Air suspension systems comprise 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.
An integrated system comprises an air spring, shock absorber, air compressor, height sensor, electric control unit, and air reservoir. Among all these, the automotive air suspension system market was dominated by shock absorbers in terms of revenue as well as sales volume during the historical period (2012–2015).
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.
The automotive air suspension system market 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).
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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.
in 2012, China became the second largest market for premium cars after the U.S. by recording 1.25 million car sales, which are further predicted to grow to 3 million by 2020.
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.