Spain 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
Spain Air Spring Market Overview
The Spain Air Spring Market size was valued at USD 225.3 million in 2023, and is predicted to reach USD 302.6 million by 2030, at a CAGR of 3.3% from 2024 to 2030. Also, the air spring market is valued at 1.1 million units in 2023, and is expected to reach at 1.6 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 Rising Industrial Production is Driving the Air Spring Market in the Country
The rising industrial production is set to drive the Spain air spring market demand by increasing growth for air springs in industrial machinery and commercial vehicles. According to the National Statistics Institute (INE), Spain’s industrial production increased by 3.1% from March 2022 to March 2023.
This growth in industrial production underscores the rising need for reliable and efficient air springs in various industries, including manufacturing and logistics. As industrial operations expand, the demand for advanced suspension systems to enhance the performance and durability of machinery and commercial vehicles also increases, thereby fueling the air spring market.
The Growth of Electric Vehicles is Propelling the Demand Air Springs
The growth of electric vehicles (EVs) in Spain is further propelling the air spring market by driving demand for components tailored to the specific needs of EVs. As reported by the European Automobile Manufacturers’ Association (ACEA), electric vehicles saw a surge of 12% from April 2023 to April 2024.
This increase in the EV market directly stimulates the demand for air springs, as these components are crucial for ensuring the smooth ride, stability, and performance of electric vehicles. Consequently, the rising adoption of electric cars in Spain contributes significantly to the growth of the air spring market, highlighting the increasing integration of advanced suspension technologies in the evolving automotive landscape.
High Complexity in Installing the 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 Spain air spring market expansion.
Integration of Sensor Technology in the Air Spring Market 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 Spain 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.
Spain 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
-
Passenger Cars
-
Buses
-
Trailer and Trucks
-
-
Railways
-
Industrial
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 225.3 million |
|
Revenue Forecast in 2030 |
USD 302.6 million |
|
Market Size Volume in 2023 |
1.1 million units |
|
Volume Forecast in 2030 |
1.6 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
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Continental AG
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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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