Denmark 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
Denmark Air Spring Market Overview
The Denmark Air Spring Market size was valued at USD 28.6 million in 2023, and is predicted to reach USD 42.1 million by 2030, at a CAGR of 4.6% from 2024 to 2030. Also, the air spring market is valued at 74 thousand units in 2023, and is expected to reach at 119 thousand units by 2030 with the CAGR of 5.8% 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 Growth of Battery Electric Buses is Driving the Air Spring Market
The growth of battery electric buses in Denmark is self-assured to significantly drive the air spring market by increasing demand for these components, which enhance ride comfort and vehicle performance.
According to data from the International Energy Agency Hybrid and Electric Vehicle (IEA), electric buses accounted for 60% of new registrations in 2022, compared to 35% in 2021. This substantial increase in electric bus registrations indicates a rapidly expanding market for battery electric passenger vehicles.
As the adoption of these buses grows, so does the need for air springs, which are essential for ensuring smooth and stable rides. Consequently, the rising market for battery electric buses is propelling the Denmark air spring market demand.
The Growing Urbanization is Boosting the Demand for Air Spring Systems
The growing urbanization in Denmark is another key factor driving the air spring market by increasing the demand for vehicles that can navigate urban environments while providing comfort and stability.
According to the Central Intelligence Agency (CIA), 88.5% of Denmark's total population resided in urban areas in 2023, with projections indicating an annual increase of 0.54% from 2020 to 2025.
This trend towards urban living directly boosts the demand for air spring systems, which are vital for vehicles operating in densely populated areas where comfort and performance are paramount. As urbanization continues to rise, the demand for advanced air spring technologies grows, fostering significant market expansion in Denmark.
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 Denmark 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 Denmark 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.
Denmark Air Spring Market Key Segments
By Type
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Convolute
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Single
-
Multi
-
-
Rolling Lobe
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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
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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 28.6 million |
|
Revenue Forecast in 2030 |
USD 42.1 million |
|
Market Size Volume in 2023 |
74 thousand units |
|
Volume Forecast in 2030 |
119 thousand units |
|
Value Growth Rate |
CAGR of 4.6% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 5.8% 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
-
Continental AG
-
Bridgestone Industrial
-
Vibracoustic SE
-
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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