Europe, Asia-Pacific and UAE Aftermarket Air Spring Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type and Vehicle Type : Regional Opportunity Analysis and Industry Forecast, 2023 - 2032

The Europe, Asia-Pacific, and UAE Aftermarket Air Spring Market was valued at $683.62 million in 2022 and is projected to reach $1,326.00 million by 2032, registering a CAGR of 7.1% from 2023 to 2032.

Report Key Highlighters:

• The research includes country and segment analysis of each country in terms of value ($million) for the projected period 2023-2032.
• The study integrated high-quality data, professional opinions & analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and assist stakeholders in making educated decisions to achieve their most ambitious growth objectives.
• Over 3,700 product literature, annual reports, industry statements, and other comparable materials from major industry participants were reviewed to gain a better understanding of the market.
• The Europe and Asia-Pacific air spring market share is highly fragmented into several players including ZF Friedrichshafen AG, BOGE KOMPRESSOREN, PHOENIX, Prime Ride, Brighel S.r.l, ContiTech Deutschland GmbH, Diesel Technic AG, Ferdinand Bilstein GmbH + Co. KG, Gart S.r.l., Gibraltar Airsprings, Meklas, PARTEX ITALIA S.r.l., Pega, Roberto Nuti Group, Sampa, and Vibracoustic. Companies have adopted strategies such as product launches, contracts, expansions, agreements, and others to improve their market positioning.

An air spring is defined as a pneumatic device made of rubber and fabric, designed with bellows, and utilized to support heavy loads, absorb vibrations & shocks, or operate as a pneumatic cylinder by expanding its volume. There are different types of air springs, including rolling lobe air spring, multi convoluted air spring, sleeve air spring, single convoluted air spring, and others. The rolling lobe air spring finds primary application in trailers, commercial trucks, and buses. A piston is integrated within rolling lobe air springs, enabling the flexible component to roll along the surface of the piston.

In recent years, air springs have gained considerable access in the automotive aftermarket, where these are sold separately from the original equipment manufacturers (OEMs). Aftermarket air springs are generally not installed in the vehicle at the factory, instead they are procured and deployed later as replacements for worn-out or damaged original shocks. Aftermarket auto components are broadly available through a range of channels, including automotive parts stores, online retailers, and specialty shops. This accessibility makes it easier for customers to find and purchase suitable replacements or upgrades.

The increase in demand for passenger safety and comfort, along with the expansion of the automotive aftermarket industry is expected to drive the growth of the aftermarket air spring market. In addition, rise in demand for lightweight automotive air spring fuels the growth of the market. However, fluctuations in the cost of raw materials and high maintenance cost of advanced suspension systems are expected to restrain the market growth. On the contrary, technological advancements in air spring and growth of the electric vehicle industry are projected to offer lucrative opportunities for the expansion of the market during the forecast period.

The Europe and Asia-Pacific air spring market is segmented into product type and vehicle type. By product type, it is divided into single convolute, multi convolute, sleeve, and rolling lobe. Depending on vehicle type, the market is classified into light commercial vehicles, heavy commercial vehicles, trailers, and buses. According to region, the market is analyzed across Europe and Asia-Pacific.

Factors that drive the growth of the aftermarket air spring market include technological advancement, surge in demand for luxury vehicles, and growth of e-commerce. Countries such as China, India, and Brazil are growing economies. Thus, vehicle manufacturing and automotive component manufacturing sectors are witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for growth of the aftermarket air springs market in the region.

Key Developments

Leading companies are adopting strategies such as product launch, acquisition, agreement, expansion, partnership, contracts, and product launches to strengthen their market position.

• In October 2021, Continental AG, parent company of ContiTech Deutschland GmbH, signed an agreement to supply air suspension vibration dampers & compressors to independent workshops of vehicle manufacturers as original parts. Furthermore, continental drives its portfolio expansion for the aftermarket with new products for VW and Audi models.
• In November 2022, ZF Friedrichshafen AG launched its own range of air springs, renowned for Sachs quality. Sachs air springs are made of high-quality, corrosion-resistant material that has a long service life and high resistance to external influences. The new product from Sachs is available for vehicles with separately arranged springs and dampers.

Technological advancement and growth of e-commerce:

The surge in automation and incorporation of cutting-edge technologies in the automotive industry have propelled the demand for vehicles featuring advanced components such as air suspension systems, resulting in increased vehicle sales in Europe and Asia-Pacific. Moreover, integration of superior air suspension systems in vehicles has enhanced driving comfort which has driven the demand for air spring.

Dependence of e-commerce companies on logistics service providers to ensure transportation of goods through warehouse and distribution hub has increased in the countries such as India, China, and other Asia-Pacific countries, owing to significant expansion of e-commerce activities. Thus, logistics companies primarily less than truckload (LTL) and full truckload (FTL) freight shipping companies are increasingly adopting heavy-duty trailers due to versatility being offered in terms of load-carrying capacity. This has driven the demand for air springs owing to reduced vibration and noise transmitted from the road to the vehicle.

Surge in demand for luxury vehicles:

Countries have established laws and regulations mandating the installation of advanced comfort systems and automotive safety & compliance frameworks, such as air springs used in suspension systems. The Europe, Asia-Pacific, and UAE aftermarket air spring market is driven by significant growth in car sales, predominantly in developing economies such as India and China. For instance, the Chinese economy is on the rise, leading to an increase in the discretionary income of the middle-class population. Technological advancements play a crucial role in maintaining the vitality of the automotive industry. These innovations include improvement in safety features, enhancement in speed & efficiency, greater fuel economy, full automation, and range of other attributes that enhance a vehicle's desirability, driving the demand and sales for the luxury vehicles where air springs are deployed.

Design complexity and cost related challenges:

Integrating air springs into automotive suspension systems has greater complexity compared to traditional systems, resulting in high manufacturing and installation expenses. In addition, this contributes to high maintenance costs throughout the vehicle's operational life. Regular maintenance is essential to maintain the optimal performance of air springs. This includes inspecting for leaks, closely monitoring air pressure, and addressing identified issues. Failing to conduct regular maintenance results in more substantial problems and increased repair costs. All these factors hamper the growth of the Europe, Asia-Pacific, and UAE aftermarket air spring market.

Rising fleet of electric and hybrid vehicles

The surge in vehicle electrification, hybrid vehicles, smart mobility services, high fuel prices, and rise in inclination toward non-fossil fuel-based vehicles contribute to the expansion of the electric vehicle market. Air springs are a key component in the air suspension system of cars as they control the noise and vibrations of the vehicles. They provide the flexibility to adjust suspension settings, allowing drivers to personalize both the ride height and stiffness of their vehicles. This adaptability is designed to accommodate diverse driving conditions and individual preferences, offering versatility for use in both on-road and off-road applications which are driving the growth of the Europe, Asia-Pacific, and UAE aftermarket air spring market. According to the European Environment Agency, the prevalence of electric vans registered 5.5% growth in 2022.

KEY BENEFITS FOR STAKEHOLDERS

• This study presents analytical depiction of the Europe, Asia-Pacific and UAE Aftermarket Air Spring Market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall last mile delivery market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the Europe, Asia-Pacific and UAE Aftermarket Air Spring Market with a detailed impact analysis.
• The current last mile delivery market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

  Europe, Asia-Pacific and UAE Aftermarket Air Spring Market Report Highlights

Aspects	Details
By Product Type	Single Convolute Multi Convolute Sleeve Rolling Lobe
By Vehicle Type	Light Commercial Vehicles Heavy Commercial Vehicles Trailers Buses
By Region	Europe  Asia-Pacific  UAE
Key Market Players	Vibracoustic, Pega, Prime Ride, ZF Friedrichshafen AG, Roberto Nuti Group, Meklas, Gibraltar Airsprings, Diesel Technic AG, PARTEX ITALIA S.r.l., PHOENIX, ContiTech Deutschland GmbH, Gart S.r.l., Sampa, BOGE KOMPRESSOREN, Ferdinand Bilstein GmbH + Co. KG, Brighel S.r.l

Analyst Review

This section provides the opinions of various top-level CXOs in the Europe, Asia-Pacific and UAE Aftermarket Air Spring Market. According to the insights of the CXOs of leading companies, the current market trend & advancement in vehicle component industry to a much higher level and the use of better & more efficient service has increased across the region. The aftermarket air spring market is expected to witness significant growth globally, due to rise in the deployment of advanced suspension systems in the aftermarket for comfort & safety and rapid development of commercial vehicles. The market growth is accompanied by numerous developments carried out by top aftermarket providers of air spring, including ZF, Pega, Febi, Roberto Nuti Group, and Sampa, which has led to the growth of the market. Moreover, regulatory changes in vehicle safety standards propel the growth of the market.

For instance, in February 2022, India planned to roll out its vehicle safety standards, paralleling similar programs operating globally, in a renewed push toward enhancing road and vehicle safety in the country. The Bharat New Car Assessment Program (NCAP) is expected to glance at the safety of new vehicles and assign star ratings on their safety & sturdiness, in compliance with Global NCAP and European NCAP car safety programs. Such regulatory changes are anticipated to supplement the growth of the market.

Author Name(s) : Smita Banerjee | Lalit Janardhan Katare

Related Tags

• Air Springs
• Aftermarket Air Springs
• Oems
• Vehicle Suspension