Air Springs Market Growth Analysis | 2021-2026

Market Highlights

The Air Springs Market was estimated at US$ 2.7 billion in 2020 and is expected to grow at a healthy CAGR of 5.9% during the forecast period to reach a value of US$ 3.7 billion in 2026.

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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 springs. The primary objective of an air spring is to absorb shock and reduce linear actuators, vibration isolation, and tensioners faced by a vehicle or machinery. The air springs are used in automotive, railway, and industrial applications.

Covid-19 Impact

The automotive industry had already been under immense stress in 2019 as 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.

Segments Analysis

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By Platform Type

The market is segmented as light vehicles, M&HCVs, 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 and 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 boosts the penetration of air springs in the vehicle category.

By 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 to maximize passenger comfort.

Regional Analysis

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.

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Key Players

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 a 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.

• 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
• Yitao Qianchao

The development of lightweight tubes for critical applications, expansion in untapped and growing markets, and execution of mergers and acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.

Research Methodology

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 levels.  The report segments and analyzes the market in the most detailed manner 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.

Report Features

This report provides market intelligence most comprehensively. 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.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players).
• SWOT analysis of key players (up to 3 players).

Market Segmentation

• Current market segmentation of any one of the applications by printer technology type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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