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Air Springs Market Is Slated To Witness A Moderate 5% Growth Rate By 2030

The most recent market study released by Fact.MR indicates that manufacturers continue to have access to fresh growth prospects due to the increasing use of air springs in high-end passenger automobiles. The end-user demand for comfort, glide ride, and suspension modification are influencing where the income is going in the air springs market, which was previously restricted to big commercial vehicles. If market participants for air springs are to quickly adapt to the new status quo, they must take these market changes into account.

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Key Takeaways of Air Springs Market

  • 3300-7300 force segment holds the majority share in global market and is anticipated to expand at a CAGR of 4% during the long-term forecast period
  • Rolling lobes shall expand 1.7x by 2030, and are expected to witness a healthy CAGR, owing to high deployment in commercial vehicles
  • Buses are set to hold the dominating share in the global air springs market. Proliferation of public transport in developing countries escalates the production of public buses which has fueled the demand for air springs
  • Owing to early adoption of air springs in developed regions, North America holds a share of more than 20% of the total market value
  • High growth can be seen in economies of Asia Pacific (East Asia, South Asia, and Oceania) attributed to heavy investments in electric vehicles. This boom shall generate increased demand for air springs. These economies collectively account for 35% share of the total market value.
  • Middle East & Africa offers the most lucrative growth prospects, with a growth rate of over 7% during the forecast period. Developing automotive infrastructure with high penetration of automotive manufacturing units are major indicators of growth potential.

Product Innovation to Garner Higher Profits Post COVID-19 Pandemic

The rapid spread of COVID-19 and lockdown impositions has had a significant impact on commercial vehicle sales. Many organizations have stopped operations and a few are running on bare minimum capacity. However, since air springs are capable of handling varied levels of load for LCVs and HCVs, market players are focused on development of intelligent air springs that promise to deliver enhanced operational efficiency using advanced sensor technology. This innovation is expected to trigger sales  post COVID-19 However, trade suspension due to the COVID-19 pandemic adversely impacts growth. Prioritizing the safety of employees, many organizations have suspended production. In a bid to contribute to the fight against COVID-19, many air springs manufacturers are employing their technical expertise in developing medical equipment for COVID-19 treatments.

The Air Springs Market report answers important questions which include:

After the forecast period, how will the Air Springs Market be doing?
Which region contributes more to the global market for air springs, and why?
Which companies continue to dominate the world market for air springs?
What options are there for the companies in the Air Springs Market to increase their manufacturing footprint?
Which market category has the biggest influence on the global market for air springs?

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