- Light Commercial Vehicles (LCV)
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 Increased use in commercial and luxury cars of air compressors, suspension systems, and other advanced components, increasing research and development activities are few key drivers boosting the global market. Strong adoption costs for low-range vehicle air suspension systems act as restrain which hung the growth of the global air springs market. The replacement of metal springs with air suspension systems such as shock absorbers and air springs provides opportunities for the air springs market. Air springs are a sort of suspension mechanism used in automobiles to provide smooth braking. Automobiles with air suspension have better safety features. As a result of these factors, the use of air springs in passenger automobiles and commercial vehicles is expanding.
Fastest Growing Market
It is noticed that the global air springs market has a significant market growth rate on the perspective of increase in global commercial vehicles. In 2018, around 12.4 million commercial vehicles were produced in North America. Although commercial vehicle production fell globally between 2018 and 2019, North American production remained largely the same, increasing 0.2 percent year-on-year. On increasing population and per income are the other factors which help in the significant growth of global air springs market in turn help in development of global air springs market.
The air springs market is projected to expand at a CAGR of 6.4% during the forecast period
Continental, ThyssenKrupp AGHitachi, Wabco, Firestone Industrial Products, Hendrickson, Mando Corporation, BWI Group, SAF-Holland, Accuair Suspension