The Asia Pacific Air Suspension Compressor Market would witness market growth of 6.8% CAGR during the forecast period (2021-2027).
Air suspension refers to the suspension of a vehicle that is powered by an engine-driven compressor or air pump. Air springs, shock absorbers, beam assembly, brake system, and axle make up the air suspension system. Air suspension improves the vehicle's driving comfort while also increasing stability and lowering fuel consumption. An air suspension system refers to a suspension system that uses air springs instead of steel springs or leaf springs to support a vehicle on an axle.
Prominent industry players are concentrating on developing sophisticated lightweight air suspension compressor systems for automobiles in order to strengthen their market position. For example, VIAIR Corporation released the 450P-Automatic Stealth Black compressor system for automobile vehicles in September 2021. It has a duty cycle of 100% and an automatic shut-off feature. It can withstand pressures of up to 150 PSI/1.80 CFM and run for up to one hour before requiring recharging.
China is the world's largest automotive sector, with passenger vehicle production accounting for 84.6 percent of total production in 2019 and sales accounting for 84.4 percent, according to the China Association of Automobile Manufacturers (CAAM). In addition, India's automobile sector has a lot of room for expansion in the future. Despite the extraordinary outbreak of COVID-19, the automotive sector in India made excellent improvements in 2020, according to the Society of Indian Automobile Manufacturers.
Although there has been a spike in the production of vehicles due to a slight easing of regulatory criteria and the introduction of COVID-19 vaccinations. In addition, with the thriving construction industry and widespread use of big trucks, air suspension systems in heavy trucks have seen a significant increase in use.
The China market dominated the Asia Pacific Air Suspension Compressor Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $312.5 million by 2027. The Japan market is exhibiting a CAGR of 6.2% during (2021 - 2027). Additionally, The India market would experience a CAGR of 7.5% during (2021 - 2027).
Based on Vehicle Type, the market is segmented into Passenger Vehicle and Commercial Vehicle. Based on Sales Channel, the market is segmented into OEM and Aftersales. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Air Suspension Compressor Market is Projected to reach USD 3 Billion by 2027, at a CAGR of 6.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Arnott Air Suspension Products, AT Parts Germany GmbH, Guangzhou CYS Auto Parts Co., Ltd., Stellantis N.V., Guangzhou Tech master auto parts co. Ltd., Miessler Automotive GmbH & Co. KG, VIAIR Corporation, Zhejiang Bocheng Automotive Technology Co. Ltd., and ZF Friedrichshafen AG.
By Vehicle Type
By Sales Channel
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