Fact.MR, an insight-driven global market intelligence company, on Tuesday released a new study showing the global air spring component market is witnessing 6.4 percent year-over-year compounded annual growth rate (CAGR) in 2018 over 2017.
Within the study, Fact.MR states increasing growth of the transportation industry and trucking activities is one of the most important factors fueling growth of the air spring components market. This is particularly visible in North America and Europe. The report states those markets account for more than 60 percent of air spring adoption worldwide.
“Despite the commercial vehicle sales being outnumbered by passenger car sales, lightweight commercial vehicles (LCVs) as well as heavy commercial vehicles (HCVs) are witnessing burgeoning demand in developed countries, which underscores incremental growth of air spring components market in developed nations,” Fact.MR says.
“With the ever-growing logistics and transportation industries in Europe and North America, the production and sales of commercial vehicles is likely to surge, triggering high demand for air spring components in the upcoming years.”
The Fact.MR study also opines that increasing production of high-quality air spring components in developed nations will make air spring components markets in North America and Europe the most lucrative for commercial vehicle air spring manufacturers and distributors in the upcoming years.
Fact.MR says other factors triggering adoption of air spring components include
- Increasing production and sales of commercial vehicles across the globe
- Awareness about drivers’ safety, comfort, and convenience at long journeys
- Recent technological developments in suspension systems used in commercial vehicles
- Globalization and urbanization trends initiating developments in road infrastructures
- Rapidly-expanding logistics and warehousing industry
For more information on Fact.MR’s findings, and to purchase the report, please CLICK HERE.