Wide application of air springs in light commercial vehicles, trailers and trucks, buses, passenger cars, railways, and industrial lift has been directly translating into the growth of its market. Apart from being the highly populous continent, Asia Pacific is home to world’s largest auto markets, China and India, which enhances the lucrativeness of air springs market in this region. According to the latest market intelligence published by Fact.MR, Asia Pacific will dominate the air springs market over the assessment period, 2017-2026, with continuous developments in auto components industry. Adoption of innovative technology along with advancements in other industries is foreseen to fuel growth in Asia Pacific air springs market.
Growing focus of manufacturers on reducing weight and preventing flex cracking of air springs are expected to gain higher traction in the coming years. Increasing adoption of air springs in luxury cars on the coattails of rapid urbanization in emerging economies of Asia Pacific will possibly continue to accelerate the market. Moreover, increase in vehicle production, sales, and vehicle parc will propel the demand for air springs in the Asia Pacific region. Growing preference of comfort, suspension adjustment, and glide ride among end users are further envisioned to be highly impactful on the growth of air springs market.
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Along with Asia Pacific, the Fact.MR’s study foresees global air springs market to exceed a market value worth US$ 4 Bn by 2026-end. The global air springs market has been envisaged to expand at an impressive value CAGR of 8.1% during the forecast period. In terms of volume, nearly 33 million units of air springs are expected to be sold by the end of 2026. On the basis of product type, the global air springs market is likely to remain concentrated in rolling lobe air springs, with convolutes and sleeves complementing growth to the market. Low weight, small size, and ability to handle pressure are the factors attributing to the rise in adoption of rolling lobe air springs.
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Although air springs find applications in various types of vehicles, it is expected to be significantly higher in buses and passenger cars. These two segments continue to dominate the other transportation units, thereby reflecting growth to the global air springs market. According to the Fact.MR’s study, the existing sales channel scenario is anticipated to be evolved during the period of assessment. Despite the dominance of OEMs in 2017 with 52% of the volume share, aftermarket channel is likely outgrow OEMs by the end of 2026, both in terms of value and volume, owing to competitive offerings.
Although Fact.MR maintains a long-term positive outlook of the global air springs market, major challenges associated with high upfront costs are expected to confine the growth of the market. Lower lifecycles, high maintenance costs and susceptible to wear and tear will possibly hamper the growth of global air springs market. However, manufacturers’ target on producing high quality air springs and reducing high OEMs costs will catalyze the market consolidation, concludes the Fact.MR’s study.
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