Market Definition:
The global Air Springs Market size was valued at USD 6.60 billion in 2021 and is predicted to reach USD 11.50 billion by 2030 with a CAGR of 6.3% from 2022-2030. An air spring is a load-carrying component of an air suspension that is used in automobiles to provide comfort while driving.
The air springs system present in vehicles is powered by an electric or engine-driven air pump or compressor. The primary objective of an air spring is to absorb shock and reduce linear vibrations faced by a vehicle or machinery. Therefore, these springs are highly responsible for ensuring better ride quality and control of vehicles.
Market Dynamics and Trends:
Increasing sales of commercial vehicles and increasing demand for premium segment vehicles in turn increases the demand for automotive components such as air springs, fuel gauges, and air bags.
In addition, the rise in demand for lightweight suspension systems and the development of advanced suspension systems that help in maintaining correct vehicle riding height while driving boosts the growth of the air springs market.
Moreover, vehicle manufacturers are developing advanced air springs that facilitate enhanced air suspension for racing trucks, further bolstering market growth. Besides, increasing demand for light-duty vehicles along with rising use of air bellow and ECU components to use Anti-Lock Braking Systems (ABS) is further driving the growth of the air springs market.
However, the high installation cost of air spring systems in vehicles and the increase in maintenance cost of advanced suspension systems are the factors that are expected to restrain the growth of the air springs market during the forecast period.
On the other hand, various technological developments for design and composites used in air springs along with the development of regenerative suspension systems to drive advanced technology in suspension systems are expected to create lucrative growth opportunities for the air springs market players in the coming years.
Market Segmentations and Scope of the Study:
The air springs market is segmented based on product type, sales channel, technology, force, end-user application, and geography. Based on type, the market is bifurcated into the single convolute, multi-convolute, sleeve, and rolling lobe.
Based on sales channels, the market is classified into OEM and aftermarket. Based on technology, the market is divided into non-electronically operated and electronically-operated. Based on force, the market is categorized into less than 1500, 1500-2100, 2100-3300, 3300-7300, 7300-8800, 8800-10000, and above 10000.
Based on end-user application, the market is segmented into passenger cars, buses, trailers & trucks, light commercial vehicles, railways, and industrial lifts & earthmovers. The geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis:
Europe holds the lion's share of the air springs market at present and is expected to boost the market growth during the forecast period. This is attributed to factors such as the increasing demand for sports cars along with high demand for luxury cars which in turn is driving the market growth in this region.
In addition, OEMs such as BMW, Mercedes-Benz, Porsche, Audi, and Land Rover offer Electronically Controlled Air Suspension (ECAS) technology in selected models to enhance benefits such as height raising and lowering options of seats. This in turn drives the growth of the air springs market.
Also, technology-driven suppliers such as Continental, ThyssenKrupp, and SAF-Holland are constantly making efforts to introduce the latest technology in the field of air suspension for light and heavy-duty vehicles. All these factors have resulted in the growth of this market in this region.
On the other hand, North America is expected to show a steady rise in the air springs market due to the rising demand for trucks in various trading activities such as construction and transportation. Also, the rising demand for electric vehicles due to lower emission of toxins to mitigate pollution is driving the growth of the air springs market.
For instance, in July 2022, Karma Automotive announced that it had joined the MIH Consortium to create an open ecosystem for the future EV industry. The mission of MIH Open Platform Alliance is to facilitate cooperation in the EV sector, developing next-generation e-Mobility technologies, establishing testing and certification standards, and bringing alliance partners together.
In addition, the growing demand for autonomous vehicles is further driving the market growth of the air springs market in this region. For instance, in September 2021, Ford, Argo AI, and Walmart joined hands to launch an autonomous vehicle delivery service in the USA. This joint venture was aimed at bringing together a self-driving technology provider with an automotive manufacturer along with one of the world’s largest retailers.
Competitive Landscape:
The air springs industry comprises various market players such as Mando Corporation, Bridgestone, Firestone Industrial Products, Hitachi, Continental, ZF Commercial Vehicle Control Systems, Trelleborg Vibracoustic, Thyssenkrupp, Hendrickson International, and Dunlop Systems and Components. These market players are adopting various strategies such as acquisitions and joint ventures of business across various regions to maintain their dominance in the air springs market.
For instance, in August 2021, Bridgestone announced the opening of a new air springs plant in Williamsburg, Kentucky. This new establishment was aimed at meeting the growing demand for the company's air springs products driven by the rising electric vehicle (EV) sector.
Also, in August 2020, the ZF Commercial Vehicle Control Systems division in India launched air suspension with Electronically Controlled Air Suspension (ECAS) technology. This technology was developed to address issues including higher fuel consumption, decreased rider comfort, passenger safety, and vehicular instability.
Key Benefits:
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The air springs market report provides a quantitative analysis of the market estimations throughout 2022-2030 that assist in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep-dive analysis of the current and future air springs market trends to depict the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the air springs market is provided in the report.
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The competitive analysis of the market players along with their market share in the air springs market.
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The SWOT analysis and Porter's Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Air Springs Market Key Segments:
By Product Type
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Single Convolute
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Multi Convolute
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Sleeve
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Rolling Lobe
By Sales Channel
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OEM
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Aftermarket
By Technology
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Non-Electronically Operated
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Electronically Operated
By Force
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Less than 1500
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1500-2100
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2100-3300
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3300-7300
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7300-8800
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8800-10000
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Above 10000
By End-User Application
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Passenger Cars
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Buses
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Trailer & Trucks
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Light Commercial Vehicle
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Railways
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Industrial Lifts & Earthmovers
By Geography
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North America
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U.S
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Spain
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Italy
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Netherlands
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Denmark
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Finland
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Norway
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Sweden
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Russia
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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South Korea
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Australia
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Indonesia
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Singapore
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Taiwan
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Thailand
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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