What is Biggest Trend Currently Witnessed in Automotive Air Suspension System Market?


Posted October 5, 2020 by Rahul_Gautam

Automotive air suspension systems will grow with the rising premium car and luxury bus sales.
 
The automotive air suspension system market revenue 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 included 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.

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 automotive 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.

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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 automotive air suspension system market growth.

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.

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 automotive air suspension system market progress.

Therefore, the market for automotive air suspension systems will grow with the rising premium car and luxury bus sales.
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Last Updated October 5, 2020