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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Rapidly Increasing Commercial Vehicles Parc Triggers Demand for Air Springs Components
Recent improvements in the world economy and developments in the road infrastructure has propelled the production and sales of commercial vehicles across the globe, which is one of the leading driving engines for the air springs components market. According to the International Organization of Motor Vehicle Manufacturers (OICA), the global sales of commercial vehicles reached peak during 2010-2017, as it increased from 19 million to reach around 26 million in 2017.
Preference to Coil Springs over Air Springs Hampers the Air Springs Components Market Growth
A suspension system of a vehicle plays an integral role in ensuring its efficient operation, thereby modern automakers are making performance-boosting adjustments in their suspension setups. Though air springs components are lightweight and tunable, they fail to emulate the suppleness of coil springs and heat more on long descents.
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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.
Heavy Investments in R&D to Develop Advanced Air Suspension Technologies Influence Growth Prospects of the Market
Taking into account the importance of air springs in the operation of commercial vehicles, air springs components market players are focusing on improving the safety and efficiency of air springs components with the help of advanced technologies. Leading market players are investing heavily in R&D to develop advanced air suspension and chassis technologies and offer more control over the operation of their air springs components.
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.
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Air springs components market players featured in the report are Continental AG, Firestone Industrial Products Company LLC, STEMCO Products Inc., Akta? Holding, Vibracoustic CV Air Springs GmbH, Navistar, Inc., Air Lift Company, Meklas Group, Dunlop Systems and Components Ltd., Hendrickson USA LLC, Meritor, Inc., WABCO Holdings Inc., Gibraltar Airsprings Private Limited, Fabio Air Suspension Systems, and Guangzhou Guomat Air Springs Co., Ltd.
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