Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Air Suspension Systems Market (By Type: Electronically Controlled Air Suspension, Non-Electronically Controlled Air Suspension; By Application: LCV OEM Segment, LCV Aftermarket Segment, Other Segment) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025”.
LOS ANGELES, April 17, 2019 (GLOBE NEWSWIRE) -- The global Air Suspension Systems market is expected to reach the market value of around US$ 4 billion by 2025 and is anticipated to grow at a CAGR of around 4.5% in terms of revenue during the forecasting period 2018 – 2025.
The worldwide market for air suspension is driven by developing noteworthiness of higher driving comfort which has impelled the interest for luxury transports outfitted with air suspension systems, and improved safety controls which have constrained makers to create technologically propelled suspension systems. Air suspension systems are a kind of suspension framework that help the vehicle on the axles with the incorporation of air springs (air sacks) as another for standard leaf springs or steel springs. Air suspension systems increase the adaptability to move loads by leveling the suspension. Moreover, they conjointly curtail vibration and noise.
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There are loads of opportunities in the air suspension systems market for the new ventures to open new assembling facilities in the emerging economies, for instance, India, China, Brazil, where entrance is particularly low and is anticipated to bring opportunities in near future.
Electronically Controlled Air Suspension is the Highest Growing Segment
The electronically controlled air suspension system segment is assessed to have the most noteworthy growth potential. We can see an obvious move from non-electronically controlled air suspension towards the electronically controlled air suspension. This can be credited to the demonstrated advantages of the system as far as better leveling of the vehicle and diminished air utilization. Inferable from this, there is a striking decrease in vibrations which helps in giving better solace while travelling. Electronically controlled air suspension gives dependability, ideal street grasp, and adjustment to various weight stacking. The ECAS gives extra driving solace, as well as an upgraded dimension of safety.
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Varied Applications of Product to Fuel Market Growth
LCV OEM segment are estimated to constitute the largest market share, by value and volume, of the air suspension market. Luxury and comfort are the major highlights of air suspension and hence they are mainly limited to the premium segment of LCV OEM segment. Developed markets already have a high penetration when it comes to air suspension in LCV OEM segment, and this popularity is also growing in emerging markets making LCV OEM segment the largest market segment.
Regional Outlook
Asia-pacific air suspension systems market is anticipated to grow at a highest CAGR amid the foreseen time span owing to its large population, emerging economic conditions, and rise in foreign trade in the country. In addition, the makers are increasing their business in other developing Asia-Pacific countries including India and Vietnam where market penetration is low but is projected to raise at high rate amid the forecast phase. Followed by, North America which holds a principle share in the market for air suspension systems owing to wide application in transportation vehicles as well as commercial purposes in the region. Europe is the third largest market for air suspension systems. The air suspension systems market growth in the region is driven by the tourism industry.
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Insights on Market Segment
Global air suspension systems market is segmented by type, application and geography. Based on different types, the market is segmented into electronically controlled air suspension, non-electronically controlled air suspension. Also, by application Air Suspension Systems is further bifurcated into LCV OEM segment, LCV aftermarket segment, other segment. Based on geography market is further classified into North America, Europe, Asia Pacific, Rest of World.
Key Players
The major players profiled in the report include Continental AG, Thyssenkrupp Bilstein GmbH, WABCO Holdings, Inc., Firestone Industrial Products Company LLC, Drive-Rite Ltd, Hitachi Automotive Systems Americas, Inc., BWI Group, Dunlop Systems and components, and more.
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