Global Air Spring Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Air Spring Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Air spring is the load-carrying component of an air suspension system used on machines, automobiles, and buses. The system provides both softness and damping characteristics by utilizing the compressibility and flow resistance of air. Air springs have ideal non-linear elastic characteristics. After the height adjustment device is installed, the vehicle height does not change with the increase or decrease of the load.

Market Overview:

The latest research study on the global Air Spring market finds that the global Air Spring market reached a value of USD 2668.55 million in 2022. It’s expected that the market will achieve USD 3877.83 million by 2028, exhibiting a CAGR of 6.43% during the forecast period.

Short-term Impact

Sales of air spring have taken a hit. With the economy in recession due to COVID-19, people are staying home and putting less wear and tear on their cars, cutting into demand for parts. Vehicle miles traveled (VMT), the biggest driver of auto parts demand, is likely to remain low for a long time as telework and online shopping become more prominent in society.
Social distancing measures have dramatically cut vehicle miles traveled, and many people are suddenly working from home and relying on e-commerce. Behavioral changes around commuting and e-commerce will persist and will continue to shape the way people use their cars. The continued decline in driving will have a significant impact on air spring industry players, including declining vehicle sales, assembly plant closures, declining gasoline consumption and aftermarket parts sales, to name a few.

Long-term Impact

During the epidemic, the sluggish transit market and the disruption of the supply chain will have a negative impact on air spring, but in the long run, the development of urban transit will have a continuous demand for air springs. Air spring Industry participants should increase research and development efforts, improve the industrial chain to enhance corporate competitiveness.

Multiple demand

The production of commercial vehicles has been growing steadily worldwide. This growth is mainly driven by the increase in trade activities, which involves the transportation of goods and the increased preference for local transportation such as buses. Increased production of commercial vehicles, especially in emerging economies and several countries in Eastern Europe, will drive the demand for gas springs. Gas springs meet the growing demands on truck components: stricter exhaust gas standards largely heat up the engine compartment, thus ensuring extremely hot operating conditions. The advantages of sleeve-type air springs are that they simplify heat management and provide manufacturers with greater flexibility in determining the mounting space for cab mounts. No heat shield is required to protect the gas spring from intense heat radiation. This makes the spring function much cheaper than previous solutions - reduced idle time and lower maintenance costs are further advantages.
Technologically advanced mobility solutions such as electric vehicles are gaining traction and thus the demand for air spring components is growing for the foreseeable future. Air suspension is now a standard feature in most manufacturers' electric and plug-in hybrid vehicles. Air suspension systems further enhance driving comfort and improve vehicle safety by automatically adjusting the vehicle to the optimal ride height regardless of vehicle load. For electric vehicles, it is especially important to ensure that sufficient ground clearance levels are maintained to protect their batteries.

Low market penetration in the passenger car market

From the perspective of the industry's competitive landscape, Continental, Firestone and Vibracoustic three suppliers occupy the majority of the global air spring market share, and in order to promote the price down and to fight for emerging markets, the manufacturers actively promote localization. Air spring penetration in passenger cars is at a low level, independent upward and new energy is expected to become a short-term breakthrough. According to the model division, air springs are mainly concentrated in luxury brands. But from a structural point of view, air spring products have begun to dip. From the analysis of the models at this price level, high-end independent brands and new energy vehicles are expected to become a short-term breakthrough.

Region Overview:

In 2022, the share of the Air Spring market in Europe stood at 34.26%.

Company Overview:

Firestone Industrial Products Company is one of the major players operating in the Air Spring market, holding a share of 25.3% in 2023.

Firestone Industrial Products Company

Firestone Industrial Products Company, LLC, specializes in air spring manufacturing and technology. Headquartered in Indianapolis, Ind., Firestone Industrial Products manufactures air springs and related products for commercial trucks and trailers, cars, sport utility vehicles, light trucks, mini vans, motor homes, buses, agricultural equipment, rail and industrial applications.

Continental

Continental is a Germany-based company engaged in the automotive sector. The Company's segments include Chassis & Safety, Powertrain, Interior, Tires, ContiTech and Other/consolidation. The Chassis & Safety division develops, produces and markets intelligent systems. The Chassis & Safety division develops, produces and markets intelligent systems to improve driving safety and vehicle dynamics.

Segmentation Overview:

As for product types, the Convoluted Bellows segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Business Car, with a market share of 40.38% in 2022.

Key Companies in the global Air Spring market covered in Chapter 3:

Dunlop Systems and Components
Air lift
Tata AutoComp Systems
Arnott Industries
Wabco
Firestone Industrial Products Company
Hendrickson
Continental
Vibracoustic
VDL Weweler-Colaert
Aktas
Qingdao Senho Vibration Control Technology Co., Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the Air Spring market from 2018 to 2029 is primarily split into:

Convoluted Bellows
Rolling Lobe Bellows
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Air Spring market from 2018 to 2029 covers:

Business Car
Bus
Passenger Car
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)