Air Springs Market Report
Air Springs Market is Segmented by Platform Type (Light Vehicle, M&HCV, Train, and Others), by Air Spring Type (Rolling Lobe, Convoluted, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Air Springs Market is Segmented by Platform Type (Light Vehicle, M&HCV, Train, and Others), by Air Spring Type (Rolling Lobe, Convoluted, and Others), by End-User Type (OE and Aftermarket), and by Region...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
An air suspension system is a type of suspension that is powered by an electric pump or compressor, which pumps air into flexible bellows, typically made from textile-reinforced rubber. These air springs can be used in place of leaf suspension or coil spring. The primary objective of an air spring is to absorb shock, reduce linear actuators, vibration isolation, and tensioners faced by a vehicle or machinery. The air springs are used in automotive, railway, and industrial applications.
The automotive industry had already been under immense stress in 2019 as the new vehicle production had fallen prey to the economic downslide. Even the emerging economies, such as China and India, the growth propellers of the industry, could not escape the grave impact of the falling production in the past year. The industry was looking forward to recovering the existing losses in 2020, but the impact of the COVID-19 pandemic shattered all expectations of the industry stakeholders, creating havoc with its prolonged impact across regions.
Air springs, a noticeable category of suspension, also marked a hefty decline of over 12% in its sales in 2020. However, the long-term outlook still seems positive, well backed by the industry’s strong organic fundamentals growth. The market for air springs is subjected to mark a healthy rebound in the coming years to reach an estimated value of US$ 3.7 billion in 2026.
The air springs market is segmented as light vehicles, M&HCV, trains, and others based on the platform type. Despite taking a deep nosedive in 2020, M&HCV is expected to remain the most dominant segment, whereas light vehicle is estimated to be the fastest-growing segment during the forecast period. Increasing demand for air springs for M&HCV is mainly propelled by certain road & safety regulations imposed by various governments, mandating the usage of air spring systems in commercial vehicles. The usage of air springs to enhance passengers’ comfort in buses and passenger cars further boost the penetration of air springs in the vehicle category.
Based on the air spring type, the market is segmented as rolling lobe, convoluted air springs, and others. Rolling lobe air spring is expected to remain the largest segment of the market during the forecast period, due to their higher usage in the major applications as compared to the rest of the air spring types. Sleeve air spring accounts for the lion’s share of the others category and is also the fastest-growing air spring type, propelled by their higher preference in light vehicles with an aim to maximize passenger comfort.
Europe is expected to remain the largest market for air springs during the forecast period in terms of regions. Germany, Russia, and France are the growth engines of the region’s market with the presence of many industry stakeholders across the countries. Most of the air spring suppliers have their presence in the region to address the emergent needs of OEMs. Stringent regulations in Europe are the key factor behind the high penetration of air springs in European vehicles.
In the post-pandemic market developments, Asia-Pacific is likely to recoup at the fastest rate, witnessing the highest growth during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing fleet of vehicles and high automobile production rate in countries like China and India. Furthermore, the penetration of air springs in countries like China is increasing in the wake of the introduction of regulations mandating the use of air springs in commercial vehicles.
The market for air springs is moderately consolidated with the presence of a large number of air spring manufacturers across the world. The leading global players are well diversified with the presence across the world; however, several small- to mid-sized local/regional players serve mainly aftermarket. The major players have successfully leaped ahead in the market by performing expansion and providing a vast variety of product portfolios.
The supply chain of this market comprises several nodes including raw material suppliers, air spring manufacturers, tier players, OEMs, and aftermarket customers. The following are the key players in the air spring market arranged alphabetically.
The development of lightweight tubes for critical applications, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s air spring market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- and long-term ramifications of the COVID-19 pandemic on the demand for air spring at the global, regional, and country-level. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants and investors in the identification of the low-hanging fruits available in the market and formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The air springs market is segmented into the following categories.
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The air springs market is estimated to grow at a healthy CAGR of 5.9% by 2026.
AirTech (Akta? Holding), Continental AG, Dunlop Systems & Components, Firestone Industrial Products Company, LLC, Infinity Engineered Products, ITT Inc., Sumitomo Electric, TOYO Air Spring, Vibracoustic SE, and Yitao Qianchao are the leading players in the air springs market.
Europe is estimated to remain dominant in the air springs market in the foreseen future.
The air springs market size is expected to reach US$ 3.7 billion in the foreseeable future.
M&HCV is expected to remain the most dominant platform type in the air springs market in the coming years.
Rolling lobe air spring is expected to remain the largest segment in the air springs market during the forecast period.
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