Taiwan 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: 23-Dec-2024 | No of Pages: 125 | No. of Tables: 92 | No. of Figures: 57 | Format: PDF | Report Code : AT2326
Taiwan Air Spring Market Overview
The Taiwan Air Spring Market size was valued at USD 68.9 million in 2023, and is predicted to reach USD 97.2 million by 2030, at a CAGR of 4.0% from 2024 to 2030. Also, the air spring market is valued at 373 thousand units in 2023, and is expected to reach at 574 thousand units by 2030 with the CAGR of 5.1% 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 Automotive Industry is Driving the Air Spring Market Growth
The growing automotive industry in Taiwan is self-assured to significantly drive the air spring market by increasing the demand for these components within the automotive sector. According to the Taiwan Transportation Vehicle Manufacturers Association (TTVMA), the automotive industry in Taiwan experienced a substantial increase of 61% from January 2023 to January 2024.
This increase in automotive production and sales directly translates into heightened demand for air springs, which are essential for enhancing vehicle ride comfort, stability, and performance. Consequently, this growth in the automotive sector is a key contributor to the expansion of the air spring market in Taiwan.
The Growing Urbanization is Driving Demand for Air Springs
The continuous growth of urbanization in Taiwan further boosts the air spring market by escalating the need for advanced transportation solutions that provide enhanced comfort and stability in urban environments.
According to data from the Central Intelligence Agency (CIA), Taiwan’s urbanization rate stood at 80.1% in 2023 and is projected to increase annually at a rate of 0.65% until 2025. This ongoing urbanization trend drives demand for air springs in both passenger and commercial vehicles, as these components are crucial for ensuring smooth and comfortable rides in densely populated urban areas. As a result, the increasing urbanization significantly contributes the Taiwan air spring market demand.
The 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 Taiwan 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 Taiwan 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.
Taiwan Air Spring Market Key Segments
By Type
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Convolute
-
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 68.9 million |
|
Revenue Forecast in 2030 |
USD 97.2 million |
|
Market Size Volume in 2023 |
373 thousand units |
|
Volume Forecast in 2030 |
574 thousand units |
|
Value Growth Rate |
CAGR of 4.0% from 2024 to 2030 |
|
Volume Growth Rate |
CAGR of 5.1% 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.
-
Trelleborg AB
-
VDL Groep
-
Airtech (Akta? Holding)
-
Hendrickson USA, L.L.C.
-
BWI Group
-
Stemco
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