Growing demand for achieving vehicular performance efficiency across key domains such as military reconnaissance and logistics is expected to generate tailwinds for the air springs market
ROCKVILLE, MD / ACCESSWIRE / February 22, 2021 / Fact.MR's air springs for railways, trucks and buses market report projects a stable outlook for FY 2021-22 over the previous year, as the global automotive industry recovers from COVID-19 induced downswings. Long-term prospects appear strong, with the report predicting a 7% CAGR from 2021-2031.
The market has witnessed significant gains across the historical period, with notable automotive giants seeking to incorporate advanced suspension systems to ensure greater rider comfort and reduce wear and tear of the vehicle. Furthermore, new application areas are providing wider scope for prominent manufacturers to increase their portfolio offerings.
For instance, Hendrickson offers a broad range of reliable and heavy-duty suspension and air spring systems for large military vehicles. These include the HAULMAAX® heavy-duty rubber suspensions, the ULTIMAAX® advanced severe-duty rubber suspension and the HPASTM high-performance air suspension systems respectively.
"Rapid transportation infrastructure development to facilitate smooth logistics has heightened demand for air springs across numerous commercial and private vehicles, prompting vendors to introduced advanced suspension systems to ensure proper functioning of automobiles," says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Air Springs for Railways, Trucks and Buses Market Study
- By vehicle, air springs for trucks are poised to garner over a quarter of the market share
- Air springs with sleeve designs to register more than three out of ten sales on the back of reliability in functioning
- Steel pistons generated over 40% revenue in 2020, demand for plastic pistons to exhibit strong growth
- Mechanical air springs generated more than three out of five sales, preference for electronic alternatives to gain significant ground
- Growing commercial trucks sales to heighten US air springs growth prospects
- Germany to witness impressive growth, amid surging popularity of rail traffic for business and commercial purposes
- Prolific development of manufacturing and automotive industries to aggrandize air springs sales across China and India
Air Springs for Railways, Trucks and Buses Market- Prominent Drivers
- Deepening technological penetration, such as electronic control units equipped with microprocessors and output drivers to widen revenue pools
- Manufacturers are discovering tremendous growth potential in the heavy commercial vehicles sector, attributed to rising demand for logistics
- Government regulations to streamline public transport is increasing air springs uptake across commercial and private vehicles
Air Springs for Railways, Trucks and Buses Market- Key Restraints
- Regular maintenance to prevent wear and tear leads to additional maintenance costs, expected to hinder sales
- High initial capital expenditure in terms of equipping air springs in new vehicles restrains small-scale manufacturers from investing in the same
Discover more about the air springs for railways, trucks and buses market with 241 figures and 108 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/457/air-springs-for-railways-trucks-and-buses-market
Prominent players in the air springs for railways, trucks and buses market include Goodyear, Arnott LLC, K-Sport, Firestone, Helix Automotive GmbH, Air Lift, Torque Automation System, Suncore Industries, Viair, RideTech, Hellwig, Legend and Ride-Rite among others. Attributed to the moderately fragmented nature of the market, manufacturers are relying on new product launches and acquisitions to retain their footprint.
In November 2020, Air Lift unveiled its LoadLifter PRO Series, offering up to 5,000 lbs. load-levelling capacity with upgraded anodized aluminium end caps. While the anodized aluminium caps offer superior durability, an industry-exclusive internal jounce bumper ensures added protection while towering or hauling heavy loads.
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Likewise, Hellwig Suspension Products announced the release of its newest Pro Series Helper Springs for the 2019-2020 Chevrolet Sliverado 1500 and GMC Sierra 1500 pickup trucks during the same time. The Pro Series Helper Springs allow for the maintenance of level height while towing or hauling.
More Valuable Insights on the Air Springs for Railways, Trucks and Buses Market
The study on the global air springs for railways, trucks, and buses market by Fact.MR provides an unbiased assessment of key demand-driving factors and trends, which have influenced the landscape from 2016 to 2020, and includes detailed assessment of major parameters that are anticipated to exert influence over 2021 - 2031. Market statistics have been presented on the basis of product (multi convolute, rolling lobe, single convolute, and sleeve), vehicle (passenger vehicles, commercial vehicles, heavy commercial vehicles, trailers/semi-trailers, tractors, recreational vehicles, buses, railways, and industrial applications), sales channel (OEM and aftermarket), diameter (less than 8, 8 to 12, 12 to 18, and above 18), and ride height (8 to 12, 12 to 18, and 18 to 21), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Questions Answered in the Report
- Which region is expected to be the most lucrative air springs for railways, trucks and buses market?
- Why are electronic control units acquiring momentum in the air springs for railways, trucks and buses landscape?
- Which drivers underpin market growth through 2021?
- What are the key challenges expected to present themselves in the long-run?
- How will prominent air springs manufacturers tap into low-hanging opportunities across key markets?
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