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Air spring is a load-carrying component of an air suspension that is implemented on automobiles, machines and buses. An air spring bellows is a column of air confined within a fabric and rubber container that looks like a pair of car tires. One of the major benefits of air springs is the increased comfort behind the wheels, the luxury vehicles implementing these air springs to improve the comfort and also to reduce the noise and vibrations. These springs are majorly implemented in Commercial vehicles such as buses and trucks.
The increased demand for luxury and shock absorbing commercial vehicles and increased adoption of automotive air springs by major OEMs are expected to drive the growth of the market. Also, the advantages such as reduction of noise and vibrations, versatility on the road and better fuel economy are anticipated to boost the market growth. However, the increased cost of the air spring system and higher maintenance costs are some of the major factors hampering the growth of the market. Also, the extensive use of suspension may cause malfunction and moisture damage from the inside, the leaks in mechanical leaks in air springs are expected to hinder the market growth.
Key Market Driver -
the increased demand of luxury and shock absorbing commercial vehicles and increased adoption of automotive air springs by major OEMs are expected to drive the growth of the market.
Key Market Restraint -
the increased cost of air spring system and higher maintenance cost are some of the major factors hampering the growth of the market.
The global automotive air spring market is segmented by component, by application and by geography. Based on component the market is further sub-segmented into convoluted bellows, rolling lobe bellows, and sleeve bellows. Among these, the rolling lobe bellows segment is expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. The factors such as increased demand for rolling lobe bellows in trucks/buses because it reduces the tendency of short wheelbase trucks to experience a bounce in the terrains when the trucks/buses are empty. It also improves the riding height when the vehicles are loaded.
Based on application the market is segmented into passenger cars and commercial cars. The commercial cars segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. Factors such as increasing awareness of air suspensions benefits and shift of consumers towards luxury and comfortable and increased adoption of air suspension in light-duty vehicles are expected to drive the market growth.
Major players operating in the global automotive air spring market include Mando Corporation, Thyssenkrupp, Wabco Holdings, Continental, Trelleborg Vibracoustic, Bridgestone, Dunlop Systems and Components, Hitachi, Hendrickson International, Firestone Industrial Products, SAF-Holland and BWI Group among others
Geographically, the automotive air spring market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Europe held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. Factors such as the increased adoption rate of air suspensions in all vehicle types, increased demand for comfortable and shock absorbing commercial vehicles and the presence of major market players in the region are expected to drive the growth of the market.
North America is expected to be the second-largest region for the market and it is expected to grow steadily over the forecast period. Factors such as the introduction of air suspensions in heavy-duty vehicles and also the increased sales of luxury vehicles in the region are expected to drive market growth.
The Asia Pacific is expected to account for a considerable share in the market and it is expected to grow at the fastest rate over the forecast period the factors such as increased demand of luxury buses and cars for long-distance transportation services and increased shock absorption on the rough terrains are expected to boost the growth of the market.
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