The
automotive air suspension system market is being driven by the growing
disposable income, demand for luxury buses, population, and rate of
urbanization. The market valued $4,963.6 million in 2015, and it is projected
to progress at a 7.6% CAGR during 2016–2022 (forecast period). Air suspension systems
comprise various individual components, which are integrated in vehicles to
provide a smooth journey by reducing the effects of jerks as vehicles go over
potholes or rough terrain.
An
integrated system comprises an air spring, shock absorber, air compressor,
height sensor, electric control unit, and air reservoir. Among all these, the automotive air suspension system market was dominated by shock absorbers in terms of
revenue as well as sales volume during the historical period (2012–2015). Apart
from minimizing the effects of jerks, shock absorbers also prevent the vehicle
from tilting too much to one side when cutting a sharp curve. As these systems
make the vehicle more stable and easily controllable, these are expected to
continue leading the market during the forecast period.
In
terms of vehicle type, the market is divided into buses, light commercial
vehicles, and passenger cars. Throughout the historical period, buses were the
largest division in the air suspension system market in value
and volume terms and are predicted to retain their position during the forecast
period. This is attributed to the rising pollution levels, which are impelling
people to switch to public transit, which most commonly consists of buses.
 |
| Air Suspension System Business in Auto Sector |
The
major reason behind the rising pollution is rapid urbanization, which is
accompanied with the setting up of factories that emit harmful substances into
the atmosphere. The World Health Organization claims that currently 50.0% of
the worldwide population lives in urban areas, and their proportion would
increase to 70.0% by 2050. It also mentioned that air pollution killed 3.7
million people prematurely across the world in 2012. So, as governments raise
awareness on the same and popularize public transport, the sale of buses will
continue to drive the air suspension system in automotive sector growth.
Apart
from climate change and the need to reduce carbon emissions, the increasing
demand for luxury buses is another reason for the growth of this division. With
the rising popularity of mass transit, people are preferring to travel by buses
for comparatively longer distances than before. Therefore, state governments as
well as private transport agencies are rapidly purchasing luxury buses to offer
passengers a comfortable journey with less jerks. The demand for luxury buses
with air suspension systems for overnight journeys is also increasing as these
offer passengers a sound sleep.
Another
factor helping the automotive air suspension system market grow is the
rise in the disposable income, which is encouraging customers to purchase
premium cars. As per the National Bureau of Statistics of China, the annual per
capita disposable income of urban households rose to $4,692.9 in 2014 from
$2,818.6 in 2010. Similarly, in India, the per capita GDP, which was $1,432.3
in 2010, grew to $1,500.8 in 2012. Due to such factors, the sales of personal
vehicles, especially in the premium segment, are drastically increasing.
in
2012, China became the second largest market for premium cars after the U.S. by
recording 1.25 million car sales, which are further predicted to grow to 3
million by 2020. With this, China will become the largest market for such cars.
As these cars come installed with air suspension systems, the growth in the
premium car market in China would contribute to the global Vehicle air
suspension system market progress.
Therefore,
the market for automotive air suspension systems will grow with the rising
premium car and luxury bus sales.
- By Technology – Manual Air Suspension, Electronic Air Suspension
- By Component – Shock Absorber, Air Spring, Air Compressor, Air Reservoir, Height Sensor, Electric Control Unit (ECU), Others
- By Vehicle Type – Bus, Passenger Car, Light Commercial Vehicle (LCV)
- By Region – Europe, North America, Asia-Pacific and Rest of the World
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