Global Air Spring Components Market to Grow at 6.6% CAGR Through 2028

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.

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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

• 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.

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Traditional Dominance of OEMs as a Leading Sales Channel in the Air Spring Components Market Persists

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.

Segmentation

In order to provide detailed information about the air springs components market in a seamless way, the Fact.MR report divides the air springs components market into its five broad sub-segments – product types, sales channels, component types, vehicle types, and regions.

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Based on product types, the air springs components market is segmented into three main types – convoluted bellows, rolling lobe bellows, and sleeve bellows. Depending on the sales channel, the air springs components market is segmented into two main types – Original Equipment Manufacturer (OEM) and Aftermarket.

According to the component types, the air springs components market is segmented into bead plate, piston, and sleeve bellows. Based on the component type, commercial vehicle air springs pistons are further segmented into plastic pistons and metal pistons.

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.

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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.

The Fact.MR report tracks the sales of air spring components market for the period 2018-2026. According to the report, the market is likely to grow at over 6.6% CAGR through 2028.

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