May 07, 2020
Global Air Springs Market to Expand 1.6x by 2030, Suspension of Non-Essential Exports/Imports amid COVID-19 to Limit Short Term Growth, finds Fact.MR
by Team Fact.MR
The global air springs market will generate incremental revenue opportunities at an impressive 5% CAGR during the forecast period. An evolving world economy and developments in road infrastructure have ramped up production and sales of commercial vehicles across the globe, which is one of the leading growth engines for air springs components. Suspension of non-essential import/export to contain the spread of COVID-19 has limited the growth potential of the market during the first quarter of 2020. Market players are targeting demand from low impact countries such as Singapore, Indonesia and Australia.
Key Takeaways of Air Springs Market
- 3300-7300 force segment holds the majority share in global market and is anticipated to expand at a CAGR of 4% during the long-term forecast period
- Rolling lobes shall expand 1.7x by 2030, and are expected to witness a healthy CAGR, owing to high deployment in commercial vehicles
- Buses are set to hold the dominating share in the global air springs market. Proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
- Owing to early adoption of air springs in developed regions, North America holds a share of more than 20% of the total market value
- High growth can be seen in economies of Asia Pacific (East Asia, South Asia, and Oceania) attributed to heavy investments in electric vehicles. This boom shall generate increased demand for air springs. These economies collectively account for 35% share of the total market value.
- Middle East & Africa offers the most lucrative growth prospects, with a growth rate of over 7% during the forecast period. Developing automotive infrastructure with high penetration of automotive manufacturing units are major indicators of growth potential.
Product Innovation to Garner Higher Profits Post COVID-19 Pandemic
The rapid spread of COVID-19 and lockdown impositions has had a significant impact on commercial vehicle sales. Many organizations have stopped operations and a few are running on bare minimum capacity. However, since air springs are capable of handling varied levels of load for LCVs and HCVs, market players are focused on development of intelligent air springs that promise to deliver enhanced operational efficiency using advanced sensor technology. This innovation is expected to trigger sales post COVID-19 However, trade suspension due to the COVID-19 pandemic adversely impacts growth. Prioritizing the safety of employees, many organizations have suspended production. In a bid to contribute to the fight against COVID-19, many air springs manufacturers are employing their technical expertise in developing medical equipment for COVID-19 treatments.
Looking for More Information?
The research study on the air springs market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends, which have shaped the landscape of air springs over 2015 – 2019 and includes a detailed assessment of key parameters that are anticipated to exert influence over 2020 – 2030. Market statistics have been presented on the basis of product type (multi convolute, rolling lobe, single convolute and sleeve), application (passenger cars, buses, LCVs, railways, trailers & trucks and industrial lift & earth movers), sales channel (OEM and aftermarket), force (less than 1,500, 1500-2100, 2100-3300, 3300-7300, 7300-8800, 8800-10000, Above 10000) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.