The global air springs market is anticipated to rise at a healthy 5% CAGR between 2020 and 2030. According to Fact.MR, the ongoing coronavirus outbreak has had a substantial impact on automotive supply chains, with major manufacturing hubs such as Japan, China, and South Korea facing the brunt of the pandemic. Lower-tier air spring manufacturers are anticipated to be hit harder owing to cash flow issues, which could threaten the survival of the businesses in the short term.

"The adoption of air springs is largely limited to commercial vehicles and public transport, owing to a higher cost of installation, and increased professional expertise needed for maintenance. Innovations in design will aid penetration into the passenger vehicle segment," says the FACT.MR report.

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Air Springs Market- Key Takeaways

Sleeve air springs are rapidly gaining traction owing to superior temperature resistance capabilities.
Aftermarket sales are contributing substantially to revenue, driven by high demand for customized automotive offerings.
Asia Pacific is displaying fast growth supported by the presence of numerous major market players, and tech advancements.

Air Springs Market- Driving Factors

Superior fuel efficiency and comfort from air springs as compared to conventional alternatives supports adoption.
Increasing user preference for vehicles with all terrain capabilities is driving up sales figures.
Frequent technology and material innovations in the industry are generating key growth opportunities.

Air Springs Market- Major Restraints

High costs associated with air spring installation and maintenance holds back market growth.
Requirement of high capital and professional expertise in development processes hampers market players.

COVID-19 Impact on Air Springs Market

Automotive companies are increasingly concerned about the economic impact on long term asset disruptions, and liquidity problems from the coronavirus pandemic. Drop in production of new vehicles and automotive components will hold the market hostage in the short term. However, sales in aftermarket settings will help in partially mitigating some of the losses arising during this period.

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Competitive Landscape

Air springs market players are increasingly emphasizing on product launches and innovations. For instance, Firestone Industrial Products have come up with a new air damping system, which integrates air springs and shock absorbers in a single component. ContiTech has developed high performance sleeve air springs, which can operate at extreme temperatures. Continental has unveiled lightweight air springs, which can reduce suspension weight by 15 kgs. Hendrickson LLC, Wabco Holdings Inc., and Continental AG are leading air spring manufacturers.

About the Report

This study offers readers a comprehensive market forecast of the air springs market. Global, regional and country-level analysis of the top industry trends impacting the air springs market is covered in this FACT.MR study. The report offers insights on the air springs market on the basis of product type (single convolute, multi convolute, sleeve, and rolling lobe), sales channel (OEM and aftermarket), application (passenger cars, buses, trailer & trucks, light commercial vehicles, railways, and industrial lifts & earthmovers) and force (less than 1500, 1500 -2100, 2100 - 3300, 3300 - 7300, 7300 - 8800, 8800 - 10000, and above 10000), across six regions (North America, Latin America, Europe, East Asia, South Asia Oceania, and Middle East & Africa).

Press Release: https://www.factmr.com/media-release/1542/global-air-springs-market