The global air springs for railways, trucks, and buses market surpassed a US$ 9 Bn valuation in 2020, and is set to display a steady rate of growth through end of the forecast in 2031. Air spring sales are largely driven by applications in high-end and luxury vehicles. The global air springs market is likely to register a steady resurgence post the COVID-19 crisis, as lockdown restrictions on the automotive sector are gradually relaxed. The market outlook remains largely positive in the near future, to register a CAGR of over 7% from 2021 to 2031.
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Key Takeaways from Market Study
- Trucks are estimated to hold the lead in adopting air springs, accounting for more than one-quarter of the market, with higher efficiency in heavy-duty commercial transport applications.
- Products with sleeve designs will hold major market share and display relatively faster growth, supported by operational efficiency and lower production costs.
- High strength plastic pistons reflect high potential for growth, accounting for more than 8% CAGR, aided by weight reduction objectives of OEMs.
- Cabin suspension applications will continue to hold over 90% of the market share, with relatively better reliability in height adjustment applications.
- China will account for a valuation over US$ 950 Mn in 2021, with high potential of growth in the long term.
- Sales in the United States are critical to the North American market, accounting for close to 60% of the region.
- France and the UK‘s prospects for air springs for railways, trucks, and buses, is reflecting a gradual decline through 2031, as other countries across Europe witness steady growth.
- Italy will continue as a high potential market for air springs, driven by high export levels and the transition from electric to hybrid tech in the country’s auto sector.
“Growing awareness among vehicle owners about the advantages of air springs, and transition of consumer preferences towards comfort and luxury with increase in disposable income, have encouraged premium vehicle manufacturers to incorporate advancements in air suspension systems,”says a Fact.MR analyst.
Key Market Segments
- Passenger Vehicles
- Commercial Vehicles
- Heavy Commercial Vehicles
- Recreational Vehicles
- Single Convolute
- Multi Convolute
- Rolling Lobe and Conical Beads
- Rolling Lobe and Clamping Beads
- Less than 8
- 8 to 12
- 12 to 18
- Above 18
- 8 to 12
- 12 to 18
- 18 to 21
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific excluding Japan (China India, ASEAN, Oceania, Rest of APEJ)
- Middle East and Africa (GCC Countries, South Africa, North Africa)