Air Springs Components Market to Remain Fairly Consolidated
Through 2028, the air spring components market is expected to develop at a CAGR of around 6.6 percent. OEMs account for 3x more commercial vehicle air spring sales than other sales channels, giving them a market share of over 75% in the air spring components industry.
As a limited number of market player are active in the production of air springs components, Tier I manufacturers in the air springs components market account for a significant revenue share of around 42.2% - 47.3% in the market. Leading player in the air springs components market have adopted cutting-edge technologies to enhance the process competence in manufacturing air springs for commercial vehicles and ensure its quality and performance features.
Apart from the technological advantages, the access to high quality raw materials is also aiding top market players to consolidate their position in the air springs components market.
Furthermore, strategic collaborations among top air springs components market players are helping Tier I companies to benchmark their products with competitor products, and scale up in the air springs components market in the upcoming years.
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Rapidly Increasing Commercial Vehicles Parc Triggers Demand for Air Springs Components
Recent improvements in the world economy and developments in the road infrastructure has propelled the production and sales of commercial vehicles across the globe, which is one of the leading driving engines for the air springs components market.
According to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of commercial vehicles reached peak during 2010-2017, as it increased from 19 million to reach around 26 million in 2017.
The global production of commercial vehicles also increased from over 19.3 million to approximately 23.8 million during 2010-2017.
As the installation of air springs components helps to make vehicles safer, comfortable, and cost-effective, the unprecedented growth of the commercial vehicle industry is expected to boost demand for air springs components in the upcoming years.
Preference to Coil Springs over Air Springs Hampers the Air Springs Components Market Growth
A suspension system of a vehicle plays an integral role in ensuring its efficient operation, thereby modern automakers are making performance-boosting adjustments in their suspension setups.
Though air springs components are lightweight and tunable, they fail to emulate the suppleness of coil springs and heat more on long descents.
Commercial vehicle air springs are prone to get affected due to various external factors, such as humidity, temperature, and altitude, and it is driving automakers to shift to more efficient and safer alternatives to air springs components.
This is making a negative impact on the growth prospects of the air springs components market.
In order to balance the performance characteristics of both air springs components and coil springs, leading manufacturers in the air springs components market are introducing coil springs to complement technologically advanced air springs in commercial vehicles, which is emerging as a popular trend in the air springs components market.
An Adaptive Approach to Modern-day Research Needs
Heavy Investments in R&D to Develop Advanced Air Suspension Technologies Influence Growth Prospects of the Market
Taking into account the importance of air springs in the operation of commercial vehicles, air springs components market players are focusing on improving the safety and efficiency of air springs components with the help of advanced technologies.
Leading market players are investing heavily in R&D to develop advanced air suspension and chassis technologies and offer more control over the operation of their air springs components.
The recent trends in the air springs components market demonstrate the increasing adoption of wireless technologies and sensor technologies for manufacturing smart air springs for commercial vehicles.
Top manufacturers in the air springs components market are shifting their focus on developing unique technologies to offer maximum control over the operation of air springs components, and ultimately gain competitive advantages in the air springs components market in the upcoming years.
Positive Prospects of Logistics & Transportation Industry Augur Well for Air springs components Market
Commercial vehicles are employed extensively in the logistics & transportation industry for on-road cargo transportation, thereby growth prospects of the air springs components market majorly depend on the global transportation activities and the integration of supply chain networks worldwide.
Also, according to a report by the United Nations (UN), over 55% of the global population lives in urban areas, which is likely to increase up to 68% by 2050. The recent growth in the trend of urbanization directly translates into the positive developments in transportation industry.
According to the American Trucking Associations, over-the-road transportation of cargo accounted for US$ 676.2 billion in 2016, whereas total spending in the U.S. logistics and transportation industry was $1.4 trillion.
With the increasing growth of the global logistics & transportation industry and urbanization, the adoption of commercial vehicles is likely to surge, which will complement the growth of the air springs components market in the upcoming years.
Interested to Procure The Data
This section in the Fact.MR study aids readers to fathom critical developments in the air springs components market with the help of insightful information about the leading companies in the market.
The report enlists leading stakeholders in the air springs components market and provides useful information about recent developments in the winning strategies of leading competitors in the air springs components market.
Air springs components market players featured in the report are
- Continental AG
- Firestone Industrial Products Company LLC
- STEMCO Products Inc.
- Akta Holding
- Vibracoustic CV Air Springs GmbH
- Navistar, Inc.
- Air Lift Company
- Meklas Group
- Dunlop Systems and Components Ltd.
- Hendrickson USA LLC
- Meritor, Inc.
- WABCO Holdings Inc.
- Gibraltar Airsprings Private Limited
- Fabio Air Suspension Systems
- Guangzhou Guomat Air Springs Co. Ltd.
Continental AG, a leading German manufacturer of air springs components, recently announced that it will soon present its digital electronic commercial vehicle air springs damping solution for LCVs such as cabs and trucks.
The company revealed that the commercial vehicle air springs solution has advanced features such as smart cab level adjustment, which improve drivers’ safety and comfort on uneven roads.
Another manufacturer in the air springs components market - Firestone Industrial Products Company LLC collaborated with Knorr-Bremse, a German automaker, to launch its fully integrated intelligent commercial vehicle air springs sensor that can eliminate vibrations and sustain harsh environments.
Other leading players in the air springs components market, such as Firestone Industrial Products Company LLC and WABCO Holdings Inc., are investing in R&D to develop innovative technologies to eliminate vibrations with high-tech commercial vehicle air springs solutions.
Air springs components are devices that are used in the suspension systems of light duty and heavy duty vehicles, such as coaches, buses, trailers, and heavy trucks. Air springs components are an integral part in commercial vehicles as they ensure smoother rides, protect cargo, and reduce maintenance cost in commercial vehicles.
About the Report
The Fact.MR report provides readers with the most important insights about potential opportunities, growth prospects, and recent developments in the air springs components market. Reliable and accurate qualitative and quantitative conclusions about the growth of the air springs components market are presented in the report.
Additional Questions Answered
The air springs components market report provides detailed information about growth prospects of the air springs components market, which includes minute details about the current and future growth parameters of the air springs components market.
The report also answers the market-related questions about for readers, which can help them to establish a strong presence the air springs components market. Some the questions answered in the air springs components market report include,
- How will the Europe air springs components market grow during the period 2018-2026?
- How OEMs are the important contributors to the growth of the air springs components market?
- Which product type will account for the largest revenue share in the air springs components market and why?
- How are leading manufacturers improving durability and performance characteristics of air springs components?
- What are the winning strategies adopted by leading stakeholders in the air springs components market?
The Fact.MR report helps readers to fathom unique conclusions about the development of the air springs components market, which are presented in the report.
On conducting detailed secondary and primary market research on the historical and current growth parameters of the air springs components market, analysts at Fact.MR find out nearly accurate qualitative and quantitative conclusions about the growth of the air springs components market.
Secondary research on the air springs components helps analysts to understand the historical and current facts and industry-validated information and predict the growth prospects of the air springs components market.
This is followed by primary research, where leading stakeholders in the market, such as manufacturers, distributors, suppliers, and investors, in the air springs components market are interviewed.
The accuracy and authenticity of the qualitative and quantitative information on how the air springs components market will grow during 2018-2027, is ensured during the research.
In order to provide detailed information about the air springs components market in a seamless way, the Fact.MR report divides the air springs components market into its five broad sub-segments – product types, sales channels, component types, vehicle types, and regions.
Based on product types, the air springs components market is segmented into three main types – convoluted bellows, rolling lobe bellows, and sleeve bellows. Depending on the sales channel, the air springs components market is segmented into two main types – Original Equipment Manufacturer (OEM) and Aftermarket.
According to the component types, the air springs components market is segmented into bead plate, piston, and sleeve bellows. Based on the component type, commercial vehicle air springs pistons are further segmented into plastic pistons and metal pistons.
According to vehicle types, the air springs components market is broadly segmented into lightweight commercial vehicles (LCV) and heavy weight commercial vehicles (HCV), which is further segmented into buses & coached and trailers & heavy trucks.
Based on regions, the air springs components market is segmented into six regions – North America, Europe, Latin America, Southeast Asia Pacific (SEAP), China, and Middle East & Africa (MEA).
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