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Air Spring Market Segmented By product type such as Convoluted bellows, Rolling lobe bellows and Sleeve bellows with technology such as Non-electronically operated and Electronically operated
Despite the fact that the automotive industry has been running after future technologies such as autonomous vehicles, hybrid quadricycles & NEVs, but on actual grounds automotive manufacturers have been found more focused towards developing enhanced modules for the safety of the vehicles and passengers. The continuous investment in research & development in automotive safety has led to enhancement of conventional products and components.
Air spring falls under the category of automotive air suspension and is an important component of this system. Air suspension systems have increasingly being preferred in various categories of automotive due to its enhanced performance, better cushioning and relatively high safety features. Air spring enables enhanced vibration isolation, higher durability and reduced driver fatigue.
With a commercial aspect, reduced wear and tear and maintenance cost make air spring more preferred. The market for air spring is projected to remain growth opportunistic and is expected to grow at a moderate pace, owing to the expected increase in adoption of air suspension system.
With a macro-economic perspective, healthy economic growth across geographies is expected to create business opportunities over the forecast period. Increasing penetration of air suspension system into passenger cars and commercial vehicles is projected to turnout as a primary factor supplementing demand for air spring.
Over the past decade, sales of luxury vehicles has registered an upsurge, both in developing and developed nations, the preference for luxurious vehicles is not just limited to passenger cars, but also there has been significant demand for luxurious buses and performance trucks.
Many OEMs equip these categories with novel air suspension system and thus turn out to be consumers of air springs. The global air spring market is projected to witness increasing adoption of electronically controlled systems, this trend is expected to continue throughout the forecast period. However, consumption of non-electronically controlled systems is expected to remain dominant.
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By region, Europe is the early adopters of air spring. Europe is expected to dominate the global air spring market in terms of production as well as demand. More number of passenger cars in the Europe region are installed with air suspension system when compared to that in other prominent regions such as North America and Asia Pacific.
With significant demand for luxury vehicles, North America air spring market is projected to remain optimistic over the forecast period. The U.S. is expected to create noteworthy demand for air spring in the North America market. North America and Europe are expected to lead in terms of replacement demand as well, over the forecast period. Asia Pacific accounts for high vehicle production across the globe and has relatively high share in vehicle exports. The region is expected to generate significant OEM demand over the forecast period.
The market for air spring is characterised by presence of well-established and prominent automotive component manufacturers.
Examples of some of the market participants identified across the value chain of the global Air Spring market are:
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