China 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
China Air Spring Market Overview
The China Air Spring Market size was valued at USD 1.52 billion in 2023, and is predicted to reach USD 2.46 billion by 2030, at a CAGR of 6.1% from 2024 to 2030. Also, the air spring market is valued at 8.7 million units in 2023, and is expected to reach at 15.4 million units by 2030 with the CAGR of 7.2% 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 Automotive Industry is Driving the Air Spring Market Growth
The well-established automotive industry in China is significantly driving the air spring market by increasing the demand for these components in automotive production. As automotive production increases, there is a corresponding rise in the need for high-quality suspension systems equipped with air springs to meet consumer demands.
According to data provided by the International Trade Administration (ITA), domestic automotive production in China reached 2.69 million units in March 2024 and is expected to reach 35 million units by 2025.
This robust growth propels the air spring market as manufacturers scale up production to cater to the rising demand within the automotive sector. The emphasis on enhancing ride comfort and vehicle performance further boosts the adoption of China air spring market demand.
The Rising Initiatives of Key Player is Propelling the Air Spring Market Growth
In addition, rising initiatives by key players, including Vibracoustic and Guomat Air Spring Co., Ltd, in expanding air spring production in China are propelling the market growth. These companies are investing in advanced manufacturing facilities and increasing their production capacities to meet the growing demand for air springs.
For instance, in July 2023, Vibracoustic launched a local air spring production plant in China, aimed at enhancing product availability and reducing lead times. Such expansions foster product innovation within the air spring industry, driving competitiveness and further stimulating market growth. These strategic investments by leading companies ensure a steady supply of high-quality air springs, aligning with the increasing demands of the Chinese automotive market.
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 China 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.
Competitive Landscape
The promising key players operating in the China 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.
China Air Spring Market Key Segments
By Type
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Convolute
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Single
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Multi
-
-
Rolling Lobe
-
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
-
Buses
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Trailer and Trucks
-
-
Railways
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 1.52 billion |
|
Revenue Forecast in 2030 |
USD 2.46 billion |
|
Market Size Volume in 2023 |
8.7 million units |
|
Volume Forecast in 2030 |
15.4 million units |
|
Value Growth Rate |
CAGR of 6.1% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 7.2% 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 |
|
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
-
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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