According to the latest market report published by Fact.MR, growing penetration of air springs in luxury passenger vehicles continues to open new growth opportunities for manufacturers. Traditionally limited to heavy commercial vehicles, end-user preference for comfort, glide ride, and suspension adjustment are impacting where the revenue is going in the air springs landscape. Stakeholders in the air springs market must consider the evolutions in this marketplace if they are to rapidly adapt to the new status quo.
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“Defence is Best Offense” in the Highly Competitive Air Springs Market
There is a pervasive realization among air spring manufacturers that if they intend to remain competitive in a fragmentally consolidated global market, they need to secure clients for long term. Either it is innovation they can offer in the existing product lines as Continental Corp and Neopos did, or it has to be through WABCO way. Some of the key notable developments in the air springs marketplace include,
- WABCO Holdings Inc., a key participant in the global air springs market, continues to consolidate its position in the electric-powered passenger vehicles segment. The company entered into an agreement with a leading German car maker in 2017, with production expected to start in late 2018.
- In a bid to strengthen its presence in the aftermarket and cover a range of commercial vehicle operations, Meritor Inc. launched a new line of air springs, including double convoluted, cab-mount, and reversing (rolling lobe).
- Continental Corp. highlighted its Smart Air Springs for heavy duty vehicles, including trucks and trailers in late 2017. The Smart Air Springs showcased by the company are equipped with a range of features to reduce the overall weight. These innovative air spring have been made from polyamide instead of steel or aluminum.
- Stemco, a leading manufacturer of components for commercial vehicles, completed the construction of a 20,000-sq-facility to design and test advances in materials, design, and technology. The new facility is being built at Fairlawn Corporate Park in Ohio.
- Neopos, a new air suspension technology developed by Formula, offers higher linear compression and return rates of coil springs. According to the company, the new technology has been in development since 2011.
According to the analysis carried out by Fact.MR’s automotive research team, high upfront costs and relatively lower lifecycles remain the key barriers to widespread adoption of air springs for end-users. Although the analysts have a bullish long-term outlook, the mantra for success is to mitigate high OEM upfront costs when compared to the aftermarket.
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OEMs Accounted for 52% Volume Sales in 2017, Aftermarket to Reign Supreme by 2026
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. By 2026, aftermarket is likely to reign supreme – both in terms of value and volume.
Global Air Springs Market Suspending on the Performance of Asian Markets
A direct correlation of vehicle production, sales, vehicle parc and demand for air spring is evident. It’s apparent that the Asian economies are leading in terms of vehicle production as well sales, thus equating to preeminence in the global air springs market during the assessment period 2017-2026, according to a new business intelligence study by Fact.MR. Manufacturers must prioritize ASEAN and GCC in their long-term strategic plans to consolidate their position.
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