The global air springs market will generate incremental revenue opportunities at an impressive 5% CAGR.
during the forecast period. An evolving world economy and developments in road infrastructure have ramped up production and sales of commercial vehicles across the globe, which is one of the leading growth engines for air springs components. Suspension of non-essential import/export to contain the spread of COVID-19 has limited the growth potential of the market during the first quarter of 2020. Market players are targeting demand from low impact countries such as Singapore, Indonesia and Australia.
Request For Sample Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=716
Key Takeaways of Air Springs Market
- 3300-7300 force segment holds the majority share in global market and is anticipated to expand at a CAGR of 4% during the long-term forecast period
- Rolling lobes shall expand 1.7x by 2030, and are expected to witness a healthy CAGR, owing to high deployment in commercial vehicles
- Buses are set to hold the dominating share in the global air springs market. Proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
- Owing to early adoption of air springs in developed regions, North America holds a share of more than 20% of the total market value
- High growth can be seen in economies of Asia Pacific (East Asia, South Asia, and Oceania) attributed to heavy investments in electric vehicles. This boom shall generate increased demand for air springs. These economies collectively account for 35% share of the total market value.
- Middle East & Africa offers the most lucrative growth prospects, with a growth rate of over 7% during the forecast period. Developing automotive infrastructure with high penetration of automotive manufacturing units are major indicators of growth potential.
Global Air Springs Market: In-Depth Assessment on Key Segments
The global air springs market is segmented on the basis of product type, sales channel, application, forces and region.
By Product Type :
- Single Convolute
- Multi Convolute
- Rolling Lobe
By Sales Channel :
By Application :
- Passenger Cars
- Trailer & Trucks
- Light Commercial Vehicle
- Industrial Lifts & Earthmovers
By Force :
- Less than 1500
- Above 10000
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
“Air springs for railways, trucks and buses has witnessed a marked proliferation over the years. Growing use of public transport vehicles in metropolitan cities, coupled with shifting preference of drivers and travelers for a smoother commute is set to remain the primary driver of market growth.”