Automotive Air Suspension System Market Type, Growth and Demand Forecast to 2022
automotive air suspension system market © Rahul Gautam
The global automotive air suspension system market was valued at $4,963.6 million in 2015, and it is expected to grow at a CAGR of 7.6% during 2016 - 2022. Increasing demand for luxury and comfort, and growing demand for premium cars and luxury buses are expected to drive the automotive air suspension market over the forecast period.
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Owing to such increase in the overall income of consumers, the per capita vehicle ownership has increased, especially in the developing Asia-Pacific countries, such as India and China. This is further driving the demand for premium cars, which in turn is supporting the growth of the automotive air suspension system market in the region. In 2012, sale of premium cars in China reached 1.25 million vehicles and is expected to reach 3 million by 2020. China’s premium car market is expected to grow at an annual rate of 12% through 2020 and is expected to surpass the U.S. as the largest premium car market.
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In 2015, Europe accounted for the largestmarket of automotive air suspension systems; whereas the market during the forecast period is expected to witness fastest growth in Asia-Pacific. The major reason for the growth of the market in the region is increasing disposable income of people and growing demand for fuel efficient vehicles. North America was the second largest market for automotive air suspension system in 2015 owing to its increasing customer base and high disposable income of people in the region.
Some of the major players operating in the global automotive air suspension system market include Thyssenkrupp AG, Hendrickson International Corporation, Continental AG, WABCO Holdings Inc., Hitachi Ltd., BWI Group, Firestone Industrial Products, Mando Corporation, Accuair Suspension, and Dunlop Systems and Components.
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Owing to such increase in the overall income of consumers, the per capita vehicle ownership has increased, especially in the developing Asia-Pacific countries, such as India and China. This is further driving the demand for premium cars, which in turn is supporting the growth of the automotive air suspension system market in the region. In 2012, sale of premium cars in China reached 1.25 million vehicles and is expected to reach 3 million by 2020. China’s premium car market is expected to grow at an annual rate of 12% through 2020 and is expected to surpass the U.S. as the largest premium car market.
Explore Full Report Description At@ https://www.psmarketresearch.com/market-analysis/automotive-air-suspension-system-market
In 2015, Europe accounted for the largestmarket of automotive air suspension systems; whereas the market during the forecast period is expected to witness fastest growth in Asia-Pacific. The major reason for the growth of the market in the region is increasing disposable income of people and growing demand for fuel efficient vehicles. North America was the second largest market for automotive air suspension system in 2015 owing to its increasing customer base and high disposable income of people in the region.
Some of the major players operating in the global automotive air suspension system market include Thyssenkrupp AG, Hendrickson International Corporation, Continental AG, WABCO Holdings Inc., Hitachi Ltd., BWI Group, Firestone Industrial Products, Mando Corporation, Accuair Suspension, and Dunlop Systems and Components.