The increase in manufacturing of commercial vehicles and the rise in demand for luxury vehicles drive the growth of the global air suspension compressor market to generate $3.9 billion by 2030.
According to the recent report titled - Air Suspension Compressor Market by vehicle type and sales channel: Global Opportunity Analysis and Industry Forecast, 2021–2030, published by Allied Market Research, the air suspension compress market generated $1.9 billion in 2020 and is set to grow at a CAGR of 6.9% from 2021 to 2030.
However, high manufacturing and installation costs and surge in raw material prices hinder the market growth. On the other hand, the manufacturing of advanced lightweight air suspension compressor systems and the increase in aftermarket demand for air suspension compressors present new opportunities in the coming years.
The outbreak of the COVID-19 pandemic has harmed the growth of the global air suspension compressor market, especially during the initial phase.
The implementation of global lockdown had halted the production of many items in the air suspension compressor business. However, the market is expected to revive soon.
Leading players in this space include Arnott, AT Parts, Duralo, Miessler Automotive, Mopar (Stellantis), VIAIR Corporation and ZF.
PV Segment To Lead
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 an increase in the adoption of electronically controlled air suspension technology in passenger vehicles.
OEM Segment
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 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 due to the presence of key market players in the region, the report added.
Courtesy: Allied Market Research. NB: Photo is representational; courtesy: ZF.