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Air Spring Components Market

Published Date : Jul 2024 | Forecast Year : 2019

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Air Spring Components Market Size, Analysis, By Component (Air Compressor, Air Spring, Electronic Control Unit), By Technology (Electronically Controlled, Non-Electronically Controlled), Vehicle Type (Heavy Duty Vehicles, Light Duty Vehicles), End-User (Aftermarket, Original Equipment Manufacturer (OEM)) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG1010

Published : Jul 2024

Pages : 126

Format : Air Spring Components Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 2.09 Billion
MARKET SIZE (2024)USD 1.5 Billion
CAGR (2023-2029)6.7 %
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEAir Compressor
Air Spring
Electronic Control Unit
BY APPLICATIONAftermarket
Original Equipment Manufacturer (OEM)
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSContinental, Firestone, Stemco Products, Aktas Holding, Freudenberg (Vibracoustic), Navistar, Air Lift, Meritor, Firestone Industrial Products Company LLC, STEMCO Products Inc., Vibracoustic CV Air Springs GmbH (Freudenberg) .

The Global Air Spring Components Market size was estimated to be valued at USD 1.5 Billion in 2023 and is expected to reach at USD 2.09 Billion by 2032, exhibiting at a CAGR of 6.7 % during the forecast period. This report provides a deep insight into the Air Spring Components Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Air Spring Components Market

Size, by Product, - (USD Billion)

Air Compressor

Air Spring

Electronic Control Unit

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

6.7 %

The Forecast Market

Size for in USD:

$2.09 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Air Spring Components Market Segments

By Component- Air Compressor, Air Spring, Electronic Control Unit

By Technology- Electronically Controlled, Non-Electronically Controlled

By Vehicle Type- Heavy Duty Vehicles, Light Duty Vehicles 

End-User- Aftermarket, Original Equipment Manufacturer (OEM)

Key Profiles:

Continental, Firestone, Stemco Products, Aktas Holding, Freudenberg (Vibracoustic), Navistar, Air Lift, Meritor, Firestone Industrial Products Company LLC, STEMCO Products Inc., Vibracoustic CV Air Springs GmbH (Freudenberg) 

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Air Spring Components Market

Share, by end user, (USD Billion)

Analytica Global 1.5 Billion %

Aftermarket

Original Equipment Manufacturer (OEM)

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

2.09 Billion

Total Market Size

USD (Billion),

6.7 %

CAGR

-

Market Insights:

  • The air spring components market plays a critical role in the automotive and industrial sectors, providing suspension solutions that improve the performance of vehicles and equipment. 
  • Air springs, also known as air suspension, offer improved comfort, stability and load capacity compared to traditional coil or leaf spring assemblies. These components use compressed air to support the weight of the vehicle and absorb bumps in the road, improving ride quality and reducing vibration.
  • In addition to the automotive industry, air spring components are widely used in heavy trucks, buses, trailers and industrial machinery, where precise control of suspension dynamics and load distribution is important. 
  • The market is driven by increasing vehicle production, increasing demand for commercial vehicles with higher load capacity, and the development of air suspension technology. 
  • In addition, regulations to improve fuel efficiency and reduce emissions further encourage the adoption of air-sourced components that contribute to overall operational efficiency and safety in a variety of applications. 

Market Growth Factors:

  • Increasing production of automobiles, especially commercial vehicles, is increasing the demand for air spring components.
  • Continuous innovation in air suspension systems improves performance, comfort and durability.
  • Consumers and the industry are looking for the improved ride quality, reduced vibration and improved handling that air springs provide.
  • Regulations promoting fuel efficiency and vehicle safety encourage the use of air source components.
  • Growing use of heavy trucks, buses, trailers and industrial machines is expanding the market.
  • The ability of air springs to effectively support heavy loads favors their use in commercial and industrial sectors. 

    Air Spring Components Market

    Size, by Product, - (USD Billion)

    NORTH AMERICA $ 24

    The Market will Grow

    At the CAGR of:

    6.7 %

    The Forecast Market

    Size for in USD:

    $2.09 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Key Development Factors:

  • In 2021, Technology Advances: Continued focus on improving air source technology to improve durability, reliability and performance in a variety of applications.
  • Increasing demand for commercial vehicle air springs as they can provide better ride comfort and load capacity.
  • In 2022, Expansion in Emerging Markets: In emerging markets, the use of air source components will increase as industrialization and infrastructure development increase.
  • Introduction of air sources integrated with smart technologies for real-time monitoring and predictive maintenance.
  • In 2023, Regulatory Focus: Increased regulatory focus on vehicle emissions and safety standards, promoting the adoption of air springs to improve fuel efficiency and compliance.
  • Increasing sustainable practices in air spring manufacturing processes.
  • Innovations in materials (Future Prediction): Development of air source materials improves performance and reduces environmental impact.
  • Mergers, acquisitions and partnerships between key players to strengthen market presence and expand product offerings in the Air Spring Components industry.

Acquisitions/Technology Launch:

  • In June 2019, ZF Friedrichshafen AG, a leading supplier of passenger cars, commercial vehicles and industrial technology, acquired Wabco Holdings for $136.65 per share. The acquisition significantly expands Wabco's ability to deliver commercial vehicle safety and efficiency. This acquisition also combines technologies such as vehicle dynamic control and active air suspension systems.
  • In May 2019, Ridetech Fox Factory Holdings Corp., a supplier of high-performance suspension components and systems, announced an acquisition. This acquisition extends Ridetech's innovation and technology development under Fox ownership. It also leads to the expansion of a large number of high-quality products such as air suspension systems (air suspension systems), coilovers, shock absorbers, tubular control arms and more.

Air Spring Components Market Trends:

  • Air springs are increasingly used in commercial vehicles such as trucks, buses and trailers as they provide excellent ride comfort, stability and load capacity.
  • Continued innovation in air source technology, including improvements in materials, design and integration with electronic controls to improve performance, durability and efficiency.
  • Manufacturers emphasize the use of lightweight materials in air suspension components to improve fuel efficiency and reduce overall vehicle weight.
  • Integrating air springs with smart technologies such as sensors and digital controllers for real-time monitoring, predictive maintenance and adaptive suspension systems.
  • Increasing sustainable practices in air spring manufacturing processes, including recyclable materials and energy efficient manufacturing methods.
  • Growing market share of air suspension components in developing economies due to infrastructure, industrialization and growing demand for commercial vehicles. 

    Air Spring Components Market TO (USD BN)

    Air Spring Components Market

    CAGR OF

    6.7 %

    Air Spring Components Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 2.09 Billion %

Restraints Factors:

  • Air suspension systems typically have higher initial costs than traditional suspension systems, which can hinder adoption, especially in cost-sensitive markets.
  • Installation and maintenance of air source components can be more complex and require special skills and tools, which can increase operating costs for end users.
  • Air suspension systems may not be compatible with all vehicles or applications, limiting their use in certain automotive and industrial market segments.
  • The introduction of new technologies and the abandonment of established suspension systems can be resisted, especially in conservative sectors or regions.
  • Concerns about the reliability and durability of air spring components, especially in harsh operating conditions or harsh applications, can affect the rate of adoption.
  • Supply chain disruptions, including shortages of raw materials or components, can affect the production and availability of air suspension systems. 

FAQs:

1.How big is the Air Spring Components Market?

Ans: The Air Spring Components Market size valued at USD 2.09 Billion in and grow at a CAGR of 6.7 % 

2.What is the current Air Spring Components Market size?

ANS: The Air Spring Components Market size is expected to be USD 1.5 Billion

3.Who are the key players in Air Spring Components Market?

Ans: Continental, Firestone, Stemco Products, Aktas Holding, Freudenberg (Vibracoustic), Navistar, Air Lift, Meritor, Firestone Industrial Products Company LLC, STEMCO Products Inc., Vibracoustic CV Air Springs GmbH (Freudenberg) 

4.Which is the fastest growing region in Air Spring Components Market?

Ans: Asia Pacific is estimated to grow at the highest CAGR over the forecast.

Air Spring Components Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

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