Asia-Pacific 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: 190 | No. of Tables: 148 | No. of Figures: 113 | Format: PDF | Report Code : N/A
Asia-Pacific Air Spring Market Overview
The Asia-Pacific Air Spring Market size was valued at USD 3.08 billion in 2023, and is predicted to reach USD 4.81 billion by 2030, at a CAGR of 16.9% from 2024 to 2030. Also, the air spring market is valued at 16.9 million units in 2023, and is expected to reach at 29.1 million units by 2030 with the CAGR of 6.7% 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 Increase in Manufacturing Facilities and Product Innovation Drives the Air Spring Market Growth
The Asia-Pacific air spring market growth is driven by the expansion of manufacturing facilities and investment in advanced production technologies. This expansion not only increases the production capacity of air springs but also fosters innovation in product design and functionality.
With manufacturers investing in state-of-the-art facilities, the market is witnessing a surge in competitiveness, as companies strive to meet the evolving demands of customers for reliable and high-performance suspension systems.
The Rapid Growth of the Automotive Industry Drives the Demand the Air Spring
The rapid expansion of the automotive industry is a major driver for the air spring market. As the demand for vehicles continues to rise, manufacturers are increasingly incorporating air spring technology into their vehicles to enhance ride comfort, stability, and overall performance.
This surge in automotive production necessitates the scaling up of air spring manufacturing to meet the growing demand from OEMs and aftermarket suppliers. Consequently, the air spring market is poised for significant growth as it aligns with the flourishing automotive sector in the region.
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 Asia- Pacific air spring market expansion.
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.
China Dominates the Asia-Pacific Air Spring Market Share
The robust automotive industry in China is a driving force behind the expansion of the air spring market, fueled by the escalating demand for these components in automotive manufacturing. As the automotive production sector expands, there is a corresponding surge in the need for high-caliber suspension systems equipped with air springs to satisfy consumer preferences.
According to data provided by the International Trade Administration (ITA), domestic production in China reached 2.69 million units in March 2024 and is projected to reach 35 million units by 2025. This upward trajectory is a significant catalyst for the growth of the air spring market, prompting manufacturers to ramp up production of air springs to meet the escalating demand within China's automotive sector.
Furthermore, the concerted efforts of key industry players, such as Vibracoustic and Guomat Air Spring Co., Ltd., to expand air spring production in China are driving market growth. These companies are making substantial investments in cutting-edge manufacturing facilities and enhancing their production capacities to address the surging demand for air springs.
For example, in July 2023, Vibracoustic inaugurated a local air spring production plant in China. This strategic expansion not only fosters product innovation within the air spring industry but also enhances competitiveness, thereby further fueling market growth.
India to Witness Substantial Growth in the Air Spring Market
The proactive initiatives undertaken by the Government of India (GoI) to stimulate the domestic manufacturing of air suspension systems are catalyzing the growth of the air spring market by strengthening local production capabilities.
These endeavors result in the manufacture of high-quality air suspension components, including air springs, at a comparatively reduced cost to cater to the escalating demand from the indigenous automotive sector.
For instance, in July 2023, Hendrickson, a prominent global commercial vehicle components manufacturer, introduced air and mechanical suspensions into the Indian market. These newly introduced suspensions are locally manufactured as part of the government's Make-in-India initiative and represent the lightest system available, offering operational efficiency advantages to customers.
Furthermore, the burgeoning manufacturing sector in India is further propelling the air spring market by intensifying the need for dependable and efficient air springs across various machinery and equipment.
According to data from the Ministry of Statistics and Programme Implementation (MOSPI), manufacturing production in India witnessed a 1.20% increase in November 2023 compared to the previous year, highlighting the growing demand for air springs in facilitating manufacturing operations.
Competitive Landscape
The promising key players operating in the Asia-Pacific 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.
Asia-Pacific Air Spring Market Key Segments
By Type
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Convolute
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Single
-
Multi
-
-
Rolling Lobe
-
Sleeve
By Sales Channel
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Original Equipment Manufacturer (OEM)
-
Aftermarket
By Application
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Automotive
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Passenger Cars
-
Buses
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Trailer and Trucks
-
-
Railways
-
Industrial
By Country
-
China
-
Japan
-
India
-
South Korea
-
Australia
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Indonesia
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Singapore
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Taiwan
-
Thailand
-
Rest of Asia-Pacific
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 3.08 billion |
|
Revenue Forecast in 2030 |
USD 4.81 billion |
|
Market Size Volume in 2023 |
16.9 million units |
|
Volume Forecast in 2030 |
29.1 million units |
|
Value Growth Rate |
CAGR of 16.9% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 6.7% 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 |
9 |
|
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
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Sumitomo Electric Industries, Ltd.
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Trelleborg AB
-
VDL Groep
-
Airtech (Akta? Holding)
-
Hendrickson USA, L.L.C.
-
BWI Group
-
Stemco
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