According to the Fact.MR study, forecast for the air springs market accounts for a CAGR of over 7% from 2021 to 2031. Advances in ECU capabilities and optimized software for improvements to responsiveness are key factors that will drive impetus in the industry, post 2021, with a transition towards electric vehicles and the resurgence of transport for trade activities.
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Active air suspension systems are typically expensive, which has limited their widespread adoption. In addition, unlike hydraulic systems, sensor advancements allow for weight reductions. Air spring systems have been shown to be effective at reducing body roll while maintaining comfort and control. However, increasing complexity has harmed reliability and serviceability, making performance issues relatively costly. According to a new fact. The MR report
The global air springs market is moderately consolidated, with market leaders attempting to maintain a global presence. Major industry players have heavily invested in the development and launch of new offerings for their portfolios, in order to keep up with the frequent advances in associated technology.
- Vibracoustic, for instance, launched a switchable three-chamber air spring system in November 2020. The system comprises active-control shock absorbers, an electronic control unit, and software integration of the system into the vehicle.
- Continental AG, in October 2019, unveiled a lightweight air spring for commercial vehicles, which the company claims to reduce kerb weight by around 15 kilograms. The system comprises an integrated plastic roller piston technology, which also significantly reduces fuel consumption.
- In November 2020, Turnspire Capital Partners LLC subsidiary Infinity Engineered Products announced the acquisition of Goodyear® air springs from EnPro Industries Inc. The deal includes complete licensing rights, R&D center, manufacturing facilities, real estate, personnel, and intellectual property.
Key Market Segments
- Passenger Vehicles
- Commercial Vehicles
- Heavy Commercial Vehicles
- Recreational Vehicles
- Single Convolute
- Multi Convolute
- Rolling Lobe and Conical Beads
- Rolling Lobe and Clamping Beads
- Less than 8
- 8 to 12
- 12 to 18
- Above 18
- Ride Height
- 8 to 12
- 12 to 18
- 18 to 21
- Piston Type
- Sales Channel
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific excluding Japan (China India, ASEAN, Oceania, Rest of APEJ)
- Middle East and Africa (GCC Countries, South Africa, North Africa)
Key Takeaways from Market Study
- Trucks are expected to lead in the adoption of air springs, accounting for more than one-quarter of the market, with greater efficiency in heavy-duty commercial transport applications.
- Products with sleeve designs will have a large market share and grow at a faster rate, thanks to operational efficiency and lower production costs.
- High strength plastic pistons have a high growth potential, accounting for more than 8% CAGR, aided by OEM weight reduction goals.
- Cabin suspension applications will maintain a market share of more than 90%, with relatively higher reliability in height adjustment applications.
- China will be worth more than US$ 950 million in 2021, with significant long-term growth potential.
- The United States is critical to the North American market, accounting for nearly 60% of the region’s sales.
- The prospects for air springs for railways, trucks, and buses in France and the United Kingdom are declining gradually through 2031, while other countries in Europe are growing steadily.
- Italy will remain a high-potential market for air springs, owing to high export levels and the country’s auto industry’s transition from electric to hybrid technology.