Global Air Spring Components Market Scenario Highlighting Major Drivers(Continental AG, STEMCO Products Inc., Navistar Inc., Air Lift Company, Meklas Group) & Trends, 2018-2026
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Apart from the technological advantages, the access to high quality raw materials is also aiding top market players to consolidate their position in the air springs components market. Furthermore, strategic collaborations among top air springs components market players are helping Tier I companies to benchmark their products with competitor products, and scale up in the air springs components market in the upcoming years.
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.
The global production of commercial vehicles also increased from over 19.3 million to approximately 23.8 million during 2010-2017. As the installation of air springs components helps to make vehicles safer, comfortable, and cost-effective, the unprecedented growth of the commercial vehicle industry is expected to boost demand for air springs components in the upcoming years.
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.
Commercial vehicle air springs are prone to get affected due to various external factors, such as humidity, temperature, and altitude, and it is driving automakers to shift to more efficient and safer alternatives to air springs components. This is making a negative impact on the growth prospects of the air springs components market.
In order to balance the performance characteristics of both air springs components and coil springs, leading manufacturers in the air springs components market are introducing coil springs to complement technologically advanced air springs in commercial vehicles, which is emerging as a popular trend in the air springs components market.
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.
The recent trends in the air springs components market demonstrate the increasing adoption of wireless technologies and sensor technologies for manufacturing smart air springs for commercial vehicles. Top manufacturers in the air springs components market are shifting their focus on developing unique technologies to offer maximum control over the operation of air springs components, and ultimately gain competitive advantages in the air springs components market in the upcoming years.
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Positive Prospects of Logistics & Transportation Industry Augur Well for Air springs components Market
Commercial vehicles are employed extensively in the logistics & transportation industry for on-road cargo transportation, thereby growth prospects of the air springs components market majorly depend on the global transportation activities and the integration of supply chain networks worldwide. Also, according to a report by the United Nations (UN), over 55% of the global population lives in urban areas, which is likely to increase up to 68% by 2050. The recent growth in the trend of urbanization directly translates into the positive developments in transportation industry.
According to the American Trucking Associations, over-the-road transportation of cargo accounted for US$ 676.2 billion in 2016, whereas total spending in the U.S. logistics and transportation industry was $1.4 trillion. With the increasing growth of the global logistics & transportation industry and urbanization, the adoption of commercial vehicles is likely to surge, which will complement the growth of the air springs components market in the upcoming years.
This section in the FactMR study aids readers to fathom critical developments in the air springs components market with the help of insightful information about the leading companies in the market. The report enlists leading stakeholders in the air springs components market and provides useful information about recent developments in the winning strategies of leading competitors in the air springs components market.
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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