Rockville , Oct. 11, 2023 (GLOBE NEWSWIRE) -- According to a detailed study by Fact.MR, a market research and competitive intelligence provider, the global air spring components market is valued at US$ 1.1 billion in 2023 and is projected to reach US$ 2.06 billion by 2033-end.
Air spring components play a crucial role in the automotive and industrial sectors, offering solutions for suspension, vibration isolation, and load leveling. Air spring components are known for their versatility and application in various vehicles, machinery, and systems.
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Lightweighting is becoming a significant trend across end-use industries to enhance fuel efficiency and reduce emissions. Manufacturers are exploring advanced materials and design techniques to develop lighter and more efficient air spring components.
Electronic control systems and sensors are enhancing the performance and functionality of air spring components. Real-time adjustments of air pressure and height are improving vehicle and machinery performance. Electric and hybrid vehicles benefit from air suspension systems to manage battery weight and enhance ride comfort. The growing electric vehicle sales are directly influencing demand for air spring components.
| Report Attribute | Details |
| Value Projection (2033) | US$ 2.06 Billion |
| Growth Rate (2023-2033) | 6.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 34 Tables |
| No. of Figures | 236 Figures |
Key Takeaways from Market Study
- The global market for air spring components is projected to increase at a CAGR of 6.5% from 2023 to 2033.
- Growing demand for air suspensions in trucks and SUVs is a notable trend driving air spring component sales in North America.
- Europe, with its established automotive industry and emphasis on eco-friendly vehicles, is a key market for lightweight air spring component suppliers.
- Rapid industrialization and growing adoption of electric vehicles are increasing the sales of air spring components in Asia Pacific.
“The aftermarket for air spring components is growing as vehicle owners and operators seek replacement parts, upgrades, and customization of vehicles,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Continental AG
- Firestone Industrial Products Company LLC
- STEMCO Products Inc.
- Akta Holding
- Vibracoustic CV Air Springs GmbH
- Freudenberg (Vibracoustic)
- Navistar
- Air Lift Company
- Dunlop Systems and Components
- Meritor, Inc.
- WABCO Vehicle Control Systems
Competitive Analysis
The air spring component market is competitive with key players such as Continental AG, Firestone Industrial Products Company, and Dunlop Systems and Components competing for market share. Innovations, quality, global reach, and responsiveness to industry trends are vital competitive factors in this dynamic market. Additionally, regional players and specialized manufacturers are contributing to the competitive landscape by offering niche solutions and customization.
- In October 2021, Continental AG began offering the same air suspension vibration dampers and compressors used by vehicle manufacturers to the automotive aftermarket. This allows workshops to use new, standard-quality parts for system repairs.
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Key Segments of Air Spring Components Market Research Report
- By Product:
- Convoluted Bellows
- Rolling Lobe Bellows
- Sleeve Bellows
- By Component Type:
- Bead Plates
- Pistons
- By Vehicle Type:
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Sales Channel:
- OEMs
- Aftermarket
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global air spring component market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (convoluted bellows, rolling lobe bellows, sleeve bellows), component type (bead plates, pistons), vehicle type (light commercial vehicles, heavy commercial vehicles), and sales channel (OEMs, aftermarket), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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