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Asia Pacific’s position in the global auto industry continues to gain ground. The region is home to the world’s two most prolific auto markets – China and India. According to data from the United Nations, India’s population will even with that of China by 2022 – collectively these countries will have 2.8 billion people.
Unsurprisingly, these two countries have emerged as lucrative markets for not just the automotive industry, but a wide gamut, ranging from healthcare to consumer goods. According to data from SIAM (Society of Indian Automobile Manufacturers), the auto industry grew by 14.78% y-o-y in 2018 over 2017. The Chinese Central Government is optimistic that automotive output will reach nearly 30 million units by 2020.
Rolling Lobe Remains the Preferred Choice for OEMs
Sales of rolling lobe air springs continue to remain higher than convolutes (single and multi), and sleeves. The marked preference for rolling lobes can be attributed to their small size, low weight, and ability to handle pressure at 1:1 ratio. Rolling lobe air springs have a piston which enables a flexible member to roll along the piston’s surface. The key focus areas for rolling lobe manufacturers are,
- Improving the ozone resistance and service life
- Reduction in overall weight and mitigation of flex cracking of air springs
- Reducing the vibration, misalignment, while increasing the longevity with a secure mounting experience
- Boosting equipment longevity and fuel-efficiency
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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.
Fact.MR’s research study projects the global air springs market to surpass US$ 4 Bn in revenues by 2026. In terms of volume, over 33,000’000 units of air springs are likely to be sold by the end of the forecast period.
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