Industry: Automotive & Transportation | Publish Date: 03-Jul-2024 | No of Pages: 125 | No. of Tables: 92 | No. of Figures: 57 | Format: PDF | Report Code : N/A
The Australia Air Spring Market size was valued at USD 70.8 million in 2023, and is predicted to reach USD 108.3 million by 2030, at a CAGR of 5.2% from 2024 to 2030. Also, the air spring market is valued at 369 thousand units in 2023, and is expected to reach at 618 thousand units by 2030 with the CAGR of 6.3% 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 increasing industrial production in Australia is self-assured to drive the air spring market by escalating the need for reliable and efficient air springs in heavy machinery and transport vehicles.
According to the Australian Bureau of Statistics, industrial production in Australia increased by 0.20% in the fourth quarter of 2023 compared to the same quarter in the previous year, 2022. As Australian industries expand and modernize, there is a growing requirement for high-performance air springs that can provide superior shock absorption and durability. This rising industrial activity directly fuels the demand for air springs, thus contributing to the market's growth in Australia.
The growing urbanization is further fueling the Australia air spring market demand by escalating the need for efficient logistics and delivery services within cities. The increased reliance on commercial vehicles within urban settings drives the demand for air springs, which are essential for maintaining ride comfort and stability in densely populated areas.
According to data provided by the Central Intelligence Agency (CIA), 86.6% of Australia's total population resided in urban areas in 2023, with projections indicating an annual increase of 1.27% until 2025.
This ongoing urbanization trend in Australia directly correlates with a heightened demand for air spring systems, thereby fostering market growth. As cities grow and urban infrastructure develops, the need for reliable and efficient transportation solutions becomes paramount, further boosting the air spring market.
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 Australia air spring market expansion.
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.
The promising key players operating in the Australia 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.
Convolute
Single
Multi
Rolling Lobe
Sleeve
Original Equipment Manufacturer (OEM)
Aftermarket
Automotive
Passenger Cars
Buses
Trailer and Trucks
Railways
Industrial
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size Value in 2023 |
USD 70.8 million |
Revenue Forecast in 2030 |
USD 108.3 million |
Market Size Volume in 2023 |
369 thousand units |
Volume Forecast in 2030 |
618 thousand units |
Value Growth Rate |
CAGR of 5.2% from 2024 to 2030 |
Volume Growth Rate |
CAGR of 6.3% from 2024-2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Million (USD) |
Market Volume Estimation |
Thousand Unit |
Growth Factors |
|
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. |
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