Air Springs Market Trends and Segments Forecast To 2028
The global air springs market size was valued at USD 6725.67 Million in 2021 and is expected to reach USD 10383.10 Million by 2028, at a CAGR of 6.4% during the forecast period 2022-2028. Air springs have become an essential component of vehicle aerodynamics. Air springs have been used in a variety of vehicle systems to improve passenger comfort and safety. For numerous decades, the air springs business has grown thanks to their widespread application in heavy-duty vehicle systems. In addition, their usage in industrial machine systems has boosted sales. The requirement for innovations in vibration isolators has propelled the air springs industry forward. The isolators are used in a variety of heavy-duty movement applications, including stone processing with big wood logs.
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From a macroeconomic standpoint, over the forecast period, solid economic growth across regions is expected to generate business possibilities. Air suspension systems' growing prevalence into passenger automobiles and commercial vehicles is expected to be a major contributor in augmenting demand for air springs. Luxury vehicle sales have increased significantly in both emerging and developed countries over the last decade. The taste for luxurious vehicles is not restricted to passenger cars; there has also been strong demand for opulent buses and performance trucks. Many OEMs outfit these categories with new air suspension systems, making them air spring consumers. The usage of electronically controlled systems is predicted to increase in the worldwide air spring market, and this trend is expected to continue during the forecast period. Nevertheless, non-electronically operated systems are projected to continue to be the most popular.
Air springs were first introduced in Europe. In terms of both production and consumption, Europe is anticipated to dominate the worldwide air spring market. When compared to other significant regions such as North America and Asia Pacific, Europe has a higher percentage of passenger cars equipped with air suspension systems. The North American air spring market is expected to remain hopeful over the forecast period, thanks to strong demand for premium automobiles. In the North American market, the United States is likely to generate significant demand for air springs. Over the projected period, North America and Europe are expected to lead in terms of replacement demand. Asia Pacific produces a large percentage of the world's vehicles and exports a large percentage of them. Over the projection period, the region is expected to generate significant OEM demand.
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Some of the major key players in the Air Springs Market are Brambles Limited, Euro Pool Group, Faber Halbertsma, JPR, Korea Pallet Pool, Loscam, Schoeller Arca, IGPS Logistics LLC, Contraload NV, PECO Pallet, Demes Logistics GmbH
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