Mr. Mohit Loshali, Senior Consultant – Automotive at Fact.MR discusses latest trends shaping Europe’s air spring components marketplace
Air spring components marketplace has the presence of moderate consolidation wherein prominent players hold significant share while the presence of a number of small and mid-sized players also contributing to the global revenue. Demand for air spring components is expected to remain under the influence of rising sales of heavy commercial vehicles, increasing reliance on public transport, flourishing automotive industry and demand for repair and maintenance services.
While expanding middle class continues to bode augur well for the passenger vehicles market, demand for heavy duty commercial vehicles is anticipated to grow in parallel due to increasing reliance on public transport vehicles such as railways, trucks, and buses. With the rising sales of HCVs and PVs, demand for air spring components is set to rise steadily in the coming years.
North America with its higher number of heavy commercial vehicle fleet spearheads the sales of air spring components. Europe, on the other hand, has headquarters of prominent air spring component manufacturers. Also, the region presents strong logistics & transportation industries where demand for commercial vehicles remains consolidated, thereby driving steady demand for air spring components in the region.
Where is the demand for air spring components consolidated in the region?
While Europe garners significant demand for air spring components at the global stage, Germany remains the prominent demand generator. A hub of automotive industry and presence of manufacturers who are focused on introducing innovation and safety in the components can be attributed to the considerable demand for air spring components in the country.
What are the future opportunities for air spring components market in the region?
OEM manufacturers in Europe are engaged in introducing air spring components that are innovative and technologically advanced. Air springs are essential components in the operations of automobiles and hence air spring components marketplace has witnessed the introduction of safer and cost-effective components over the past few years. As air spring component operations ensure smoother rides and reduced maintenance cost, particularly in commercial vehicles, manufacturers continue to invest in R&D to launch innovative and efficient components.
How will EU vehicle safety standards impact the progress of air springs components market?
EU has taken significant strides in implementing multiple regulatory standards associated with road infrastructure as well as vehicle safety. To address the steadily rising statistics of deaths on European roads, the European Transport Safety Council (ETSC) has adopted the Vision Zero and Safe System approach for EU. In a bid to ensure safer drives, manufacturers as well as consumers are adopting advanced automobile features such as emergency braking and intelligent speed assistance. As awareness toward safety increases combined with EU implementing regulatory standards, air spring manufacturers are likely to witness a surge in demand in the future from automotive OEMs.
Where is the application scope of air spring components stronger in the region?
Developed regions like Europe witnesses significant sales of the passenger as well as commercial vehicles. In particular, demand for heavy commercial vehicles (HCVs) is growing significantly in the region against the backdrop of a growing network of logistics and warehouse associated fleet. As only a handful of manufacturers show hegemony in the heavy commercial vehicles market, air spring component manufacturers continue to leverage bullish revenue stream in Europe.
For Information About This Report Visit At https://www.factmr.com/report/2314/air-spring-components-market
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
11140 Rockville Pike
Rockville, MD 20852