iCrowd Newswire – Jul 20, 2020
The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Automotive Structural Sheet Metal Market. The growth sectors of the Automotive Structural Sheet Metal Market are identified with precision for a better growth perspective.
After the COVID 19 outbreak upended thousands of businesses and market shares globally, the automotive air suspension system market 2020 is looking firm and streamlining with higher shares in the forecasted period 2017-2023. Upon Market Research Future’s latest study, the global market for automotive air suspension system might reposition and expand at a towering growth rate during the same year frame.
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Top Impacting Factors
The booming automotive sector is showing high expectancy in driving the automotive air suspension market during the assessment period. The primary function of the air suspension system is to offer a comfortable ride to the driver. Thus, the air suspension is mainly ubiquitous in luxury vehicles and high-end models of vehicles. Escalating technological advancements such as electronically controlled air suspension systems (ECAS) have been gaining traction in recent years, which is highly expected to fuel the automotive air suspension market in the near future.
Over the years’ suspension systems are known to have evolved from leaf to coil-over to the now trending fad of automotive air suspension systems. Initially, its use was limited to luxury cars, commercial vehicles, and buses. This statement is verified by the fact that almost all vital bus manufacturers such as Volvo, Daimler, Scania, and more now use automotive air suspensions in most of their buses. Such factors have claimed to be motivators for the growth of the market.
MRFR further details that Wabco (formerly Meritor Wabco) is one of the leading suppliers of electronically controlled suspension systems. It has witnessed a 30 per cent rise in sales of OptiRide, which is its automotive air suspension system in China alone. This trend is bound to continue owing to the rising adoption rate of automotive air suspension systems in heavy-duty and commercial vehicles.
On the contrary, most of the top manufacturers of passenger vehicles do not prefer providing air suspension in vehicles that ranges in the medium price category owing to the elevated price of the system. This is witnessed to be hampering factor for the automotive air suspension market during the assessment period.
Top Industry Players
Top industry players operating in the global automotive air suspension market include Hitachi, Ltd. (Japan), Wabco Holdings Inc. (Belgium), Volvo (Sweden), ThyssenKrupp Ag (Germany), Accuair Suspension (California), Dunlop Systems And Components Ltd. (U.K.), Hendrickson International Corporation (U.S.), Firestone Industrial Products (U.S.), Mando Corporation (South Korea), Beijing West Industries Co., Ltd. (China), Air Lift Company (Michigan), and VB-Air suspension (Netherlands).
Automotive air suspension system market is further studied through segments such as technology, components, and vehicle type.
In terms of the technology segment, the market has included manual air suspension and electronic air suspension. The manual air suspension segment might hold the largest share in the market owing to improved use of manual air suspension in the commercial vehicles.
In terms of the components segment, the market has included air spring, shock absorber, air reservoir, height sensor, air compressor, electric control unit, others. Shock absorber segment might lead the automatic air suspension system market as it improves the ride for the passenger. The primary purpose is to absorb energy to provide a comfortable ride to the passenger.
In terms of vehicle type segment, the market has included passenger car and commercial vehicle.
Regarding regional market share, North America leads in the geographical segment due to the high incidence of luxury and commercial vehicles. The region is also the largest market for vehicle sales because of the incidence of economically weaker countries in the region. Dependent markets, such as the rubber moulded components market is also hovering to experience healthy growth owing to the demand for automotive air suspension systems.
The Asia Pacific might witness remarkable escalation in the automotive air suspension market during the assessment period in support of the rapid advancement in the automotive sector and the firm manufacturing footprint of major vehicle manufacturers in few countries such as China, Japan and South Korea.
The sky-scraping growth rate of the automotive air suspension market in Europe is primarily due to the focus of Europe-based OEMs toward technological advancements and the rising public preference toward possessing luxury vehicles equipped with air suspension systems in the region in current years.
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Keywords: Automotive Air Suspension System Market, Automotive Air Suspension System Market Size, COVID-19 Analysis