Air Spring Market Size, Share, Growth, and Industry Analysis, By Type (Convoluted Bellows, Rolling Lobe Bellows, Sleeve Bellows), By Application (Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), Regional Insights and Forecast To 2032

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AIR SPRING MARKET REPORT OVERVIEW

global air spring market size was USD 2.51 billion in 2023 and market is projected to touch USD 3.5 billion by 2032 at CAGR 3.7% during the forecast period.

An air spring is a type of suspension system used in vehicles to provide comfort and handling. It consists of an air-filled chamber that supports the weight of the vehicle and can be adjusted to provide variable stiffness and damping.

Growing demand for luxury buses and long-distance passenger cars is fueling the growth of the global automotive air suspension market. Increasing use of lightweight suspension materials and technological advancements are having a positive impact on the growth of the market.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has caused disruptions in supply chains, manufacturing and retail, resulting in reduced consumer spending and demand for non-essential items such as wardrobes. Lockdowns and social distancing have also limited shopping opportunities, further affecting sales and distribution channels. As a result, market demand and turnover decreased during the pandemic. While markets may eventually recover as the situation improves, the immediate impact of COVID-19 on global markets has been largely negative.

LATEST TRENDS

"Growing Demand For Advanced Air Suspension Systems Leading Market Expansion"

Several trends are emerging in the global air spring market. First, there is a growing demand for advanced air suspension systems that offer greater load capacity and better durability. Second, the adoption of lightweight and energy-efficient air source components is increasing due to the need for fuel efficiency and reduced carbon dioxide emissions. In addition, technological advances such as the integration of sensors and intelligent controllers into air suspension systems are gaining momentum. Additionally, the growing popularity of air springs in the automotive industry, especially in luxury and commercial vehicles, is expected to drive the air spring market growth.

AIR SPRING MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Convoluted Bellows, Rolling Lobe Bellows, Sleeve Bellows.

• Convoluted Bellows: Convoluted bellows consist of two cones connected together and are widely used due to their flexibility and ability to withstand high loads.

• Rolling Lobe Bellows: Rolling Lobe Bellows consist of a spiral outer shell and a piston, which ensures an even distribution of load and increases durability.

• Sleeve Bellows: Bellows in the sleeve ensure high load capacity and stability, and the air column is surrounded by a cylindrical rubber sleeve. These market types offer different options for different load and performance requirements.

By Application

Based on application the global market can be categorized into Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV).

The air springs market finds application in several sectors of the automotive industry.

• Passenger Car: In the passenger car market, air springs are used to improve ride comfort by reducing vibrations caused by uneven road surfaces.

• Light Commercial Vehicle (LCV): Similarly, the light commercial vehicle (LCV) market uses air springs to increase load capacity and stability.

• Heavy Commercial Vehicle (HCV): In the heavy commercial vehicle (HCV) market, air springs are used to provide superior suspension and improved safety, especially in heavy-duty vehicles that carry heavy loads. All in all, air springs are important components for a smoother and safer ride in various car segments.

DRIVING FACTORS

"Diffusion Of Air Suspension Systems In Passenger Cars Fuel Market Growth"

The automotive industry is witnessing the spread of air suspension systems in luxury vehicles and high-end passenger cars. The air spring improves ride quality, reduces vibration and handling, which become important factors for consumers. This trend is expected to stimulate the air spring market growth.

"Demand For The Rapidly Growing Railway Industry Expand The Market Growth"

The railway industry is undergoing a major change, focusing more on fast and comfortable train models. A set of air springs is widely used in railway carriages for better suspension, reduced noise and vibration and improved passenger comfort. Increasing development of railway infrastructure in various regions is expected to increase the demand for air spring assembly.

RESTRAINING FACTORS

"High Development And Implementation Costs May Hinder Market Growth"

Innovations and technological advances have played an important role in the improvement of automotive suspension systems. The modern electronically controlled air suspension system offers better comfort and convenience. However, this technology also increased the complexity of vehicles. System design, prototyping and manufacturing require large investments, which increases costs and takes a lot of time. Therefore, few manufacturers invest in R&D to develop advanced technology. This increased complexity of sensors, solenoid valves and electronic control units increases the price of an air suspension system. Adding air suspension to existing vehicle models requires major design changes, further increasing costs. In developed regions such as Europe and North America, adoption of advanced technologies and high demand for premium vehicles drives the market. In the economic segment, however, the share of cars is the largest in the cost-sensitive countries of Asia, Oceania and the rest of the world. Therefore, consumers in these countries are not willing to pay for expensive technology. Thus, the high cost of air suspension systems prevents OEMs from offering such a system to mid-segment cars, especially in developing countries. This may adversely affect the growth of the air suspension market.

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AIR SPRING MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific Dominating the Market due to Increased Purchasing Power Of People Living In This Economy"

The Asia Pacific region accounts for a major global air spring market share during the forecast period. As the impact of the pandemic recedes from the automotive industry in the region, the production of commercial vehicles has increased and is estimated to grow by around 3.5% over the next 5 years. Sales of luxury vehicles and premium SUVs have increased in the region due to the increased purchasing power of people living in this economy. Customers in the premium vehicle segments demand a quality driving experience from their vehicles, which forces OEMs to increase the use of air suspension systems in their products. Demand for air suspension systems is limited to the premium segment of the passenger car segment and trucks and buses in the commercial vehicle segment.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The air spring market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Top Air Spring Companies

• Continental (Germany)
• Firestone Industrial Products Company (U.S.)
• Hendrickson USA (U.S.)
• Wabco Holdings (Switzerland)
• AccuAir Suspension (U.S.)
• Dunlop Systems and components (U.K.)
• Mando Corp (South Korea)
• BWI Group (China)
• Tata AutoComp Systems (India)
• VB-Airsuspension (U.S.)
• VDL Weweler-Colaert (Belgium)

INDUSTRIAL DEVELOPMENT

October 2021: Continental AG began offering the same air suspension shock absorbers and compressors used by vehicle manufacturers in the automotive aftermarket. Thus, repair shops can use new parts of standard quality to repair the system.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.