ROCKVILLE, Maryland, January 30, 2019 /PRNewswire/ --
The air spring components market witnessed growth at 6.4% year-on-year (y-o-y) in 2018 over 2017, as per the latest research study by Fact.MR. According to the study, vehicle safety along with quality amelioration requirements in trucks, notably in case of rough roads and longer descents, are amplifying installations of air spring components. Resurgence of transportation and trucking remains two of the key factors spurring sales of air spring components. Some other factors responsible for heightened adoption of air spring components include-
- Burgeoning sales and production of commercial vehicles worldwide
- Rising cognizance of comfort, safety, and convenience of drivers in case of longer journeys
- Latest technological refurbishments in suspension systems integrated in commercial vehicles
- Urbanization and globalization trends fuelling developments in roadway infrastructures
- Thriving and drastically evolving warehousing and logistics industry
With the commercial vehicles' sales approaching its peak, quality of ride is evolving as one of the highly-valued attributes determining purchase decisions of customers. In response with the aforementioned, the OEMs and prominent automakers are embracing air spring components of high-quality as an indispensable for enhancing customer experience.
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OEMs Retain the Lead as a Highly-Lucrative Sales Channel for Manufacturers to Reap ROI Benefits
OEMs are foreseen to steer sales of air spring components, owing to their wide-spread proliferation. OEMs are attaining control of overall lifecycle of the commercial vehicles, including the maintenance services. According to Fact.MR, OEMs will continue to hold more than 75% share of the air spring components market, as OEMs witness nearly 3x higher sales of commercial vehicle air spring as compared to several other sales channels. By specializing both in terms of manufacturing and supplying of air spring components, OEMs are likely to remain a highly-lucrative sales channel for the manufacturers.
OEM workshops continue to witness significant sales of air spring components via primary focus on enhancement of customer experience, inducing competition-oriented pressures on entire aftermarket. OEMs are making headway with massive lobbying in air spring components market, which is creating significant entry barriers for new suppliers. This, in turn, remains a key aspect enabling OEMs to seize a substantial share in the air spring components market.
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North America & Europe Hold More than 60% of Market Share with Innumerable Profit-making Opportunities
In spite the sales of passenger car putting commercial vehicle sales in shade, demand for heavy commercial vehicles (HCVs) as well as lightweight commercial vehicles (LCVs) is on a consistent rise across emerged economies, which provides credence to the incremental adoption of air spring components across developed regions. The flourishing growth of transportation and logistics industries in key regions of North America and Europe, production as well as sales of commercial vehicles is anticipated to scale up, necessitating installation of air spring components in the upcoming years.
As per a revelation by the ATA (American Trucking Association), around 71% percent of freight in U.S. is transported via trucks, which equaled nearly US$ 738.9 billion in the overall freight revenues by transferring more than 10 billion tons of freight in the year 2016. Burgeoning adoption of commercial automobiles, notably in the U.S. logistics and transportation industry, is triggering the adoption of air spring components for reinvigorating the cargo safety and quality of rides in case of commercial vehicles.
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Majority of the prominent manufacturers offering air spring components have their headquarters in Europe, primarily in Germany. The key players in the air spring components market of Europe make headway with innovative & technologically-upgraded spring components to capitalize on the ever-increasing regional demand for safe and comfortable commercial vehicles available at reasonable costs.
The Fact.MR report finds that rising pace of manufacturing of high-quality air spring components in the developed regions will make Europe and North America highly lucrative for the manufacturers as well as distributors from an investment-making standpoint.
The Fact.MR report analyzes the growth of air spring components market over the forecast period of 2018-2026. As per the report, the air spring components market is likely to proliferate at an impressive CAGR of 6.6% through 2028.
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