South Korea 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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South Korea Air Spring Market Overview
The South Korea Air Spring Market size was valued at USD 233.9 million in 2023, and is predicted to reach USD 315.1 million by 2030, at a CAGR of 3.3% from 2024 to 2030. Also, the air spring market is valued at 1.0 million units in 2023, and is expected to reach at 1.5 million units by 2030 with the CAGR of 4.4% 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 Manufacturing Industry is Driving the Demand for Air Springs
The rising manufacturing industry in South Korea is poised to boost the air spring market by increasing the demand for advanced suspension solutions, including air springs in machinery. According to Statistics Korea, the manufacturing industry in South Korea increased by 0.40% in March 2024 compared to March 2023.
This expanding manufacturing sector requires reliable and efficient to ensure the smooth operation of machinery, driving the South Korea air spring market demand. The demand for high-quality air springs is crucial as industrial production scales up, necessitating components that provide superior shock absorption and stability.
The Rising Automotive Industry is Fueling the Air Spring Market Growth
The growing automotive industry in South Korea is another significant factor boosting the air spring market. This growth is driven by the increasing demand for air springs that enhance vehicle performance and passenger comfort. According to Wards Intelligence, the automotive industry in South Korea increased by 36% in March 2023 compared to March 2022.
As South Korean automakers ramp up production to meet both domestic and international market demands, they are increasingly incorporating air springs into their vehicles to provide superior ride quality. This trend directly contributes to the expansion of the air spring market in the region, as manufacturers seek to meet the high standards of performance and comfort expected by consumers.
The High Complexity in Installing Air Springs Hinders the Market Growth
The installation process for these springs presents a formidable challenge, impeding the market. 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 South Korea 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 South Korea 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.
South Korea 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 233.9 million |
|
Revenue Forecast in 2030 |
USD 315.1 million |
|
Market Size Volume in 2023 |
1.0 million units |
|
Volume Forecast in 2030 |
1.5 million units |
|
Value Growth Rate |
CAGR of 3.3% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 4.4% 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 |
|
|
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
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Sumitomo Electric Industries, Ltd.
-
Trelleborg AB
-
VDL Groep
-
Airtech (Akta? Holding)
-
Hendrickson USA, L.L.C.
-
BWI Group
-
Stemco
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