The North America Air Suspension Compressor Market would witness market growth of 6.4% CAGR during the forecast period (2021-2027).
The air suspension compressor industry has grown significantly as a result of its ability to provide high-quality and pleasant lengthy trips for both the driver and passengers. It also decreases the amount of damage done to the products during transportation. Suspension is responsible for ride quality and vehicle handling control, as cars with firm suspension have higher control over body movements and react rapidly. Ambulances, in particular, necessitate a high level of ride quality to protect patients who are already ill.
The market is expected to develop due to factors such as increased worldwide commercial vehicle sales and increased demand for premium and luxury cars. In addition, increased aftermarket demand for air suspension and related components, as well as an increase in demand for lightweight air suspension systems, are likely to generate multiple chances for the air suspension market to grow and expand. However, market growth is expected to be hampered by issues such as the high development and deployment costs of air suspension.
Currently, the regional market is witnessing the development of the automotive industry and an increase in vehicle production. In addition, the National Automobile Dealers Association (NADA) forecasts 16.3 million light-vehicle sales in 2021, up 12.7 percent from 2020. As a result, higher vehicle production will raise demand for air suspension compressor systems.
Some of the major trends of the regional market are the booming construction industry and favorable government initiatives in the United States. According to the International Organization of Motor Vehicle Manufacturers, commercial vehicle production in the United States will reach 8.1 million units in 2020. As the need for large trucks and buses grows, OEMs and automakers are increasing their use of air suspension systems to meet the demand.
The US market dominated the North America Air Suspension Compressor Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $586 million by 2027. The Canada market is estimated to witness a CAGR of 8.9% during (2021 - 2027). Additionally, The Mexico market would display a CAGR of 7.9% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Air Suspension Compressor Market is Estimated to reach $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.
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