Technavio, a tech-focused market research firm, has published a new report on the global electronically controlled air suspension (ECAS) market in commercial vehicles, which is expected to grow at a steady CAGR of close to 6% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global ECAS market in commercial vehicles, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global ECAS market in commercial vehicles into the following key regions: APAC, Europe, Latin America, and North America.
Geographical segmentation of the ECAS market in commercial vehicles for 2015 (market share %)
|
North America |
28.36% |
|
Europe |
27.27% |
|
Latin America |
22.57% |
|
APAC |
21.80% |
Source: Technavio
North America: largest revenue generating region for ECAS
A steady growth in the construction market has been seen in the US construction index. There is a huge demand for long and medium haul trucks in both unitized and non-unitized freight, which has been instrumental in increasing the overall fleet sizes of long-haul trucks in the region. Since the economic downturn of 2007-2008, the public sector has seen less volatility in comparison with private construction spending. This is because of the stimulus packages presented by the US government for infrastructure projects in the country, including the Build America Investment Initiative. The public sector will continue to show positive growth during the forecast period.
According to Siddarth Jaiswal, a lead analyst at Technavio, specializing in research on automotive electronics, “Despite the housing bubble burst in 2007, followed by the credit crisis and subsequent recession of 2007-2008, the construction industry in the US managed to gain momentum during the late 2012 and in 2013. The growth was led by the resurgence of the housing market and modest improvements in the office, healthcare, and hotel markets.”
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ECAS market in Europe
A rebound of the Eurozone post years of austerity measures is expected to result in a positive growth by 2018, which is further expected to strengthen the economies of the European Union (EU) members. With the EU mandate for the fiscal deficit that needs to be maintained below 3% of a member country’s GDP possibly completing its course by this time, economies like Spain, Portugal, and Greece are expected to regain fiscal positivity by this time. Increasing governmental spending on public infrastructure is expected across the Eurozone. In the coming years, Russia is expected to have a major expansion in construction projects. Russia, being the host nation for the 2018 FIFA World Cup, will boost the construction activity greatly in the Russian regions. The Russian government is encouraging the cash inflow from various infrastructural development foreign investors in order to support the expansion of construction projects.
ECAS market in Latin America
Growth in Latin America is expected to slow down in the forecast period due to the existing sustained pre-purchase behavior of Latin American consumers. This is currently being driven by the implementation of emission standards in South America, especially in countries such as Brazil and Argentina. This pre-purchase (which naturally was instrumental in increasing the sales numbers in the early to late 2014s and 2015s), in turn, is expected to slow down the demand for long haul trucks in this region from 2016 onwards.
ECAS market in APAC
ECAS in APAC is expected to occupy a market share of more than 29% by 2020 due to the large growth in demand for heavy haul and the mid-market segments for India and China, as well as South Korea, Taiwan, Singapore, Malaysia, Vietnam, and Indonesia. India and China lead ECAS sector because of rapid urbanization where rest of the APAC follows these two countries. A new Global Infrastructure Facility (GIF) is launched by the World Bank in partnership with institutional investors to bridge the infrastructure gap in developing nations by channelizing funds for infrastructure development. This is one such factor which is responsible for the rapid growth of the infrastructure and construction markets in APAC.
The top leading vendors operating in the ECAS market are:
- Meritor WABCO
- Continental
- Volvo Trucks
- Hendrickson International
- Wheels India
Some of the prominent vendors in the market include Dunlop Systems and Components, Murata Manufacturing, Drive-Rite, Mando, and LORD.
A more detailed analysis is available in the Technavio report titled, ‘Global Electronically Controlled Air Suspension (ECAS) Market in Commercial Vehicles’. Technavio also customizes reports by other regions and specific segments upon request.
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- Global Automotive Smart Seating Systems Market 2016-2020
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