Mexico Air Spring Market

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Mexico 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

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Mexico Air Spring Market Overview

Mexico Air Spring Market size was valued at USD 240.0 million in 2023, and is predicted to reach USD 515.4 million by 2030, at a CAGR of 10.4% from 2024 to 2030. Also, the air spring market is valued at 1.22 million units in 2023, and is expected to reach at 2.88 million units by 2030 with the CAGR of 11.6% 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 Rise in Automotive Manufacturing Drives the Mexico Air Spring Market Growth

The rise in automotive manufacturing in Mexico is significantly driving the air spring market by increasing the demand for these components in newly produced vehicles. According to a report published by the International Trade Administration (ITA) in 2023, Mexico is the world’s seventh-largest manufacturer of electric vehicles and the fifth-largest manufacturer of heavy-duty vehicles for cargo.

As automotive production in Mexico continues to grow, there is a parallel increase in the need for air springs to meet stringent quality standards and diverse consumer preferences. This growing automotive sector necessitates the integration of advanced suspension systems, including air springs, to ensure optimal vehicle performance, thereby propelling market growth.

 

The Increasing Urbanization Fuels the Demand for Efficient Transportation Driving the Mexico Air Spring Market Growth

The growing urbanization in Mexico is another key driver of the air spring market, increasing the demand for vehicles equipped with air springs to navigate urban environments efficiently. According to data provided by the Central Intelligence Agency (CIA), urbanization in Mexico stood at 81.6% in 2023 and is predicted to increase annually at a rate of 1.4% until 2025. As urban areas expand and infrastructure develops, there is a greater need for cars, buses, and commercial vehicles that offer superior ride comfort and stability.

This expanding urban landscape directly stimulates the demand for air spring systems, which are essential for providing the smooth ride and handling characteristics required in densely populated areas. Consequently, the growing urbanization in Mexico fosters the expansion of the air spring market in the country.

 

High Complexity Hinders the Mexico Air Spring 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 Mexico 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 Mexico 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.

Mexico Air Spring Market Key Segments

By Type

  • Convolute

    • Single

    • Multi

  • Rolling Lobe

  • Sleeve

By Sales Channel 

  • Original Equipment Manufacturer (OEM)

  • Aftermarket

By Application

  • Automotive

    • Passenger Cars

    • Buses

    • Trailer and Trucks    

  • Railways    

  • Industrial

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size Value in 2023

USD 240.0 million

Revenue Forecast in 2030

USD 515.4 million

Market Size Volume in 2023

1.22 million units

Volume Forecast in 2030

2.88 million units

Value Growth Rate

CAGR of 10.4% from 2024 to 2030

Volume Growth Rate

CAGR of 11.6% from 2024-2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Million (USD)

Market Volume Estimation

Million Unit

Growth Factors

  • The rise in automotive manufacturing drives the air spring market growth in Mexico
  • The increasing urbanization fuels the demand for efficient transportation driving the market growth

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

Bar chart Pie chart Pie chart

Frequently Asked Questions

Mexico air spring market is projected to grow at a CAGR of 10.4% to reach USD 515.4 million by 2030.

The key players in Mexico air spring market include Continental AG, Bridgestone Industrial, Vibracoustic SE, Sumitomo Electric Industries, Ltd., Trelleborg AB, and others.

Mexico air spring market was valued at USD 240.0 million in 2023.

The high complexities associated with the installation of air spring hinders the market.

The integration of sensor-based technologies creates opportunities for the air spring in the coming future.

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