LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive air suspension market is projected to grow to 2.39 million units by 2021, at a CAGR of close to 5% over the forecast period.
This research report titled ‘Global Automotive Air Suspension Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|The air suspension system in a vehicle makes a vehicle ride comfortable by maximizing the friction between the tires and the road to provide steering stability and the required road grip. The rising demand for luxury buses and coaches from the swiftly growing BRIC nations is a key driver for the global air suspension market.|
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Based on product, the report categorizes the global automotive air suspension market into the following segments:
- Passenger cars
- M&HCV trucks
- M&HCV buses
“Passenger cars comprise the leading segment of the automotive air suspension market, generating 49% of the overall revenue. The majority of the growth in the segment will originate from Europe, driven by the thriving luxury vehicle market in the region,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
Luxury passenger cars such as Mercedes-Benz, Audi, and BMW are increasingly demanded from regions such as Germany and China. The Americas also contribute significantly to the market segment, with the number of cars equipped with air suspension expected to hit 0.35 million units by 2021.
The volume of medium and heavy commercial vehicle (M&HCV) trucks equipped with air suspension is expected to hit 0.38 million units by 2021. EMEA will be the leading region for sales in this market segment, followed by the Americas. The high penetration of air suspension in M&HCV trucks in models such as Paccar, Scania, MAN, Mercedes-Benz, and Renault is the factor behind the impressive sales. Many automotive manufacturers are involved in the introduction of new types of air suspension features, which will significantly impact the market.
“The commercial buses segment of the air suspension market will exhibit fluctuating growth patterns over the forecast period, with a CAGR of almost 5%. EMEA dominates the market segment, holding over 80% of the shares,” says Praveen.
Key automotive manufacturers such as Volvo, Mercedes-Benz, and Scania offer air suspension in most of their popular automotive offerings, which contributes significant revenue to the market segment. The higher cost and complexity of the air suspension in M&HCV buses will result in a gradual growth of the segment.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Magneti Marelli
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