Feb 19, 2021
Electronically Controlled Suspension Systems to Display High Growth Potential in Air Springs Market Place: Fact.MR
by Team Fact.MR
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.
Demand for air suspension systems is primarily driven by growing number of luxury buses for long-distance travel, and rising consumer preference for comfort and luxury in passenger cars. Improvements in social status and higher demand for sophisticated features have supported the sales of premium vehicles, especially across Asia.
Auto OEMs, including Mercedes-Benz, BMW, Audi, Porsche, and Land Rover, have provided consumers with ECAS technology to enhance benefits, including options of height adjustment. In terms of commercial vehicles, air springs have a higher rate of installation in vehicles such as multi-axle buses and semi-trailers. These factors have all contributed to market growth, and will continue to do so over the next ten years.
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.
Acquisitions & Portfolio Expansion Gain Ground
Key players in the market are largely focused on product launches and acquisitions in the industry to consolidate their market presence. Improvements in terms of weight reduction and automated response are expected to find interest in the industry across the globe. Major players in the market include, but are not limited to, Goodyear, Arnott, Ksport, Firestone, Helix, Air Lift, Torque, Suncore, Viair, RideTech, Hellwig, Legend, and Ride-Rite.
More Valuable Insights on Market
The study on the global air springs for railways, trucks, and buses market by Fact.MR provides an unbiased assessment of key demand-driving factors and trends, which have influenced the landscape from 2016 to 2020, and includes detailed assessment of major parameters that are anticipated to exert influence over 2021 – 2031. Market statistics have been presented on the basis of product (multi convolute, rolling lobe, single convolute, and sleeve), vehicle (passenger vehicles, commercial vehicles, heavy commercial vehicles, trailers/semi-trailers, tractors, recreational vehicles, buses, railways, and industrial applications), sales channel (OEM and aftermarket), diameter (less than 8, 8 to 12, 12 to 18, and above 18), and ride height (8 to 12, 12 to 18, and 18 to 21), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile 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 the 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.
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Consultant - Industrial Goods and Automotive