Despite a significant drop in product sales during the initial phase of the pandemic's spread and lockdown restrictions across the region, the market is expected to grow at a CAGR of nearly 6.5 % between 2020−2027.
Air suspension refers to the rest of a vehicle powered by an engine-driven compressor or air pump. Air springs, shock absorbers, beam assembly, brake system, and axle comprise the air suspension system. Air suspension improved vehicle stability and reduced fuel consumption, enhancing driving comfort. The air suspension system reduces noise and vibration by leveling the suspension while also increasing load capacity.
The advancement of autonomous vehicle technology is also a significant factor driving the air suspension market forward. Automotive behemoths are pouring money into the automotive industry's transformation, which is leading to the introduction of cutting-edge technology in the field of air suspension for light and heavy-duty vehicles. The demand for electronically and non-electronically controlled air suspension technology to improve vehicle traction and provide ride height and loading flexibility increases. At the moment, countries such as Germany, China, and India are focusing on using cutting-edge technology and upgrading to the use of luxury vehicles, which will increase the adoption of air suspension systems.
The introduction of compressed air suspension (CAS) and weightless systems (air suspensions with no auxiliary equipment and no height adjustment) has made the body more comfortable on rough roads, particularly for loads. Designers who see this technology as an appealing solution for providing optimal riding properties at a low cost can take advantage of the additional comfort, safety, and design options. The air spring pressure is usually chosen to provide a comfortable ride up to the maximum vehicle load. Additionally, in 2015, the production of safe and comfortable cars was USD 91 Million, and it was reached around USD 78 Million in 2020. It means that the overall vehicle load capability is primarily determined by the structure's weakest link, which is typically the body or chassis components.
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The high cost of installing suspension systems in vehicles is expected to limit the growth of the air suspension market because it raises the price of a car. The prospect of providing premium features in vehicles incurs additional costs for consumers in the form of hardware, Technology, and telecom service charges, stifling market growth. Furthermore, vehicle service is complex and requires skilled workers due to the numerous components and sensors, and vehicle shelf life is reduced due to the complexity of the system structure. As a result, the high initial cost and complex structure are expected to impact market growth significantly.
The COVID-19 pandemic has a wide-ranging impact on every industry around the world. It turned out to be the automotive industry's worst nightmare. In Europe, for example, 10.8 million passenger vehicles and 2.1 million commercial vehicles were produced in 2020, respectively. According to our findings, the European automotive sector will experience a more than 20% decline by 2020. The demand for automotive air suspension is directly proportional to vehicle production.
Strait's research report covers market dynamics, value chain analysis, and PORTER analysis of the Automotive Air Suspension market, likely to impact the region's market growth. The study also discusses the fundamental dynamics affecting the current Automotive Air Suspension market and the global market's future position. The report also provides a list of notable suppliers and their key strategies.
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now