The Global Demand for Air Springs will generate incremental revenue opportunities at an impressive 5% CAGR during the forecast period.
An evolving world economy and developments in road infrastructure have ramped up production and sales of commercial vehicles across the globe, which is one of the leading growth engines for air springs components. Suspension of non-essential import/export to contain the spread of COVID-19 has limited the growth potential of the market during the first quarter of 2020. Market players are targeting demand from low impact countries such as Singapore, Indonesia, and Australia. The industry analysis provides data & insights on historical volume sales of the air springs market. According to Fact.MR’s analysis, the report includes merger & acquisition activity analysis. Air Springs manufacturers and stakeholders will not only know the recent M&As but also understand their impact on the competitive landscape and market share
“Air springs for railways, trucks and buses has witnessed a marked proliferation over the years. Growing use of public transport vehicles in metropolitan cities, coupled with shifting preference of drivers and travelers for a smoother commute is set to remain the primary driver of market growth.”
A list of key companies operating in the air springs market provided in the report adds to the credibility of this exhaustive research study.
Dunlop Systems and Components
Firestone Industrial LLC
Tata AutoComp Systems
Wabco Holdings Inc
Key Takeaways of Air Springs Market
3300-7300 force segment holds the majority share in the global market and is anticipated to expand at a CAGR of 4% during the long-term forecast period
Rolling lobes shall expand 1.7x by 2030, and are expected to witness a healthy CAGR, owing to high deployment in commercial vehicles
Buses are set to hold the dominating share in the global air springs market. The proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
Owing to the early adoption of air springs in developed regions, North America holds a share of more than 20% of the total market value
High growth can be seen in economies of Asia Pacific (East Asia, South Asia, and Oceania) attributed to heavy investments in electric vehicles. This boom shall generate increased demand for air springs. These economies collectively account for a 35% share of the total market value.
Middle East & Africa offers the most lucrative growth prospects, with a growth rate of over 7% during the forecast period. Developing automotive infrastructure with high penetration of automotive manufacturing units are major indicators of growth potential.
Global Air Springs Market: In-Depth Assessment on Key Segments
The global air springs market is segmented on the basis of product type, sales channel, application, forces and region.
Trailer & Trucks
Light Commercial Vehicle
Industrial Lifts & Earthmovers
Less than 1500
South Asia & Oceania
Middle East & Africa
The sale of rolling piston air springs remains higher than that of bundles (single and multi-purpose springs) and sleeves. Rolling lobe should have a share of over 40% of the total market value by the end of 2030. With the aim of increasing the load-bearing capacity of commercial vehicles, manufacturers have introduced class 8 heavy-duty vehicles such as trucks & trailers, thus accelerating the demand for air springs in the HCV sector.