Air Springs Market Highlights

The global air springs market was estimated at USD 7.26 billion in 2023, which is expected to reach USD 11.51 billion at a CAGR of 5.24% from 2023 to 2032.

Air springs refer to a category of vehicle suspension technology that uses airbags instead of traditional spring arrangements. These airbags are durable, flexible, and contain pressurized air. Air springs are primarily used to support the weight of a vehicle and absorb shocks from the road surface to enable a smooth and comfortable ride. Air springs are advantageous over metal springs used in traditional suspension systems owing to their dynamic and adaptable nature.

Air Springs Market CAGR

2023-2032

CAGR OF

5.24%

Air Springs Market

The global air springs market has undergone sustained growth, notably driven by the automotive industry’s demand for superior suspension systems. The market is further positively affected by vehicle production, technological advancements, and the expansion of the transportation and logistics sectors. Apart from the automotive sector which accounts for a substantial share of the demand for air springs, they are also applicable in a variety of other industries, including, commercial vehicles, railways, and industrial machinery.
However, constraints exist within the air springs market. They partly proceed from the complex nature of the installation and maintenance of air springs, affecting a host of market agents such as manufacturers, automotive OEMs, service providers, as well as end-users. Effective suspension performance demands highly trained technicians, which represents a related restraint. Installation practices and maintenance protocols are in a constant state of flux, and adherence to the latest practices and protocols, albeit difficult, enhances customer satisfaction and thereby yields positive long-term market outcomes.

Opportunities in the air springs market arise from developments such as the expansion of electric and hybrid vehicles (EVs and HEVs) and autonomous vehicle technologies, as well as from segments such as retrofitting and aftermarket upgrades. Owing to the light weight of air springs, they help with weight reduction and energy efficiency enhancements in EVs and HEVs, enabling smoother rides and reduced noise levels. Autonomous vehicle technologies benefit from air springs owing to the advanced damping control, load-levelling capabilities, and adjustable ride height options offered by them.

Air Springs Market

By Product Type, 2019-2032 (US$ Bn)

Convoluted

Sleeves

Bellows

Others

The Market will Grow

At the CAGR of:

5.24%

The Forecast Market

Size for 2032 in USD:

$11.51B

Challenges within the air springs market include environmental concerns and volatile prices of raw materials. The latter directly impacts production costs, supply chain dynamics, and pricing strategies. These subject manufacturers to operational fluctuations, and their susceptibility to such instability is exacerbated by the host of factors that induce it: geopolitical tensions, exchange rate volatility, and the global economic environment. Market uncertainties hence necessitate strategic management of risk.  

Anticipated technological advancements in the air springs industry involve smart suspension systems, electronic control units (ECUs), adaptive damping technologies, variable-rate air springs, and applications in electric and autonomous vehicles. A growing demand for EVs and the integration of air springs with autonomous driving advancements further enable innovations, such as customizable suspension systems, supported by advanced manufacturing techniques.

Several investments in the air springs market have been directed in recent years, which would boost the overall market. Some of them are:

•    In January 2024, Continental announced plans to invest $90 million in a novel hydraulic hose manufacturing site in Mexico. The strategic move holds the potential to enable expansion into other rubber and elastomer technologies, such as air springs.
•    In November 2023, Zhuzhou Times New Material Technology Co., Ltd., a leading Chinese polymer composite material manufacturer, entered the marine industry. The company already claims expertise in its vibration and noise reduction capabilities and further introduced 6 types of maritime products at an exhibit in South Korea in 2023. Said products are focused on enabling global green mobility via features such as high and low frequency vibration isolators and lightweight interiors.
•    In August 2021, Bridgestone undertook investments aimed at increasing its production of air springs in the US. The company is particularly focused on applications relating to electric vehicles.

Air Springs Market Segments’ Analysis

The market is divided into product type-, application-, and region-based segments.

Based on product type, the market is sub-segmented into convoluted, sleeves, bellows, and others.
The convoluted sub-segment dominates others, estimated at USD 3.48 billion in 2023 and expected to reach USD 5.95 billion in 2032 at a CAGR of 6.16% during 2023-2032. Convoluted air springs are also known as rolling lobe air springs. Prominent across a variety of industries, these air springs display features such as a flexible design, durability, and versatile performance. Some additional features include advanced shock absorption, reduced noise and vibration owing to advanced shock absorption, vehicular efficiency via weight reduction, and customizable solutions.

Air Springs Market

By Application, 2032 (%)

60.98%

Vehicle

Railways

Industrial

Others

7.26

Total Market Size

USD (Billion), 2023

5.24%

CAGR

2023 - 2032

Based on application, the market is sub-segmented into vehicles, railways, industrial, and others.
The vehicles sub-segment dominates others, estimated at USD 4.43 billion in 2023 and expected to reach USD 7.50 billion in 2032 at a CAGR of 6.02% during 2023-2032. It offers suspension solutions that promote comfort, stability, and load-carrying capabilities. A variety of vehicles, such as commercial trucks/trailers, buses, passenger cars, and SUVs benefit from said suspension solutions.
Industrial applications are primarily concerned with suspension and vibration isolation systems, whose performance, durability, and safety are enhanced by air springs.

Air Springs Market Regional Analysis

Air Springs Market

By Region, 2032 (US$ Bn)

The Market will Grow

At the CAGR of:

5.24%

The Forecast Market

Size for 2032 in USD:

$11.51B

Geographically, the air springs market is present across regions such as North America, Europe, Asia-Pacific, South America, the Middle East and Africa. The Asia-Pacific region has emerged as the fastest-growing market for air springs, estimated at USD 1.79 billion in 2023 and expected to reach USD 3.05 billion in 2032 at a CAGR of 6.08% during 2023-2032. The growth in this region is primarily attributed to increasing investments undertaken by emerging economies. The region also houses a flourishing automotive industry, with countries like China and India experiencing rising demand for vehicles, which in turn has caused increased adoption of improved automotive technologies, including air springs. Said technological improvements further serve the various needs and preferences of consumers in the region, such as the Japanese aftermarket suppliers KYB Corporation and Hitachi Automotive Systems which provide customizable air spring kits and suspension solutions enabling personalized vehicular modifications.

Air Springs Market Key Players

The global air springs market is in part both consolidated and fragmented owing to the simultaneous presence of dominant as well as numerous niche players. The market is positively affected by factors such as technological advancements and diverse applications. Market players can sustainably consolidate market share through strategic expansion of product portfolio, strong brand recognition, and global operations. Continental AG, for example, a global automotive supplier, claims the status of its key market player in the air springs market owing to its comprehensive offering of solutions for numerous applications.

In recent years, the market has witnessed several merger and acquisition deals as companies strive to expand their product portfolios, geographical reach, and market share. For instance:

•    In January 2021, Air Lift Company announced its complete acquisition of Flo Airride Mfg, a renowned air tank manufacturer. The acquisition positioned the company to reinforce relationships in the market and established it as a leading entity in the air suspension solutions segment across various lowered vehicle categories.
•    In February 2020, Toyo Tire Corporation and Nitta Corporation announced a mutual agreement to transfer the truck and bus air springs business of the former to the latter. The strategic nature of the move is evidenced by the fact that said business generated roughly 2 billion yen ($18.2 million) in sales revenue during fiscal year 2018. This development marked the second collaboration between the two companies.

The prominent players in this market are Bridgestone, Continental AG, Vitao Qianchao, Aktas, Vibracoustic, Senho, Zhuzhou Times New Material Technology, Air Lift Company, Stemco, and Dunlop Suspension Systems.

Air Springs Market Scope: