Report: Manufacturers Finding Opportunities in Air Springs Market
Growing penetration of air springs in luxury passenger vehicles continues to open new growth opportunities for manufacturers, according to the latest market report published by Fact.MR. Fact.MR is a market research firm that offers a suite of syndicated and customized market research reports.
Traditionally limited to heavy commercial vehicles, end-user preference for comfort, glide ride, and suspension adjustment is impacting where the revenue is going in the air springs landscape, according to Fact.MR.
The air springs market remains fragmentally consolidated, with a large number of American, Chinese, and Indian suppliers/distributors vying for increased market penetration and share. A majority of market participants covered in the market have a sizeable presence in APEJ and North America, two key air springs markets globally. Sensing the untapped opportunities in this marketplace, leading manufacturers, including BWI Group, Continental AG, Dunloop Systems and Components, Firestone Industrial LLC, Hendrickson LLC, Mando Corp., Tata AutoComp Systems, ThyssenKrupp AG, VB AirSuspension, and Wabco Holdings Inc. are focusing on reducing weight and mitigating flex cracking as key focus areas.
“Although air springs offer a better ride quality than steel and coil springs, vulnerability to wear and tear, and high maintenance costs continue to impede widespread adoption,” said an unnamed Fact.MR analyst. “Manufacturers who are able to scale up without compromising on quality will have a better shot at market consolidation. Whereas luxury car manufacturers equip air springs as an additional feature, these are steadily gaining traction as standard features in heavy vehicles.”
End User & Aftermarket
High upfront costs and relatively lower lifecycles remain the key barriers to widespread adoption of air springs for end-users, according to Fact.MR. Although analysts have a bullish long-term outlook, the mantra for success is to mitigate high OEM upfront costs when compared to the aftermarket.
Sales of air springs are evenly spread out in both OEM and aftermarket channels; However, the former accounted for a higher volume and lower revenue share in 2017. The prevailing scenario in the sales channel is likely to be transformed during the assessment period on account of competitive offerings by aftermarket players, according to Fact.MR. By 2026, aftermarket is likely to reign supreme, both in terms of value and volume.
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