In the automotive industry, the use of air suspension system is extensive and this has substantially increased the demand for air springs in the sector. Besides, the changing conditions of terrain and increased user demand for effortless and convenient driving is anticipated to trigger sales of air springs. This factor is likely to support growth of the global air springs market over the timeframe of analysis, from 2024 to 2030.
The growth of the global air springs market is expected to be driven by the aftermarket part of the business as well. After a pre-determined range of driving, it is essential to replace the air springs, which is likely to augur well for the market in the years to come. In addition, several technological developments have brought in new composites and designs that are to be utilized in air springs. These developments are expected to open up new growth avenues for the global air springs market in the years to come. Air springs are being utilized in various heavy-duty vehicle suspension systems for almost a century. In these applications, compressed air needed for braking system is utilized to prove to be useful in these applications. Such multiple uses of the product is likely to support growth of the global air springs market over the tenure of assessment, from 2024 to 2030. These springs offer extra comfort and improve the overall quality of the ride.
Product type, end user, and region are the three important parameters based on which the global air springs market has been classified.
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Global Air springs Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global air springs market is mentioned as below:
- In October 2019, Germany-based Continental AG introduced a lightweight air spring that is capable of diminishing the weight of conventional vehicle by 15 kgs. It is considered as the latest technological breakthrough by the company.
Some of the prominent organizations in the global air springs market comprise the below-mentioned:
- Firestone Industrial Products Company, LLC
- Continental AG
- Dunlop Systems and components
- Hendrickson USA, L.L.C.
- Tata AutoComp Systems Ltd
- VDL Weweler-Colaert nv
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Global Air springs Market: Key Trends
The global air springs market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Use of Trucks in Various Trading Activities to Fuel Demand in the Market
There has been a steady rise in the manufacturing of commercial vehicles all over the world. This rise in production of vehicles is fuelled by trading activities that involve transportation of goods. Furthermore, these business activities are increasingly opting for local transport systems due to economic viability. The increase in the production of commercial vehicles, especially in rapidly developing parts of the world is anticipated to encourage growth of the global air springs market over the timeframe of analysis, from 2024 to 2030.
Trucks account for a sizeable chunk of the total demand for air springs generated worldwide. Truck racing has recently gathered much attention and is gradually gaining popularity, which has prompted leading truck companies to make investment in truck racing championships. These racing trucks require improved safety features that enable integration of air spring suspensions, thereby driving the growth of the global air springs market in the years to come. In a bid to facilitate better performance of racing trucks, investment are being made to develop improved and technologically advanced air springs.
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Global Air springs Market: Geographical Analysis
In the global air springs market, North America is likely to account for a considerable chunk of the market revenue and share. The dominance of the region is expected to continue throughout the period of assessment due to the rising demand for trucks in various trading activities. Furthermore, rise in disposable income of the people is estimated emerge as growth factor for the market in the North America.
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