Europe 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
Industry: Automotive & Transportation | Publish Date: 04-Jul-2024 | No of Pages: 213 | No. of Tables: 166 | No. of Figures: 131 | Format: PDF | Report Code : N/A
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Europe Air Spring Market Overview
The Europe Air Spring Market size was valued at USD 1.22 billion in 2023 and is predicted to reach USD 1.75 billion by 2030, at a CAGR of 4.2% from 2024 to 2030. Also, the air spring market is valued at 4.4 million units in 2023, and is expected to reach at 6.9 million units by 2030 with the CAGR of 5.3% during 2024-2030.
The air spring, also known as air bags or pneumatic springs refers to the industry focused on the production and distribution of these springs, which are components used in vehicle suspension systems to provide improved ride quality, comfort, and stability. It is a component used in commercial vehicles, passenger cars, and industrial machinery. The component is designed to support loads, isolate vibrations and shocks, and act as a pneumatic cylinder by expanding itself. They are integral components of air suspension systems, providing improved comfort compared to traditional coil springs. These springs replaces traditional metal springs with a flexible, rubber-and-fabric bladder that contains compressed air, making them a popular choice for various applications.
The Rising Adoption of Air Springs in Electric Vehicles (EVs) is Driving the Air Spring Market
The increasing adoption of electric vehicles (EVs) across Europe is catalyzing significant growth in the air spring market. As EV manufacturers prioritize enhancing the overall ride experience for consumers, the demand for air springs to support this trend is experiencing a notable surge. Air springs play a crucial role in optimizing ride comfort, stability, and handling characteristics, making them essential components in EV suspension systems. Consequently, the market is witnessing a heightened demand for air springs as EV adoption continues to rise, driving sustained growth in the region.
The Increasing Partnerships and Innovation in Product Offerings is Driving the Demand for Air Spring
Partnerships among companies in Europe are fostering innovation and expanding product offerings in the air spring market. Collaborative efforts between industry players are leading to the development of advanced air spring technologies tailored to meet the evolving needs of consumers and industries.
This collaborative approach accelerates market growth and adoption by introducing innovative solutions that enhance performance, durability, and efficiency. Moreover, partnerships facilitate the exploration of new market segments and the expansion of distribution networks, further fueling the growth trajectory of the air spring market across Europe.
High Complexity in Installing Air Springs Hinders the Market Growth
The installation process for these springs presents a formidable challenge, impeding market expansion. Specialized knowledge and tools are requisite for air bag installation, resulting in increased time and costs for both manufacturers and end-users.
Furthermore, the intricate installation procedure is prone to errors or inefficiencies, thereby compromising overall performance and reliability. Consequently, the complexities associated with air spring installation dissuade potential customers from embracing these products, consequently restricting market growth.
Integration of Sensor Technology in Air Springs Creates Opportunity
The incorporation of sensor technology into these springs is anticipated to unlock future market prospects. By integrating sensors into air bag systems, manufacturers can conduct real-time monitoring of pressure, temperature, and other critical parameters. This capability facilitates proactive maintenance, predictive analytics, and enhanced performance optimization, thereby boosting reliability and safety.
Furthermore, sensor-enabled air springs are poised to catalyze the development of intelligent, adaptive suspension systems capable of automatically adapting to diverse road conditions and driving dynamics.
With the automotive and industrial sectors increasingly prioritizing efficiency and automation, the demand for sensor-equipped air bags is expected to engender substantial growth opportunities in the foreseeable future.
Notably, key players in this domain such as Continental AG and Vibracoustic are spearheading innovation by integrating ultrasonic sensors into their air bags, underscoring the industry's dedication to advancement and progress.
Germany Dominates the Europe Air Spring Market Share
The increasing endeavors by key industry players in Germany, including Vibracoustic and ZF Friedrichshafen AG, to introduce air springs for commercial vehicles are primed to foster significant Europe air spring market growth.
These companies stand at the forefront of innovating advanced air spring technologies aimed at enhancing vehicle performance and comfort. Their pioneering products address the surging demand for dependable and efficient suspension systems within the commercial vehicle sector.
For instance, in May 2023, Vibracoustic unveiled its centronics cabin-leveling air spring, which elevates comfort levels for commercial vehicles with heavier cabins. This integration not only reduces maintenance costs and enhances durability but also ensures a compact design, requiring less installation space. Consequently, these initiatives are instrumental in driving notable expansion within the air spring market in Germany.
Furthermore, the growing automotive industry in Germany is set to propel the air spring market by intensifying the need for these components crucial for delivering superior shock absorption, stability, and ride quality in both luxury and commercial vehicles.
According to data from the VDA - German Association of the Automotive Industry, automotive production in Germany surged by 27% from April 2023 to April 2024. This upward trend underlines the escalating demand for air springs, thereby driving the Europe air spring market expansion.
Norway to Witness Substantial Growth in the Europe Air Spring Market
The proliferation of electric vehicles (EVs) in Norway is playing a pivotal role in propelling the air spring market forward by amplifying the demand for these components that augment ride quality and vehicle stability.
According to the European Automobile Manufacturers’ Association (ACEA), EV registrations in Norway experienced a notable surge of 35% from April 2023 to April 2024. As the EV population continues to ascend in Norway, there is a corresponding uptick in the requirement for high-caliber air springs, consequently energizing the air spring market.
Moreover, the growing urbanization trend in Norway is assured to act as a driving force behind the expansion of the air spring market by escalating the demand for efficient and comfortable transportation solutions.
According to data provided by the Central Intelligence Agency (CIA), as of 2023, 84% of Norway's total population resided in urban areas, with projections indicating an annual growth rate of 1.32% until 2025. This surge in urbanization is serving as a catalyst for the market's growth trajectory.
Competitive Landscape
The promising key players operating in the Europe air spring industry include Continental AG, Bridgestone Industrial, Vibracoustic SE, Sumitomo Electric Industries, Ltd., Trelleborg AB, VDL Groep, Airtech (Akta? Holding), Hendrickson USA, L.L.C., BWI Group, Stemco, among others.
Europe Air Spring Market Key Segments
By Type
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Convolute
-
Single
-
Multi
-
-
Rolling Lobe
-
Sleeve
By Sales Channel
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Original Equipment Manufacturer (OEM)
-
Aftermarket
By Application
-
Automotive
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Passenger Cars
-
Buses
-
Trailer and Trucks
-
-
Railways
-
Industrial
By Country
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The UK
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Germany
-
France
-
Italy
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Spain
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Denmark
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Finland
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Netherlands
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Norway
-
Russia
-
Sweden
-
Rest of Europe
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 1.22 billion |
|
Revenue Forecast in 2030 |
USD 1.75 billion |
|
Market Size Volume in 2023 |
4.4 million units |
|
Volume Forecast in 2030 |
6.9 million units |
|
Value Growth Rate |
CAGR of 4.2% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 5.3% from 2024-2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Market Volume Estimation |
Million Unit |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Countries Covered |
11 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Continental AG
-
Bridgestone Industrial
-
Vibracoustic SE
-
Sumitomo Electric Industries, Ltd.
-
Trelleborg AB
-
VDL Groep
-
Airtech (Akta? Holding)
-
Hendrickson USA, L.L.C.
-
BWI Group
-
Stemco
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