Showing posts with label Air Suspension System in Auto Sector. Show all posts
Showing posts with label Air Suspension System in Auto Sector. Show all posts

Rising Bus Sales Augmenting Automotive Air Suspension System Market Growth


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.

GLOBAL AUTOMOTIVE AIR SUSPENSION SYSTEM MARKET 
  • 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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