PUBLISHER: Verified Market Research | PRODUCT CODE: 1625025
PUBLISHER: Verified Market Research | PRODUCT CODE: 1625025
Air Spring for Passenger Vehicle Market was valued at USD 1.05 Billion in 2018 and is projected to reachUSD 2.11 Billion by 2026, growing at aCAGR of 7.36% from 2019 to 2026.
Advantages offered by technologically advanced air springs in luxury cars are driving the growth of the luxury cars market, which is further strengthening the global Air Spring for Passenger Vehicles market growth. The Global Air Spring for Passenger Vehicle Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
An air spring is a cautiously designed rubber & fabric flexible member that comprises a column of compressed air. Air spring systems for passenger vehicles are beneficial for lightweight vehicle design; thereby effectively improving payload, reducing fuel consumption, and decreasing operating costs. In addition, passenger cars fitted with air springs deliver improved vibration isolation with the advantage of their low regular frequency and significantly constant over full load during travel, substantially reducing vehicle damage and impact to the road surface, also minimizing tire wear. Air springs improve the handling and ride capability of the vehicle by offering air cushions between the frame and the wheels.
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There is increased stringency in regulations in many parts of the world, including the U.S., Japan, and Europe that necessitate further improvements in environmental performance and vehicle safety. Stringent government regulations regarding reducing emissions have driven auto manufacturers to reduce vehicle weight by adopting lightweight materials in automotive components and parts. The increasing preference for in-vehicle ride comfort and safety and vehicle light-weighting is influencing the manufacturers of air springs to design lightweight air springs for passenger cars. In addition, the advantages offered by technologically advanced air springs in luxury cars are driving the growth of the luxury cars market, which is further strengthening the global Air Spring for Passenger Vehicles market growth.
However, the high development cost of air springs is the key factor anticipated to hamper the market growth over the estimated period. Market vendors of the global Air Spring for Passenger Vehicles market are focusing on enhancing the safety and efficiency of air springs by using advanced technologies, which in turn, increases the development cost of air springs.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interest the client. The "Air Spring for Passenger Vehicle Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The Global Air Spring for Passenger Vehicle Market is segmented on the basis of Product Type, Technology, Sales Channel, and Geography.
By Product Type
By Technology
By Sales Channel
By Geography
The market is studied on the basis of key geographies North America, Europe, Asia Pacific, and the Rest of the World (Row). Europe dominated the market in 2018 owing to the higher adoption of the technology across all vehicle types compared to regions like North America and Asia Oceania. There has been significant growth in vehicle sales of SUVs. The R&D investment remains strong as the manufacturer seeks to maintain the competitiveness of the vehicle in a global market. However, Asia Pacific is witnessing the fastest growth in the market.
The Global Air Spring for Passenger Vehicle Market is highly fragmented with the presence of a large number of manufacturers globally. Some of the major players include
Firestone Industrial Products Company, LLC, Vibracoustic, Dunlop Systems and Components, STEMCO (EnPro Industries, Inc.), Meklas Group, Continental AG, and Torque Parts LLC.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.