Norway 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
Norway Air Spring Market Overview
The Norway Air Spring Market size was valued at USD 12.4 million in 2023, and is predicted to reach USD 21.8 million by 2030, at a CAGR of 7.4% from 2024 to 2030. Also, the air spring market is valued at 35 thousand units in 2023, and is expected to reach at 69 thousand units by 2030 with the CAGR of 8.7% 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 Electric Vehicles (EVs) Adoption is Driving the Air Spring Market Growth
The growth of electric vehicles (EVs) in Norway is significantly driving the air spring market by increasing the demand for components that enhance ride quality and vehicle stability. According to the European Automobile Manufacturers’ Association (ACEA), EV registrations in Norway increased by 35% from April 2023 to April 2024.
As the number of EVs rises, so does the need for high-quality air springs, which are essential for optimizing the performance and comfort of electric vehicles. This trend directly boosts the air spring market in Norway, as manufacturers seek to meet the growing consumer demand for smoother and more stable rides in EVs.
The Growing Urbanization is Boosting the Demand for Air Spring Systems
The growth in urbanization in Norway is self-assured to further drive the air spring market by increasing the demand for efficient and comfortable transportation solutions. According to data provided by the Central Intelligence Agency (CIA), 84% of Norway’s total population resided in urban areas in 2023, with projections indicating an annual increase of 1.32% until 2025.
This growing urbanization fuels the need for advanced suspension systems, such as air springs, in public and commercial transportation. As urban areas expand, the demand for vehicles equipped with air springs to ensure a smooth and stable ride in dense, urban environments increases, thereby fostering the Norway air spring market demand.
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 Norway 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 Norway 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.
Norway 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 12.4 million |
|
Revenue Forecast in 2030 |
USD 21.8 million |
|
Market Size Volume in 2023 |
35 thousand units |
|
Volume Forecast in 2030 |
69 thousand units |
|
Value Growth Rate |
CAGR of 7.4% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 8.7% 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.
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Trelleborg AB
-
VDL Groep
-
Airtech (Akta? Holding)
-
Hendrickson USA, L.L.C.
-
BWI Group
-
Stemco
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