Air Springs Market

Air Springs Market Study by Single Convolute, Multi Convolute, Sleeve, and Rolling Lobe for Passenger Cars, Buses, Trailers & Trucks, and Railways from 2023 to 2033

Analysis of Air Springs Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Air Springs Market Outlook (2023 to 2033)

The global air springs market stands at US$ 7.3 billion in 2023 and is projected to exhibit expansion at 5.3% CAGR from 2023 to 2033. As such, by the end of the forecast period, global demand for air springs is estimated to accumulate a market revenue of US$ 12.25 billion.

The automotive industry has witnessed robust growth and revolutionary changes in the past couple of decades, all of which have led to some highly lucrative opportunities for automotive component manufacturers around the world. Rising utilization of air suspension systems in vehicles around the world is projected to primarily drive sales of air springs going forward.

Growing demand for a convenient drive irrespective of the terrain is expected to promote the adoption of air suspension systems around the world through 2033. Air springs reduce noise, vibrations, and shocks to provide a comfortable ride in passenger as well as commercial vehicles.

Increasing adoption of air suspension systems, surging sales of vehicles, growing popularity of SUVs, rising sales of luxury vehicles, increasing adoption of air shock absorbers by OEMs, the growing popularity of electric vehicles, and advancements in air suspension technologies are other factors that fuel shipments of air springs over the coming years.

  • Rolling lobe air springs are estimated to account for more than 40% of the global market share by the end of 2033.

Surging use of rolling lobe air springs in class 8 vehicles and the increasing load-carrying capacity of commercial vehicles are anticipated to contribute to the high share of the rolling lobe segment by the end of the forecast period.

  • Meanwhile, sales of single convolute air springs are forecasted to increase at 4% CAGR over the next ten years.

On the flip side, the high costs of installation and maintenance associated with air springs and other air suspension components are anticipated to have an impeding effect on overall market development throughout the forecast period. The prevalence of mechanical leaks in air springs is also projected to obstruct air spring sales over the next ten years.

A detailed and elaborative account of influential trends such as global demand, local supply, supply chain management, pricing trends, and restraints have been discussed exclusively in this latest released air springs market research report by Fact.MR, a market research and competitive intelligence provider.

Report Attributes

Details

Air Springs Market Size (2023)

US$ 7.3 Billion

Projected Market Value (2033F)

US$ 12.25 Billion

Global Market Growth Rate (2023 to 2033)

5.3% CAGR

Market Share of Rolling Lobe Air Springs (2033F)

>40%

Single Convolute Segment Growth Rate (2023 to 2033)

4% CAGR

North America Market Share (2022)

20%

Key Companies Profiled

  • Wabco Holdings Inc.
  • ThyssenKrupp AG
  • BWI Group
  • Hendrickson LLC
  • Tata AutoComp Systems
  • Dunloop Systems and Components
  • Mando Corporation
  • VB AirSuspension
  • Continental AG
  • Firestone Industrial LLC

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What is the Focal Point of Interest for Start-ups in This Space?

“New Companies Focusing on Creating Novel Air Suspension Systems”

New air spring manufacturers are focusing on raising new capital to fund their development and launch of novel products. Companies are also investing funds to fuel their global expansion efforts and compete with established market players.

  • In November 2022, KH Automotive Technologies, a new company providing air suspension for passenger cars, announced that it had raised US$ 72 million in a Series B financing round. The company aims to use the new funds to expand its presence in the Chinese marketplace and increase the penetration rate of its electronic air suspension systems.
  • Fego Innovations, a start-up based in India, recently came up with the idea of Float air suspension seats that can be retrofitted in any car to enhance the riding experience. The company claimed as high as 46% jerk reduction as compared to normal seats.

Growing demand for lightweight automotive components for electric vehicles is expected to create new opportunities for air spring start-ups in the future. New air spring suppliers can capitalize on the aforementioned opportunity to establish themselves in the industry and have a chance to make a mark in the global landscape.

This Fact.MR air springs market research analysis provides a complete overview of how new developments by start-ups are changing product standards and pricing trends on a global and local level.

Air springs market growth forecast by Fact.MR

Country-wise Insights

How Will Air Spring Demand Fare in Asian Countries?

“Increasing Automotive Production Driving Demand for Air Springs”

The automotive manufacturing sector in the Asia Pacific region has been flourishing in recent years owing to the presence of key companies such as Honda, Toyota, Kia, BYD, Tata, and Nissan in countries such as Japan, China, Korea, and India. The aforementioned factor is expected to crucially bolster demand for air springs in the APAC region across the forecast period.

Rapid urbanization, increasing per capita disposable income, the growing popularity of electric vehicles, surging demand for luxury cars, and high sales of commercial vehicles are other prospects that influence sales of air springs for trucks and air bellow suspensions in the aforementioned countries. Demand for industrial air springs and small air springs is also expected to soar high in this region throughout the forecast period.

Why Could European Countries Be Highly Opportune Markets for Air Spring manufacturers?

“Presence of Key Automotive Manufacturers and Rising Sales of Electric Vehicles”

European cars are known and preferred across the world owing to their established superiority over other cars manufactured around the world. Some of the key European automotive companies are BMW, Audi, Volkswagen, Mercedes, etc. and these companies are projected to bolster demand for air springs over the coming years.

Surging demand for luxury vehicles owing to rising standards of living and changing consumer preference for a comfortable ride on all terrains is anticipated to primarily bolster demand for air suspension systems and air springs through 2033 in Europe. Moreover, the increasing focus on sustainability is projected to uplift the demand for fuel-efficient vehicles and electric vehicles, which is expected to subsequently drive air spring sales in the future.

Growing number of high net-worth individuals, surging popularity and adoption of electric vehicles, and increasing demand for better suspension systems in passenger as well as commercial vehicles are also projected to augment demand for air springs in countries such as Germany, France, and the United Kingdom over the next ten years.

Which Country is a Lucrative Market in North America?

“United States to Spearhead Air Spring Sales in North America”

Rising deployment of air suspension systems in heavy-duty vehicles and the use of air over-leaf suspensions in vehicles are key factors that are anticipated to sculpt shipments of air springs in the United States over the next ten years. Moreover, rising sales of electric vehicles and high demand for pick-up trucks are also anticipated to augment sales of products such as flat springs, coil springs, shock absorbers, etc. in the future.

Moreover, the surging demand for luxury vehicles owing to changing standards of living of the people is also projected to influentially alter the demand for air springs over the coming years. The presence of key automotive manufacturers such as General Motors, Ford Motor Co., Tesla, Nikola, Stellantis, etc. is also expected to create an opportune market scenario for air spring suppliers in the country throughout the forecast period.

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Category-wise Insights

Which Application Accounts for High Demand for Air Springs?

“Passenger Cars Accounting for Commanding Market Share”

Based on application, the air springs market is segmented into passenger cars, buses, trailers & trucks, light commercial vehicles, railways, and industrial lifts & earthmovers.

Air springs are currently extensively used in passenger cars to improve their ride quality and fuel efficiency, which contributes to the high share of passenger cars in the global marketplace. Rising demand for luxury vehicles and electric vehicles is projected to contribute to the high share of passenger cars in the global marketplace over the coming years.

Rising sales of commercial vehicles in recent years are anticipated to augment shipments of air springs for trucks, buses, and other heavy vehicles across the forecast period, Growing demand for better suspension systems in trucks and buses is anticipated to promote the adoption of air springs in commercial vehicles over the coming years.

The rising popularity of truck racing is also a key factor that is projected to uplift the demand for products such as compression springs, shock absorbers, coil springs, air bellow suspensions, double bellow air springs, etc. over the next ten years.

Competitive Landscape :

Top air spring companies are focusing on increasing their business scope by expanding their production capacity and building new plants.

  • In August 2021, Bridgestone Americas began construction on expansion plans for its subsidiary Firestone Industrial Products (FSIP) air springs production facility in Kentucky. The company is a leading supplier of air suspensions for electric vehicles and is expected to play a crucial role in the global marketplace in the future.

Key Segments of Air Springs Industry Research

  • By Product Type :

    • Single Convolute
    • Multi Convolute
    • Sleeve
    • Rolling Lobe
  • By Application :

    • Passenger Cars
    • Buses
    • Trailers & Trucks
    • Light Commercial Vehicles
    • Railways
    • Industrial Lifts & Earthmovers
  • By Force :

    • Less than 1,500 N/m
    • 1,500 to 2,100 N/m
    • 2,100 to 3,300 N/m
    • 3,300 to 7,300 N/m
    • 7,300 to 8,800 N/m
    • 8,800 to 10,000 N/m
    • Above 10,000 N/m
  • By Sales Channel :

    • OEMs
    • Aftermarket
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

How big is the air springs market?

The global air springs market stands at a value of US$ 7.3 billion in 2023.

What is the projected size of the air springs market?

Demand for air springs is set to rake in a revenue of US$ 12.25 billion by the end of 2033.

What is the growth rate of the global air springs market?

Worldwide sales of air springs are estimated to rise at 5.3% CAGR over the next ten years.

What are the segments covered in the air springs market report?

Product type, sales channel, force, application, and region are key segments covered in this Fact.MR research report.

Who are the top players operating in the air springs market?

Mando Corporation, VB AirSuspension, Continental AG, and Firestone Industrial LLC. are key air spring suppliers.