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Description
Global Air Springs Market
The global air springs market is expected to be valued at US$ 5,940.9 Mn in 2019 and expected to grow at a CAGR of 6.4% over the forecast period by 2026. Increased use in commercial and luxury cars of air compressors, suspension systems, and other advanced components, increasing research and development activities are few key drivers boosting the global market. Strong adoption costs for low-range vehicle air suspension systems act as restrain which hung the growth of global air springs market. The replacement of metal springs with air suspension systems such as shock absorbers and air springs provides opportunities towards air springs market
Increase in Global Commercial Vehicles
It is noticed that the global air springs market has a significant market growth rate on the perspective of increase in global commercial vehicles. In 2018, around 12.4 million commercial vehicles were produced in North America. Although commercial vehicle production fell globally between 2018 and 2019, North American production remained largely the same, increasing 0.2 percent year-on-year. On increasing population and per income are the other factors which help in the significant growth of global air springs market in turn help in development of global air springs market.
Europe Dominates the Market Share in the Global Air Springs Market
Europe contributed major revenue followed by North America and Asia Pacific. In 2019, Europe region accounted huge growth rate and is anticipated to grow with a forecast year due to increased commercial vehicle demand and strict regulations for the implementation of advanced components and systems. North America, demand for luxury and premium vehicles and growing the adoption of air active suspension to push the economy in commercial light duty vehicles. Asia Pacific led the global air springs market
Competition Assessment
Key player’s profiles in the global air springs market include:
- Continental
- ThyssenKrupp AG
- Hitachi
- Wabco
- Firestone Industrial Products
- Hendrickson
- Mando Corporation
- BWI Group
- SAF-Holland
- Accuair Suspension
Key Developments:
- Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In June 2019, Wabco Holdings Inc had planned to merge with ZF Friedrichshafen which is a global supplier of passenger cars, commercial vehicles and industrial technology. Under this agreement ZF Company had planned to acquire Wabco for $7 billion with $136.50 per share.
- In October 2019, Hendrickson had acquired Liteflex Composite Springs which is the global manufacturer of advanced composite suspension springs. Acquisition of companies is poised to increase the Air Suspension market share
Global Market Report Description:
Global air springs market report gives comprehensive outlook on air springs market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on air springs market gives historical, current, and future market sizes on the basis of vehicle type, component, technology, sales channel and region. This report studies global air springs market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global air springs market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global air springs market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global air springs market
Key Findings of the Report:
- Global air springs market expanding at significant CAGR over 2020 to 2026 owing due to increase in global commercial vehicles
- Based on region, Europe accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Detailed Segmentation
Vehicle Type
- Light Commercial Vehicles (LCV)
- Trucks
- Bus
By Component
- Air Spring
- Tank
- Solenoid Valve
- Shock Absorber
- Air Compressor
- Electronic Control Unit (ECU)
- Height & Pressure Sensor
- Others
Technology Type
- Electronic Controlled
- Non-Electronic Controlled
Sales Channel
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Geography
North America
- USA
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Poland
- Rest of Europe
Asia-Pacific
- Japan
- China
- India
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Argentina
- Venezuela
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- Israel
- South Africa
- Rest of MEA
Location
GEOGRAPHY
