ROCKVILLE, Md., March 24, 2022 (GLOBE NEWSWIRE) -- The global air springs market 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 global market for air springs is also influenced by the aftermarket to a large extent. Replacement of air springs becomes necessary after a predetermined range of travel, which is expected to fuel the demand for air springs. Moreover, various technological developments with respect to design and composites used in air springs are expected to exert a positive impact on air springs market growth.
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Air Springs Market Application Insights
The production of commercial vehicles has been steadily increasing across the globe. This growth is mainly fuelled by increasing trading activities which involve transportation of goods and growing preference for local transport such as buses.
The increase in the production of commercial vehicles especially in emerging economies and few countries in Eastern Europe are expected to drive the demand for air springs. Air springs for trucks are very high in demand. Truck racing has gained wide popularity with huge companies investing in truck racing championships and organizing events.
For such events, highly tuned trucks are being used with enhanced safety features, which includes the incorporation of air spring suspensions (typically convoluted bellows). Manufacturers are also developing advanced air springs for facilitating enhanced air suspension for racing trucks. Truck racing championships that use advanced air springs in air suspension systems are expected to have a positive influence on the growth of the global air springs market.
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.
By Product Type:
- Single Convolute
- Multi Convolute
- Sleeve
- Rolling Lobe
By Sales Channel:
- OEM
- Aftermarket
By Application:
- Passenger Cars
- Buses
- Trailer & Trucks
- Light Commercial Vehicle
- Railways
- Industrial Lifts & Earthmovers
By Force:
- Less than 1500
- 1500-2100
- 2100-3300
- 3300-7300
- 7300-8800
- 8800-10000
- Above 10000
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
This taxonomy and the detailed TOC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
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Air Springs Market Regional Insights
North America holds more than 20% share of the total market value. Technologically advanced mobility solutions, such as electric vehicles are gaining traction, especially in developed countries thus escalating demand for airs spring assemblies in the foreseeable future. However, the most financially rewarding opportunities are offered by Middle East & Africa.
Developing healthcare infrastructure coupled with increasing disposable incomes of consumers is set to drive demand from this region. The air springs market in the Middle East & Africa region will continue to grow at a stupendous 7% CAGR through 2030. Investments by developing countries in railways and transportation to enhance connectivity make air springs a high growth category. South Asia & Oceania will witness an impressive 6% CAGR during the forecast period.
COVID-19 and Air springs
Manufacturers face increased trade restrictions due to COVID-19. Major organizations have ceased production or are working at minimal capacity. Suspension of non-essential trade has pushed market players to rely on cash reserves during the pandemic. Raw material procurement and availability of workforce is a major hurdle for air springs manufacturing during COVID-19.
As the world fights novel coronavirus, prosthetic operations have been suspended indefinitely. Manufacturers will find revenue opportunities in fast recovering countries such as Australia. The country has witnessed around six thousand cases and more than three thousand have been recovered fully. Stringent lockdowns of public gatherings and retail shopping is another limitation for market players.
Financial recovery strategies focus on low impact countries such as Indonesia and Singapore to find growth opportunities. Companies are mapping alternative trade routes to avoid stagnancy during the COVID-19 pandemic.
Key Takeaways of Air Springs Market
- 3300-7300 force segment holds the majority share in 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. Proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
- Owing to 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 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.
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