In the field of automotive autonomous driving, intelligent upgrading of the execution system and domestic substitution are expected to become a rapid development trend in the next few years, especially in the field of automotive chassis.
At present, the domestic air suspension is on the eve of large-scale matching, with the price of supporting models is expected to usher in an accelerated increase in penetration, the agency expects that the penetration rate of domestic passenger car air suspension is expected to increase to 15% in 2026, corresponding to about 30 billion yuan of market space; the overall penetration rate of commercial vehicles is expected to be the same as that of passenger cars, and the market space is expected to reach 11.4 billion yuan in 2026.
Introduction to air suspension systems
Air Suspension Systems (AIRMATIC) are advanced products popular in the automotive industry in developed countries today.
In developed countries, air suspension systems are used for 100% of medium-sized and above buses, and air suspension systems for trucks, trailers and tractors.
Its biggest advantage is that it can not only improve the riding comfort of the occupants, but also play an important protective role in the road.
The air suspension has a high sensitivity to load, and the structural composition determines that it cannot continue to work in the state of overload and exceeding the limit, and the risk of damage is greater.
The installation of air suspension on heavy trucks is in line with the logic of national control over-overloading. At the same time, the advantages of stable vibration isolation and adjustability are conducive to reducing the impact force on the road surface and prolonging the life of the road surface during the driving process of the heavy truck.
Air suspension industry chain
The upstream of the air suspension includes metal materials, steel, rubber; the core difficulty of the midstream air suspension lies in the independent research and development and production of core components such as air springs and air supply units, and foreign manufacturers enter the market early and have accumulated deep technology. Downstream for vehicle manufacturers and suppliers as well as after-sales service market.
Source: Huaxi Securities
The core component of the air suspension
Gas springs (elastic elements): cushioning, vibration damping, load-bearing.
Shock absorber (damping element): with air springs, it cushions vibrations and enhances the smoothness of driving in bumpy sections.
Air supply unit (including air compressor, distribution valve, suspension, etc.): The telescopic state of the gas spring is dynamically adjusted by filling and deflating.
Controller ECU: Real-time control of the air supply unit and shock absorber to adjust the air spring stiffness and damping force of the shock absorber.
Sensors (height sensor, body acceleration sensor, etc.): Transmits vehicle status to the ECU at any time.
Air receiver: Mated with an air compressor for timely response to ECU signals.
Other (air lines, etc.).
Source: Tianfeng Securities
Air suspension competitive landscape
The core difficulty of air suspension lies in the independent research and development and production of core components such as air springs and air supply units, due to the early entry of foreign manufacturers into the market and the deep accumulation of technology, it is currently in a monopoly position, mainly including Continental Group, Wyback, AM K (acquired by Zhongding shares) and so on.
Domestic substitution is accelerating. The rapid growth of domestic air suspension demand has promoted the acceleration of research and development on the supply side, and domestic manufacturers such as Baolong Technology, Zhongding Shares, and Konghui Automobile have broken through the core technology of air suspension to help reduce the cost of air suspension.
At present, the value of air suspension bicycles of foreign manufacturers is about 20,000 yuan, and the value of domestic air suspension bicycles is about 12,000 yuan, which is expected to drop to 8,000 yuan in the future. At the same time, the main engine factory tends to decouple the air suspension software and hardware, using hardware external mining + independent integration to further reduce the cost of air suspension, domestic manufacturers such as Baolong, Zhongding, Kong Hui and so on have projects landed.
Both the policy side and the demand side will increase the demand for air suspension. Mandatory air suspension installation requirements for hazardous chemical heavy trucks have been introduced, and it is expected to be promoted to more models in the future.
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