Air Spring Components Market 2018 Upcoming Trends, Growth Drivers and Challenges Till 2025

CITY, Country, 2021-Feb-23 — /EPR Network/ —

According to a new Fact.MR study, the air spring components market is witnessing 6.4% y-o-y CAGR in 2018 over 2017. The study finds that burgeoning applications of trucks in the transportation industry are boosting installation of air spring components to improve vehicle safety and ride quality on uneven roads and long descents. This is mainly driving the growth of the air spring components market.

Increasing growth of the transportation industry and trucking activities is one of the most important factors fueling growth of the air spring components market. Other factors triggering adoption of Air spring components include

For more insights into the Market, Request a Sample of this Report:

https://www.factmr.com/connectus/sample?flag=S&rep_id=2314

• Increasing production and sales of commercial vehicles across the globe
• Awareness about drivers’ safety, comfort, and convenience at long journeys
• Recent technological developments in suspension systems used in commercial vehicles
• Globalization and urbanization trends initiating developments in road infrastructures
• Rapidly-expanding logistics and warehousing industry

With the rising sales of commercial vehicles, the importance of ride quality is making a significant impact on customers’ purchasing decisions. Thereby, modern automakers are focusing more on the use of high-quality Air spring components, which is majorly contributing to growth of the Air spring components market.

Need more information about Report Methodology? Ask here:

https://www.factmr.com/connectus/sample?flag=RM&rep_id=2314

Original equipment manufacturers (OEMs) are likely to become the leading sales channel in the Air spring components market as a majority of OEMs are gaining control of the complete lifecycle of commercial vehicles, including maintenance services. The Fact.MR study finds that OEMs hold a significant market share of over 75% in the Air spring components market as OEMs account for commercial vehicle air spring sales 3x higher than other sales channels. OEMs are cashing revenue potential in the Air spring components market by beginning to supply as well as manufacture Air spring components.

OEM workshops are achieving higher sales of Air spring components by utilizing lucrative opportunities to improve customer experience, putting the entire aftermarket under pressure. Other sales channels in the aftermarket value chain are being challenged by OEMs to supply high-quality as well as cost-effective Air spring components. Massive lobbying by OEMs in the Air spring components market is creating barriers to entry for new commercial vehicle air spring suppliers, thereby gobbling up a significant share in the Air spring components market.

North America and Europe Account for over 60% Air Spring Components Market Share

Despite the commercial vehicle sales being outnumbered by passenger car sales, lightweight commercial vehicles (LCVs) as well as heavy commercial vehicles (HCVs) are witnessing burgeoning demand in developed countries, which underscores incremental growth of Air spring components market in developed nations. With the ever-growing logistics & transportation industries in Europe and North America, the production and sales of commercial vehicles is likely to surge, triggering high demand for Air spring components in the upcoming years.

According to the American Trucking Association, the 71% percent of freight in the U.S. is moved by trucks, which generated US$ 738.9 billion in total freight revenues by transporting over 10 billion tons of freight in 2016. Increasing use of commercial vehicles in the U.S. logistics & transportation industry is creating high demand for Air spring components to enhance the ride quality of commercial vehicles and cargo safety.

Furthermore, a majority of leading manufacturers of Air spring components are headquartered in Europe, especially in Germany. Leading players in the European Air spring components market continue to introduce innovative and technologically advanced Air spring components to leverage the growing demand for safer, comfortable, and cost-effective commercial vehicles in the region.

Looking for Regional & Segment Analysis? Check here: (Ask Analyst)

https://www.factmr.com/connectus/sample?flag=AE&rep_id=2314

About Fact.MR

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner. 

Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates