Indonesia 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
Indonesia Air Spring Market Overview
The Indonesia Air Spring Market size was valued at USD 109.6 million in 2023, and is predicted to reach USD 188.1 million by 2030, at a CAGR of 7.0% from 2024 to 2030. Also, the air spring market is valued at 552 thousand units in 2023, and is expected to reach at 1034 thousand units by 2030 with the CAGR of 8.0% 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 Industrial Production of the Country is Driving the Demand for Air Spring
The growth in industrial production in Indonesia is significantly propelling the demand for air springs as essential components in heavy machinery and industrial vehicles. According to Statistics Indonesia, industrial production increased by 0.51% in the fourth quarter of 2023 compared to the same quarter in 2022.
As industrial activities continue to expand, the need for reliable and efficient air spring market for shock absorption and vibration control escalates. This rise in industrial production directly drives the growth of the air spring market in Indonesia, highlighting the essential role of air springs in supporting the performance and durability of industrial equipment.
The Rising Automotive Industry is Fueling the Air Spring Market Growth
The automotive industry in the Indonesia air spring market growth is integrating these components into vehicles to enhance ride quality. According to the OICA - International Organization of Motor Vehicle Manufacturers, the automotive industry in Indonesia saw a remarkable 36% increase from 2021 to 2022.
This substantial growth in vehicle production has heightened the demand for high-quality air springs, which are crucial for providing superior ride comfort and stability. As Indonesian automakers scale up production to meet both domestic and international market demands, the incorporation of advanced air spring systems becomes increasingly vital, thus fostering market growth in Indonesia's automotive sector.
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 Indonesia air spring market demand.
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 Indonesia 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.
Indonesia Air Spring Market Key Segments
By Type
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Convolute
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Single
-
Multi
-
-
Rolling Lobe
-
Sleeve
By Sales Channel
-
Original Equipment Manufacturer (OEM)
-
Aftermarket
By Application
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Automotive
-
Passenger Cars
-
Buses
-
Trailer and Trucks
-
-
Railways
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 109.6 million |
|
Revenue Forecast in 2030 |
USD 188.1 million |
|
Market Size Volume in 2023 |
552 thousand units |
|
Volume Forecast in 2030 |
1034 thousand units |
|
Value Growth Rate |
CAGR of 7.0% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 8.0% 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
-
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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