Pune, India – Global demand for air suspension systems is set to grow at a CAGR of 7.54% from 2016 to 2021 and reach a market size of $4.69 billion by 2021, according to market data supplier RnR MarketResearch
Demand will be led by electronically controlled air suspension (ECAS) technology with highest growth rate, Pune-based RnR said in a 1 Aug press release about the study.
On a regional basis, the Indian firm forecast Europe to be the largest market for air suspension technologies due to increasing demand there for luxury and comfort in passenger cars.
“Developed markets already have a high penetration when it comes to air suspension in passenger cars, and this popularity is also growing in emerging markets making passenger cars the largest market segment,” the study noted.
Europe, it added, houses a number of premium car makers as well as air suspension manufacturers such as Continental AG, Dunlop Systems and Components, and ThyssenKrupp AG.
Asia-Oceania is the fastest growing market for air suspension due to high demand for vehicles, especially in emerging economies such as China and India, with several OEMs investing in these regions.
The report goes on to describe the air suspension market as being dominated by a few globally established players, including: Continental AG, Hendrickson Int. Corp,, ThyssenKrupp AG, Dunlop Systems and Components, Wabco Holdings Inc., Hitachi Ltd and Accuair Suspension.