Rockville, March 13, 2023 (GLOBE NEWSWIRE) — The global air springs market is expected to grow at a 5.3% CAGR from 2023 to 2033, reaching US$ 7.3 billion in 2023. As a result, it is anticipated that by the end of the forecast period, the global demand for air springs will have generated US$12.25 billion in market revenue.
The automotive sector has experienced rapid expansion and revolutionary changes over the past few decades, which have created a number of extremely lucrative opportunities for automotive component producers worldwide. Sales of air springs are expected to be primarily driven in the future by the increasing prevalence of air suspension systems in automobiles around the globe.
Through 2033, it is anticipated that a global increase in desire for comfortable driving regardless of the terrain will encourage the introduction of air suspension systems. Air springs offer a quiet, smooth ride in both passenger and commercial vehicles by reducing noise, vibrations, and shocks.
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The following factors are expected to boost the growth of the market.
- The demand for commercial vehicles is increasing due to the growth of e-commerce, logistics, and transportation industries, which is driving the demand for air springs used in these vehicles.
- Besides this, the growing popularity of SUVs and advancements in air suspension technologies are the other factors that are expected to boost the advancements during the forecast period.
- The demand for luxury vehicles is increasing due to rising disposable incomes, and air springs are commonly used in luxury vehicles to provide a smooth ride.
- Air suspension systems are becoming increasingly popular in vehicles due to their superior performance and ride quality, which is driving the demand for air springs.
- Besides all these factors, the rise in the use of rolling lobe air springs in class 8 vehicles is expected to contribute to the high share of air springs during the forecast period.
- There is a growing trend towards the use of lightweight materials such as composites and aluminum alloys in air springs to reduce weight and improve fuel efficiency.
- The increasing adoption of electric and hybrid vehicles is driving the demand for air springs, as they offer superior ride quality and are more energy-efficient than traditional suspension systems.
- The integration of sensors and control systems in air springs is becoming increasingly common, allowing for real-time monitoring of vehicle performance and adjustment of suspension settings.
- As the demand for air springs grows, manufacturers are offering more customization options to meet the specific needs of different vehicle models and applications.
- Air springs are typically more expensive than traditional suspension systems, which can limit their adoption in some markets.
- The availability of raw materials, such as rubber and plastic, can be limited in some regions, which can impact the production and availability of air springs.
- Air springs face competition from other suspension systems, such as coil springs and leaf springs, which can limit their adoption in certain markets.
- Air springs require regular maintenance and may need to be repaired or replaced over time, which can add to the overall cost of ownership.
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- The automotive market in the Asia Pacific region has been growing at a rapid pace due to the presence of reputed brands such as Honda, Toyota, Tata, and Nissan.
- Market in European countries is expected to witness high demand due to some of the key automotive companies such as BMW, and Audi in the market. Surging demand for luxury vehicles is expected to push the demand for air suspension systems in coming years.
Key companies in the market are focusing on increasing their business capacity and focusing on new product launches. For instance:
- Some manufacturers are developing air springs with integrated sensors and control systems, allowing for real-time monitoring of vehicle performance and adjustment of suspension settings. Self-leveling air springs use sensors to detect changes in vehicle load and adjust the air pressure in the spring to maintain a level ride, improving safety and stability.
- Moreover, key manufacturers are exploring the use of lightweight materials such as composites and aluminum alloys to reduce the weight of air springs and improve fuel efficiency.
- 3D printing is being used to produce air springs with complex geometries, enabling customization and optimization of the spring design for specific vehicle models and applications.
Also, key companies are focusing on various strategies such as significant investments in funding and strategies such as acquisitions to establish a moderate market share.
- In 2021, Dunlop Systems and Components, a UK-based manufacturer of air springs, acquired the air springs division of Hallstar, a US-based manufacturer of rubber products, to expand its product offerings and strengthen its global presence.
Key Companies Profiled
- Wabco Holdings Inc.
- ThyssenKrupp AG
- BWI Group
- Hendrickson LLC
- Tata AutoComp Systems
- Dunloop Systems and Components
- Mando Corporation
- VB AirSuspension
- Continental AG
- Firestone Industrial LLC
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Key Segments of Air Springs Industry Research
- By Product Type :
- Single Convolute
- Multi Convolute
- Rolling Lobe
- By Application :
- Passenger Cars
- Trailers & Trucks
- Light Commercial Vehicles
- Industrial Lifts & Earthmovers
- By Force :
- Less than 1,500 N/m
- 1,500 to 2,100 N/m
- 2,100 to 3,300 N/m
- 3,300 to 7,300 N/m
- 7,300 to 8,800 N/m
- 8,800 to 10,000 N/m
- Above 10,000 N/m
- By Sales Channel :
- By Region :
- North America
- Latin America
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