Finland 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
Finland Air Spring Market Overview
The Finland Air Spring Market size was valued at USD 22.6 million in 2023, and is predicted to reach USD 32.3 million by 2030, at a CAGR of 4.2% from 2024 to 2030. Also, the air spring market is valued at 67 thousand units in 2023, and is expected to reach at 105 thousand units by 2030 with the CAGR of 5.3% 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 Rising Industrial Production is Driving the Air Spring Market Growth
The rising industrial production in Finland is self-assured to drive the air spring market by growing the demand for efficient machinery and equipment equipped with air springs. According to Statistics Finland, industrial production in Finland rose by 1.5% in February 2024 compared to February 2023.
As industrial production continues to expand, the need for reliable and efficient air springs in various industrial applications, such as manufacturing and logistics, is expected to increase. This growth in industrial output directly translates into higher demand for advanced air spring systems, driving significant Finland air spring market demand.
The Growth in Electric Vehicles (EVs) Drives the Demand for Air Springs
The growth in electric vehicles (EVs) in Finland is another key factor driving the air spring market by increasing the demand for components that enhance ride comfort and performance specific to EVs. According to the International Energy Agency Hybrid and Electric Vehicle (IEA), more than 14,500 new EVs were registered in Finland in 2022, reflecting an impressive increase of 43% from 2021.
As the popularity of EVs continues to rise, manufacturers are focusing on integrating air springs that improve the overall driving experience and durability of these vehicles. This increasing adoption of EVs in Finland boosts the demand for air springs designed to meet the unique requirements of electric vehicles, thereby contributing to substantial growth in the air spring 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 Finland 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 Finland 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.
Finland 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)
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Aftermarket
By Application
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Automotive
-
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 22.6 million |
|
Revenue Forecast in 2030 |
USD 32.3 million |
|
Market Size Volume in 2023 |
67 thousand units |
|
Volume Forecast in 2030 |
105 thousand units |
|
Value Growth Rate |
CAGR of 4.2% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 5.3% from 2024-2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Market Volume Estimation |
Thousand Units |
|
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
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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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