electric or engine-driven air pump or compressor. In addition, these pumps or compressors connected to the suspension system pump air into the suspension system, which is made out of textile-reinforced rubber. Air suspension compressor systems replace typical steel springs in automobiles and have a wide spectrum of uses in large vehicles like trucks, buses, minibuses, and other heavy vehicles. The primary purpose of air suspension is to provide a smooth and comfortable ride for drivers and passengers.
Air suspension is a sort of vehicle suspension system that provides comfort to the driver while driving. The vehicle's air suspension system is powered by an electric or engine-driven air pump or compressor. Air is pumped into the suspension system, which is normally comprised of textile-reinforced rubber, by these pumps or compressors fitted to the suspension system. Air suspension systems are used in cars to replace traditional steel springs, and they have a wide range of applications in heavy vehicles like buses, trucks, rolling stock, and other heavy vehicles.
Because air suspensions are far more effective and powerful than traditional mechanical or spring-based suspension systems, they are highly utilized in heavier vehicles. They also have a higher demand for deployment in automobiles since they provide better and more effective suspension and improve vehicle comfort. There are two types of air suspensions used in vehicles: electric controlled and non-electric controlled. The electronically controlled air suspension system utilizes little air and provides quick lifting and lowering capabilities, as well as great serviceability and diagnostic ideas.
Due to the highly contagious nature of the coronavirus, it has wreaked havoc on people's lives and the community as a whole. It began as a human health concern and has since become a major threat to global trade, economics, and finance. The COVID-19 pandemic interrupted the manufacturing of several items in the air suspension compressor industry because of the ongoing lockdown in major regions. In addition, market players can only manage a complete lockdown for a limited time before having to change their investment strategies. Moreover, with the introduction of a COVID-19 vaccine on the market, the number of COVID-19 cases is predicted to decline in the near future.
With the rise in automation and the adoption of cutting-edge technology in automobiles, demand for vehicles with cutting-edge components like air suspension systems has risen, resulting in increased vehicle sales across the globe. In addition, the adoption of a more sophisticated suspension system in commercial vehicles has boosted driver comfort while also lowering the risk of cargo damage and reducing driver tiredness on lengthy travels. The public's increasing demand for safety and comfort when traveling long distances is driving up the price of luxury buses and passenger automobiles.
Various countries around the world have enacted laws and regulations requiring automobiles to include modern systems for driving comfort, such as air suspension, within a certain time frame. In addition, governments all across the world have made it mandatory to replace metal-based spring systems in automobiles with air suspension systems for the sake of safety and security. As a result, vehicle manufacturers have been able to install air suspension systems in their vehicles, creating higher demand for air suspension compressors in the upcoming years. Furthermore, to access sales licenses for vehicles in the air suspension market, automobile manufacturers must obtain safety ratings from organizations such as the Insurance Institute of Highway Safety (IIHS), New Car Assessment Program (NCAP), and the International Centre for Automotive Technology (ICAT).
One of the major barriers to the growth of the market is the high cost of installing suspension systems in automobiles. In addition, the consumers will suffer more fees in the form of hardware, applications, and telecom service charges as a result of the prospect of delivering premium features in automobiles. Moreover, many countries having sluggish economies would witness low demand for such high-end vehicles as most of the people belong to the low-income and middle-income categories. The change to modern technology in automobiles, such as the ECAS system, results in significant costs. For consumers who prefer medium-priced vehicles, the cost deployment for an air suspension system is significant.
Based on Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicle. In 2020, the Passenger Vehicles segment acquired the largest revenue share of the Air Suspension Compressor Market. This is because premium car manufacturers have been urged to use advanced suspension technology as awareness regarding the advantages of air suspension has grown, as well as altering consumer preferences toward comfort and luxury. Moreover, an increased desire for sophisticated amenities and higher social standing would drive the demand for air suspension compression in passenger vehicles.
Based on Sales Channel, the market is segmented into OEM and Aftersales. In 2020, the Original Equipment Manufacturers (OEMs) segment collected the maximum revenue share of the Air Suspension Compressor Market. This is because of the higher government efforts towards greener modes of public transportation around the world, particularly in China, which have encouraged the deployment of electric buses. In addition, OEMs are providing electric buses with air suspensions as the production of electric buses grows. The expansion of the OEMs segment would be aided by rising demand for electronic operated systems (EOS) in commercial and luxury vehicles like buses and heavy trucks. Automobiles with electronically controlled air suspension systems are being produced by industry leaders and OEMs.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 2 Billion |
| Market size forecast in 2027 | USD 3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 6.6% from 2021 to 2027 |
| Number of Pages | 125 |
| Number of Tables | 239 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Vehicle Type, Sales Channel, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, the Asia-Pacific region emerged as the dominating region in the overall Air Suspension Compressor Market. This is because of the increased demand for electronically and non-electronically controlled air suspension technology in countries like China, and India. Moreover, the rising sales of commercial as well passenger vehicles in the region would boost the growth of the regional market during the forecasting period.
Free Valuable Insights: Global Air Suspension Compressor Market size to reach USD 3 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Arnott Air Suspension Products, AT Parts Germany GmbH, Guangzhou CYS Auto Parts Co., Ltd., Stellantis N.V., Guangzhou Tech master auto parts co. Ltd., Miessler Automotive GmbH & Co. KG, VIAIR Corporation, Zhejiang Bocheng Automotive Technology Co. Ltd., and ZF Friedrichshafen AG.
By Vehicle Type
By Sales Channel
By Geography
The global air suspension compressor market size is expected to reach $3 billion by 2027.
Supportive Government Regulations are driving the market in coming years, however, the massive cost of installation and maintenance limited the growth of the market.
Arnott Air Suspension Products, AT Parts Germany GmbH, Guangzhou CYS Auto Parts Co., Ltd., Stellantis N.V., Guangzhou Tech master auto parts co. Ltd., Miessler Automotive GmbH & Co. KG, VIAIR Corporation, Zhejiang Bocheng Automotive Technology Co. Ltd., and ZF Friedrichshafen AG.
COVID-19 pandemic interrupted the manufacturing of several items in the air suspension compressor industry because of the ongoing lockdown in major regions.
The Asia Pacific is the leading region in Global Air Suspension Compressor Market by Region in 2020, and would continue to be a dominant market till 2027.
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