North America 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: 146 | No. of Tables: 112 | No. of Figures: 77 | Format: PDF | Report Code : N/A
North America Air Spring Market Overview
The North America Air Spring Market size was valued at USD 1.51 billion in 2023, and is predicted to reach USD 2.59 billion by 2030, at a CAGR of 7.0% from 2024 to 2030. Also, the air spring market is valued at 7.0 million units in 2023, and is expected to reach at 13.2 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 in the Region Drives the Demands for Air Spring
In North America, the air spring market is propelled by rising government initiatives aimed at enhancing passenger safety and implementing advanced technologies such as emergency braking systems in automobiles.
These regulatory mandates necessitate the integration of sophisticated air spring technologies capable of accommodating and optimizing these safety features. Automakers are required to adhere to stringent safety standards, driving the adoption of advanced suspension systems equipped with air spring market to ensure optimal vehicle performance and passenger safety. Consequently, the implementation of these regulations acts as a significant driver for the growth of the air spring market in North America.
The Increase in Automotive Manufacturing and Sales is Driving the Air Spring Market Growth
The increasing sales and production of automobiles are contributing to the North America air spring market growth. As car sales rise, automakers are keen on enhancing ride comfort, vehicle stability, and overall performance to meet the evolving expectations of consumers.
This heightened demand for air springs in new vehicles reflects automakers' efforts to incorporate advanced suspension technologies to differentiate their products and attract consumers.
Moreover, the surge in automotive manufacturing further amplifies the demand for air springs in newly produced vehicles. As automotive production continues to grow, there is a parallel increase in the need for advanced suspension technologies to meet stringent quality standards and cater to consumer preferences, thereby driving sustained growth in the air spring market across North America.
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 market growth.
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.
The U.S. Dominates the North America Air Spring Market Share
The upward trend in government initiatives aimed at strengthening passenger safety and implementing emergency braking systems in automobiles is instrumental in propelling the air bags market forward.
These initiatives, geared towards mandating advanced safety features, necessitate the integration of sophisticated air spring technologies capable of effectively absorbing shocks and vibrations during emergency braking scenarios.
A notable example is the issuance of a new Federal electric vehicle safety standard by the U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) in April 2024, which mandates the inclusion of automatic emergency braking (AEB) systems in all passenger cars and light trucks by September 2029. This regulatory emphasis on safety and braking performance directly stimulates the demand for air springs, aligning with the broader objective of enhancing automotive safety standards.
Furthermore, the escalating car sales in the U.S. are driving the growth of the air spring market by fostering increased demand for air springs in new vehicles. With a surge in vehicle sales, automakers face mounting pressure to augment ride comfort, vehicle stability, and overall performance to meet evolving consumer expectations.
According to data provided by the National Automobile Dealers Association (NADA), 15.4 million units of new vehicles were sold in 2022, marking a 3.4% increase from 2021. Consequently, this surge in car sales translates into heightened production and integration of air spring systems, thereby fueling the North America air spring market expansion.
Mexico to Witness Substantial Growth in the Air Spring Market
The surge in automotive manufacturing activities in Mexico is a key driver behind the growth of the air spring market, spurred by the escalating demand for air springs in newly produced vehicles.
As highlighted in a report published by the International Trade Administration (ITA) in 2023, Mexico ranks as the world’s 7th largest manufacturer of passenger vehicles and the 5th largest manufacturer of heavy-duty vehicles for cargo. With automotive production in Mexico on the rise, there is a corresponding increase in the requirement for air springs to uphold quality standards and cater to consumer preferences.
Additionally, the expanding urbanization trend in Mexico is contributing to the growth of the air spring market by amplifying the demand for vehicles equipped with air springs to navigate urban environments efficiently. According to data from the Central Intelligence Agency (CIA), Mexican urbanization reached 81.6% in 2023, with an annual predicted increase of 1.4% until 2025.
As urban areas expand and infrastructure develops, there is a heightened need for cars, buses, and commercial vehicles offering superior ride comfort and stability. Consequently, this burgeoning urbanization in Mexico directly stimulates the demand for air springs, fostering market expansion within the country.
Competitive Landscape
The promising key players operating in the North America 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.
North America 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)
-
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
By Country
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U.S.
-
Canada
-
Mexico
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 1.51 million |
|
Revenue Forecast in 2030 |
USD 2.59 million |
|
Market Size Volume in 2023 |
7.0 million units |
|
Volume Forecast in 2030 |
13.2 million units |
|
Value Growth Rate |
CAGR of 7.0% 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 |
Billion (USD) |
|
Market Volume Estimation |
Million Units |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Countries Covered |
3 |
|
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
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Continental AG
-
Bridgestone Industrial
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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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