India 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
India Air Spring Market Overview
The India Air Spring Market size was valued at USD 373.4 million in 2023, and is predicted to reach USD 649.0 million by 2030, at a CAGR of 7.2% from 2024 to 2030. Also, the air spring market is valued at 2.4 million units in 2023, and is expected to reach at 4.6 million units by 2030 with the CAGR of 8.2% 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 Rising Government Initiatives of the Country is Fueling the Air Spring Market Growth
The growing initiatives by the Government of India (GoI) to boost the manufacturing of air suspension systems within the country are driving the air spring market by promoting local production capabilities. These initiatives aim to produce high-quality air suspension components, including air springs, at comparatively lower costs to meet the rising demand from the local automotive industries. For instance, in July 2023, Hendrickson, a global commercial vehicle components maker, launched air and mechanical suspensions in the Indian market.
These newly launched suspensions, manufactured locally as part of the government's Make-in-India initiative, are the lightest systems available, providing operating efficiency advantages to customers. This strategic move by the government not only enhances local manufacturing capabilities but also makes more accessible and affordable in the India air spring market demand.
The Manufacturing Industry is Driving the Demand for Air Springs
The growth of the manufacturing industry in India further drives the air spring market by increasing the demand for reliable and efficient air springs in various machinery and equipment. According to the Ministry of Statistics and Programme Implementation (MOSPI), manufacturing production in India increased by 1.20% in November 2023 compared to the previous year 2022.
This growth in the manufacturing sector highlights the rising need for high-performance air springs essential for maintaining the efficiency and durability of industrial machinery. As the manufacturing industry continues to expand, the demand for advanced air spring solutions grows, thereby propelling the market's expansion in India.
The 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 India air spring market expansion.
The 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 India 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.
India Air Spring Market Key Segments
By Type
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Convolute
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Single
-
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
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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 373.4 million |
|
Revenue Forecast in 2030 |
USD 649.0 million |
|
Market Size Volume in 2023 |
2.4 million units |
|
Volume Forecast in 2030 |
4.6 million units |
|
Value Growth Rate |
CAGR of 7.2% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 8.2% from 2024-2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Mllion (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
-
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
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