Increase in manufacturing of commercial vehicles and rise in demand for luxury vehicles drive the growth of the global air suspension compressor market.
PORTLAND, Ore., March 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Air Suspension Compressor Market by Vehicle Type (Passenger Vehicle and Commercial Vehicle), and Sales Channel (OEM and Aftersales): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global air suspension compressor industry generated $1.9 billion in 2020, and is anticipated to generate $3.9 billion by 2030, witnessing a CAGR of 6.9% from 2021 to 2030.
Increase in manufacturing of commercial vehicles and rise in demand for luxury vehicles drive the growth of the global air suspension compressor market. However, high manufacturing and installation cost and surge in raw material prices hinder the market growth. On the other hand, Manufacturing of advanced light weight air suspension compressor systems and increase in aftermarket demand for air suspension compressor present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global air suspension compressor market, especially during the initial phase.
- The implementation of global lockdown had halted production of many items in the air suspension compressor business.
- However, the market is expected to revive soon.
Based on vehicle type, the passenger vehicle segment held the highest market share in 2020, accounting for 92% of the global air suspension compressor market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.1% from 2021 to 2030, owing to increase in adoption of electronically controlled air suspension technology in passenger vehicles.
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Based on sales channel, the OEM segment accounted for the largest share in 2020, contributing to three-fourths of the global air suspension compressor market, and is projected to maintain its lead position during the forecast period. This is because OEMs are the original providers of a vehicle's components, and their components are frequently sold through branded car dealerships and ordered directly from the carmaker. However, the aftersales segment is expected to portray the largest CAGR of 7.3% from 2021 to 2030. This is because it allows customers for a wide range of options.
Based on region, Asia-Pacific, followed by Europe, and North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global air suspension compressor market. Moreover, the same region is expected to witness the fastest CAGR of 7.9% during the forecast period, owing to presence of key market players in the region.
Leading Market Players
- Arnott
- AT Parts Germany
- Duralo
- Guangzhou CYS Auto Parts
- Guangzhou Tech Master Auto Parts Co
- Miessler Automotive GmbH & Co. KG
- Mopar (Stellantis)
- VIAIR Corporation
- Zhejiang Bocheng Automotive Technology Co. Ltd.
- ZF Friedrichshafen AG.
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