RAIPUR, India, Nov. 23, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Air Springs Market by Platform Type (Light Vehicle, M&HCV, Train, and Others), by Air Spring Type (Rolling Lobe, Convoluted, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's air spring market realities and future market possibilities for the forecast period of 2021 to 2026. The report estimates the short- and long-term ramifications of the COVID-19 pandemic on the demand for air spring at the global, regional, and country-level. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants and investors in the identification of low-hanging fruits available in the market and formulate growth strategies.
Air Springs Market: Research Highlights
An air suspension system is a type of suspension that is powered by an electric pump or compressor, which pumps air into flexible bellows, typically made from textile-reinforced rubber. These air springs can be used in place of leaf suspension or coil spring. The primary objective of an air spring is to absorb shock, reduce linear actuators, vibration isolation, and tensioners faced by a vehicle or machinery. Air springs are used in automotive, railway, and industrial applications.
The automotive industry had already been under immense stress in 2019 as the new vehicle production had fallen prey to the economic downslide. Even the emerging economies, such as China and India, the growth propellers of the industry, could not escape the grave impact of the falling production in the past year. The industry was looking forward to recovering the existing losses in 2020, but the impact of the COVID-19 pandemic shattered all expectations of the industry stakeholders, creating havoc with its prolonged impact across regions.
Air springs, a noticeable category of suspension, also marked a hefty decline of over 12% in its sales in 2020. However, the long-term outlook still seems positive, well backed by the industry's strong organic fundamental growth. The market for air springs is subjected to mark a healthy rebound in the next five years to reach an estimated value of US$ 3.7 billion in 2026.
Despite taking a deep nosedive in 2020, M&HCV is expected to remain the most dominant segment, whereas light vehicle is estimated to be the fastest-growing segment during the forecast period. Increasing demand for air springs for M&HCV is mainly propelled by certain road & safety regulations imposed by various governments, mandating the usage of air spring systems in commercial vehicles. The usage of air springs to enhance passengers' comfort in buses and passenger cars further boost the penetration of air springs in the vehicle category.
Based on the air spring type, the market is segmented as rolling lobe, convoluted air springs, and others. Rolling lobe air spring is expected to remain the largest segment of the market during the forecast period, due to their higher usage in the major applications as compared to rest of the air spring types. Sleeve air spring accounts for the lion's share of the others category and is also the fastest-growing air spring type, propelled by their higher preference in light vehicles with an aim to maximize passenger comfort.
Europe is expected to remain the largest market for air springs during the forecast period in terms of regions. Germany, Russia, and France are the growth engines of the region's market with the presence of many industry stakeholders across the countries. Most of the air spring suppliers have their presence in the region to address the emergent needs of OEMs. Stringent regulations in Europe are the key factors behind the high penetration of air springs in European vehicles.
In the post-pandemic market development, Asia-Pacific is likely to rebound at the fastest rate, witnessing the highest growth during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing fleet of vehicles and high automobile production rate in countries like China and India. Furthermore, the penetration of air springs in countries like China is increasing in the wake of the introduction of regulations mandating the use of air springs in commercial vehicles.
The market for air springs is moderately consolidated with the presence of many air spring manufacturers across the world. Leading global players are well diversified with the presence across the world; however, several small- to mid-sized local/regional players serve mainly the aftermarket.
The supply chain of this market comprises several nodes including raw material suppliers, air spring manufacturers, tier players, OEMs, and aftermarket customers. Key players in the air spring market are AirTech (Akta Holding), Continental AG, Dunlop Systems & Components, Firestone Industrial Products Company, LLC, Infinity Engineered Products, ITT Inc., Sumitomo Electric, TOYO Air Spring, Vibracoustic SE, and Yitao Qianchao.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. Following are the key features of the report:
Market structure: Overview, industry life cycle analysis, supply chain analysis
Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors
This report studies the air springs market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
Air Springs Market Size, Share & Forecast, by Platform Type
Light Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
M&HCV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Train (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Air Springs Market Size, Share & Forecast, by Air SpringType
Rolling Lobe (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Convoluted (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Air Springs Market Size, Share & Forecast, by End-User Type
OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Air Springs Market Size, Share & Forecast, by Region
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Italy, Russia, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
Rest of the World (Country Analysis: Brazil, Argentina, and Others)
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