The new research report by Stratview Research on the Air Springs Market by platform type, air spring type, end-user type and by region - Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026, identifies that the market is subjected to mark a healthy rebound in the next five years to reach an estimated value of $ 3.7 billion in 2026.
Air springs, a noticeable suspension category, also marked a hefty decline of over 12% in its sales in 2020. However, the long-term outlook still seems positive, well backed by the industry's strong organic fundamental growth, the report said.
An air suspension system is powered by an electric pump or compressor, which pumps air into flexible bellows, typically made from textile-reinforced rubber. These air springs can be used in place of leaf suspension or coil spring. The primary objective of an air spring is to absorb shock, reduce linear actuators, vibration isolation, and tensioners faced by a vehicle or machinery. Air springs are used in automotive, railway, and industrial applications.
Key players in the air spring market are AirTech, Continental, Dunlop Systems & Components, Firestone Industrial Products, Infinity Engineered Products, ITT, Sumitomo Electric, Toyo Air Spring, Vibracoustic and Yitao Qianchao.
The automotive industry had already been under immense stress in 2019 as the new vehicle production had fallen prey to the economic downslide. Even the emerging economies, such as China and India, the growth propellers of the industry, could not escape the severe impact of the falling production in the past year. The industry was looking forward to recovering the existing losses in 2020, but the effect of the COVID-19 pandemic shattered all expectations of the industry stakeholders, creating havoc with its prolonged impact across regions.
Despite taking a deep nosedive in 2020, M&HCV is expected to remain the most dominant segment, whereas the light vehicle is estimated to be the fastest-growing segment during the forecast period. Increasing demand for air springs for M&HCV is mainly propelled by certain road & safety regulations imposed by various governments, mandating the usage of air spring systems in commercial vehicles. In addition, the use of air springs to enhance passengers' comfort in buses and passenger cars further boosts air springs' penetration in the vehicle category.
Based on the air spring type, the market is segmented as rolling lobe, convoluted air springs, and others. Rolling lobe air spring is expected to remain the largest market segment during the forecast period due to their higher usage in the major applications compared to the rest of the air spring types. On the other hand, sleeve air spring accounts for the lion's share of the others category and is also the fastest-growing air spring type, propelled by their higher preference in light vehicles to maximise passenger comfort.
Europe is expected to remain the largest market for air springs during the forecast period in terms of regions. Germany, Russia, and France are the growth engines of the region's market, with the presence of many industry stakeholders across the countries. Most of the air spring suppliers have their presence in the region to address the emergent needs of OEMs. Stringent regulations in Europe are the key factors behind the high penetration of air springs in European vehicles.
In the post-pandemic market development, Asia-Pacific is likely to rebound at the fastest rate, witnessing the highest growth during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing fleet of vehicles and high automobile production rate in countries like China and India. Furthermore, the penetration of air springs in countries like China is increasing due to the introduction of regulations mandating the use of air springs in commercial vehicles.
The market for air springs is moderately consolidated, with many air spring manufacturers across the world. Leading global players are well diversified with the presence across the globe; however, several small- to mid-sized local/regional players serve mainly the aftermarket.
The market's supply chain comprises several nodes, including raw material suppliers, air spring manufacturers, tier players, OEMs, and aftermarket customers, the global market intelligence firm noted.
Courtesy: Stratview Research. NB: Photo is representational; courtesy: Vibracoustic.