Air Spring Market by Type (Convolute, Rolling Lobe, and Sleeve), Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and Application (Automotive, Railway, and Industrial) – Global Opportunity Analysis and Industry Forecast, 2024–2030

Air Spring Market by Type (Convolute, Rolling Lobe, and Sleeve), Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket), and Application (Automotive, Railway, and Industrial) – Global Opportunity Analysis and Industry Forecast, 2024–2030

The Air Spring Market size was valued at USD 6.22 billion in 2023, and is predicted to reach USD 9.70 billion by 2030, with a CAGR of 5.5% during the forecast period, 2024–2030. Also, the air spring market is valued at 30294 thousand unit in 2023, and is expected to reach at 52163 thousand unit by 2030 with the CAGR of 6.8% during 2024-2030.

The global industrial production boom is significantly contributing to the growth of the air spring market. As industrial activities expand worldwide, there is a growing need for efficient and reliable air springs in various industrial machinery and vehicles. According to the Federal Reserve, U.S. industrial production experienced a notable increase of 6.61% from February 2021 to February 2022. As industries scale up production to meet the rising demand, the requirement for high-quality air springs continues to rise, driving the market growth globally.

However, the regular maintenance associated with air spring to ensure proper air pressure and component functionality is restraining the demand for the air spring industry.

On the contrary, the integration of sensor technology in air springs is expected to create future opportunities in the market. By incorporating sensors, manufacturers enables real-time monitoring of crucial parameters, proactive maintenance, and performance optimization, enhancing reliability and safety. Moreover, sensor-enabled air springs will pave the way for smart, adaptive suspension systems that automatically adjust to varying conditions, driving demand in automotive and industrial sectors. Key companies including Continental AG and Vibracoustic SE are integrating ultrasonic sensors, symbolizing the industry's commitment to innovation and advancement.

Segment Overview

The global air spring industry is segmented on the basis of type, sales channel, application, and region.
By type, the market is divided into convolute, rolling lobe, and sleeve.
By sales channel, the market is categorized into OEM and aftermarket.
By application, the market is segmented into automotive, railway, and industrial.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).

Regional Analysis

Asia-Pacific Holds the Dominant Share in the Global Air Spring Market

The Asia-Pacific region dominates the market, largely due to the well-established automotive industries in countries such as China, Japan, India, and South Korea. This robust industry boosts the demand for automotive components. According to data from the International Trade Administration (ITA), domestic production in China reached 2.69 million units in March 2024 and is projected to hit 35 million units by 2025. This trend fuels industry growth as manufacturers increases air spring production to meet the rising demand in China's automotive sector.

Moreover, the increasing government initiatives to promote domestic manufacturing of air suspension systems are significantly driving the growth of the air spring market. For instance, in July 2023, Hendrickson launched locally manufactured air and mechanical suspensions as part of the Make-in-India initiative, which is the lightest system available, offering operating efficiency advantages to customers.

Key Market Players

The key players in the global air spring market include:
• Continental AG
• Bridgestone Industrial
• Vibracoustic SE
• Sumitomo Electric Industries, Ltd.
• Trelleborg AB
• VDL Groep
• Airtech (Aktaş Holding)
• Hendrickson USA, L.L.C.
• BWI Group
• Stemco

Recent Developments

April 2024

Vibracoustic partnered with XPENG to develop and produce switchable two-chamber air springs for the XPENG G9 battery electric vehicle (BEV). These air springs provide two stiffness settings, enabling the vehicle to adjust to different loads and road conditions and it represents the debut of Vibracoustic's cutting-edge air spring technology with a Chinese OEM.

November

Firestone Aride launched smartphone-controlled air springs, which enables users to manage their air springs through a Bluetooth-enabled smartphone app or a wireless remote. The system offers single- and dual-path controls, and when equipped with dual-path control to balance uneven loads.

February 2024

Continental developed a smart sensor air spring which is a digital monitoring system designed to enhance efficiency and safety in construction and mining applications. This innovative system integrates an ultrasonic height and pressure sensor to provide real-time operational status data.

KEY BENEFITS
• The report provides quantitative analysis and estimations of the air spring market from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a detailed analysis of the air spring market trends, including the current and future trends to depict the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the air spring market is provided in the report.
• The competitive analysis of the market players along with their market share in the air spring market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.