Canada 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: 03-Jul-2024 | No of Pages: 125 | No. of Tables: 92 | No. of Figures: 57 | Format: PDF | Report Code : N/A
Canada Air Spring Market Overview
The Canada Air Spring Market size was valued at USD 113.5 million in 2023, and is predicted to reach USD 213.4 million by 2030, at a CAGR of 8.4% from 2024 to 2030. Also, the air spring market is valued at 438 thousand units in 2023, and is expected to reach at 904 thousand units by 2030 with the CAGR of 9.5% 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 Urbanization Boost the Demand for Efficient Transportation Driving the Canada Air Spring Market Growth
The growth of urbanization in Canada is a significant driver of the air spring market, increasing the demand for efficient and comfortable public transportation and commercial vehicles. As cities expand and infrastructure develops, there is a greater need for buses, delivery trucks, and construction vehicles equipped with air springs to navigate urban environments smoothly. According to data provided by the Central Intelligence Agency (CIA), the total urbanization of Canada stood at 81.9% in 2023 and is predicted to increase annually at a rate of 0.95% until 2025.
This urban growth directly boosts the demand for air spring systems, which are essential for providing the smooth ride and handling characteristics required in densely populated urban areas, thereby fostering market expansion.
The Increase in Automotive Production is Driving the Canada Air Spring Market Growth
The automotive production is another critical factor driving the Canada air spring market growth by increasing the demand for these components in electric vehicle manufacturing. As Canada's automotive industry expands, there is a corresponding need for air springs to equip these vehicles with advanced suspension systems that ensure superior shock absorption, stability, and ride quality.
Data from the International Trade Administration (ITA) indicates that total automotive production in Canada stood at USD 64,565 million in 2022, up from USD 54,892 million in 2021. This substantial growth in automotive production directly stimulates the demand for air springs, contributing to the expansion of the air spring market in Canada.
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 Canada 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 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 Canada 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.
Canada Air Spring Market Key Segments
By Type
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Convolute
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Single
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Multi
-
-
Rolling Lobe
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Sleeve
By Sales Channel
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Original Equipment Manufacturer (OEM)
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Aftermarket
By Application
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Automotive
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Passenger Cars
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Buses
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Trailer and Trucks
-
-
Railways
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 113.5 million |
|
Revenue Forecast in 2030 |
USD 213.4 million |
|
Market Size Volume in 2023 |
438 thousand units |
|
Volume Forecast in 2030 |
904 thousand units |
|
Value Growth Rate |
CAGR of 8.4% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 9.5% 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. |
KEY PLAYERS
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Continental AG
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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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