Taiwan Air Spring Market

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Taiwan 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: 125 | No. of Tables: 92 | No. of Figures: 57 | Format: PDF | Report Code : N/A

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Taiwan Air Spring Market Overview

The Taiwan Air Spring Market size was valued at USD 68.9 million in 2023, and is predicted to reach USD 97.2 million by 2030, at a CAGR of 4.0% from 2024 to 2030. Also, the air spring market is valued at 373 thousand units in 2023, and is expected to reach at 574 thousand units by 2030 with the CAGR of 5.1% 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 Automotive Industry is Driving the Air Spring Market Growth

The growing automotive industry in Taiwan is self-assured to significantly drive the air spring market by increasing the demand for these components within the automotive sector. According to the Taiwan Transportation Vehicle Manufacturers Association (TTVMA), the automotive industry in Taiwan experienced a substantial increase of 61% from January 2023 to January 2024.

This increase in automotive production and sales directly translates into heightened demand for air springs, which are essential for enhancing vehicle ride comfort, stability, and performance. Consequently, this growth in the automotive sector is a key contributor to the expansion of the air spring market in Taiwan.

 

The Growing Urbanization is Driving Demand for Air Springs

The continuous growth of urbanization in Taiwan further boosts the air spring market by escalating the need for advanced transportation solutions that provide enhanced comfort and stability in urban environments.

According to data from the Central Intelligence Agency (CIA), Taiwan’s urbanization rate stood at 80.1% in 2023 and is projected to increase annually at a rate of 0.65% until 2025. This ongoing urbanization trend drives demand for air springs in both passenger and commercial vehicles, as these components are crucial for ensuring smooth and comfortable rides in densely populated urban areas. As a result, the increasing urbanization significantly contributes the Taiwan air spring market demand.

 

The 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 the Taiwan air spring market expansion.

The 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 AI 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.

 

Competitive Landscape

The promising key players operating in the Taiwan 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.

Taiwan Air Spring Market Key Segments

By Type

  • Convolute

    • Single

    • Multi

  • Rolling Lobe

  • Sleeve

By Sales Channel 

  • Original Equipment Manufacturer (OEM)

  • Aftermarket

By Application

  • Automotive

    • Passenger Cars

    • Buses

    • Trailer and Trucks    

  • Railways    

  • Industrial

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size Value in 2023

USD 68.9 million

Revenue Forecast in 2030

USD 97.2 million

Market Size Volume in 2023

373 thousand units

Volume Forecast in 2030

574 thousand units

Value Growth Rate

CAGR of 4.0% from 2024 to 2030

Volume Growth Rate

CAGR of 5.1% from 2024-2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Million (USD)

Market Volume Estimation

Thousand Units

Growth Factors

  • The rising automotive industry is driving the air spring market growth
  • The growing urbanization is driving demand for air springs in the country

Companies Profiled

10

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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Frequently Asked Questions

Taiwan air spring market is projected to grow at a CAGR of 4.0% to reach USD 97.2 million by 2030.

The key players in Taiwan air spring market include Continental AG, Bridgestone Industrial, Vibracoustic SE, Sumitomo Electric Industries, Ltd., Trelleborg AB, and others.

Taiwan air spring market was valued at USD 68.9 million in 2023

The high complexities associated with the installation of air spring hinders the market.

The integration of sensor-based technologies creates opportunities for the air spring in the coming future.

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