Growth in size of global market primarily pushed by the growth present in the global automotive industry. The automotive industry has integrated advanced suspension systems into its offerings to improve their shock absorption and load-carrying capabilities. Consumer comfort has been crucially centered, motivating incorporation of air springs in various vehicle segments. Demand for air springs is also high in commercial sectors such as logistics and transportation, along with construction and off-road applications, owing to reduced vibrations, enhanced stability, and improved load-carrying capabilities enabling long-distance transportation of heavy cargo. Furthermore, a rising focus on driver assistance systems involves leveraging advanced suspension solutions such as air springs.
Challenges facing the air springs market primarily relate to environmental concerns and price volatility of raw materials. The environmental concerns further relate to the materials that are used in manufacturing air springs, the energy consumed during production, and their end-of-life disposal. Sourcing of sustainable materials is a priority for manufacturers, which may counter the environmental damage if successful while increasing cost of production. Further, the manufacturing process of air springs is energy-intensive, which presents the challenges of investing in renewable energy sources and adopting energy management practices. Lastly, the non-biodegradable nature of input materials cause concerns regarding end-of-life disposal of air springs, since landfill usage is environmentally unsustainable and damaging. Additional challenges are posed by emissions during production and compliance with regulations.
The air springs market is segmented based on product type, application, and region.
Based on product type, the air springs market is further segmented into convoluted, sleeves, bellows, and others.
The convoluted air springs sub-segment outperformed the others in terms of market share by a significant margin in 2023 owing to their flexibility, adaptability, and ability to reliably perform a variety of applications.
Sleeve air springs feature cylindrical rubber or elastomer sleeves and offer unique advantages such as uniform pressure distribution, versatile performance across a range of industry applications, and customization for specific applications.
Bellow air springs are identified by their accordion-like folds which expand and contract to provide flexibility and support in multiple applications across industries such as the automotive industry. They represent a reliable and adaptive suspension solution for trucks, buses, trailers, and other vehicles. They display a favorable cost-to-performance ratio, owing to their simple and efficient design.
Asia-Pacific region is anticipated to grow at the fastest rate during the forecast period.
The role played by automotive industries in the emerging economies of the region is significant, and its scope extends to the regional air springs market. Commercial as well as passenger vehicle segments are undergoing expansion and consumer preferences are being satisfied through integration of suspension solutions such as air springs to enhance the appeal of offerings. Air springs are used across a variety of applications, for example, companies like Hendrickson Asia Pacific manufacture and market air spring systems for excavators, loaders, and articulated dump trucks deployed in infrastructure projects across countries like India, Indonesia, and Australia.
The air springs market has been characterized by both consolidation and fragmentation, with some dominant market players existing alongside numerous companies serving niche sectors. Prominent entities in the market include Bridgestone, Continental AG, Vitao Qianchao, Aktas, Vibracoustic, Senho, Zhuzhou Times New Material Technology, Air Lift Company, Stemco, Dunlop Suspension Systems, Sumitomo Electric, Toyo Tire & Rubber, and ITT Enidine.
