Global Air Spring for Passenger Vehicle Market
Global Air Spring for Passenger Vehicle Market Size and Forecast to 2026
According to Verified Market Research, The Global Air Spring for Passenger Vehicle Market was valued at USD 1.05 Billion in 2018 and is projected to reach USD 2.11 Billion by 2026, growing at a CAGR of 7.36% from 2019 to 2026.
An air spring is cautiously designed rubber & fabric flexible member that comprises of a column of compressed air. Air spring system for passenger vehicles are beneficial for lightweight vehicles design; thereby effectively improving payload, reduced fuel consumption, and decreased operating costs. In addition, passenger cars fitted with air springs deliver improved vibration isolation with the advantage of their low regular frequency and significantly constant over full load during travel, substantially reducing vehicle damage and impact to the road surface, also minimizing tire wear. Air springs improve the handling and ride capability of the vehicle by offering air cushions between the frame and the wheels.
There is increased stringency in regulations in many parts of the world, including the U.S., Japan, and Europe that necessitate further improvements in environmental performance and vehicle safety. Stringent government regulation regarding reducing emission have driven auto manufacturers to reduce vehicle weight by adopting lightweight materials in automotive components and parts. The increasing preference for in-vehicle ride comfort and safety and vehicle light-weighting is influencing the manufacturers of air springs to design lightweight air springs for passenger cars. In addition, advantages offered by technologically advanced air springs in luxury cars are driving the growth of luxury cars market, that is further strengthening the global Air Spring for Passenger Vehicles market growth.
However, the high development cost of air spring is the key factor anticipated to hamper the market growth over the estimate period. Market vendors of global Air Spring for Passenger Vehicles market are focusing on enhancing the safety and efficiency of air springs through using advanced technologies, which in turn, increasing the development cost of air spring.
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