Sales of Air Spring Components Proliferated at 6.4% y-o-y in 2018, Unveils Latest Fact.MR Study

ROCKVILLE, Maryland, January 30, 2019 /PRNewswire/ --

The air spring components market witnessed growth at 6.4% year-on-year (y-o-y) in 2018 over 2017, as per the latest research study by Fact.MR. According to the study, vehicle safety along with quality amelioration requirements in trucks, notably in case of rough roads and longer descents, are amplifying installations of air spring components. Resurgence of transportation and trucking remains two of the key factors spurring sales of air spring components. Some other factors responsible for heightened adoption of air spring components include-

• Burgeoning sales and production of commercial vehicles worldwide
• Rising cognizance of comfort, safety, and convenience of drivers in case of longer journeys
• Latest technological refurbishments in suspension systems integrated in commercial vehicles
• Urbanization and globalization trends fuelling developments in roadway infrastructures
• Thriving and drastically evolving warehousing and logistics industry

With the commercial vehicles' sales approaching its peak, quality of ride is evolving as one of the highly-valued attributes determining purchase decisions of customers. In response with the aforementioned, the OEMs and prominent automakers are embracing air spring components of high-quality as an indispensable for enhancing customer experience.

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OEMs Retain the Lead as a Highly-Lucrative Sales Channel for Manufacturers to Reap ROI Benefits  

OEMs are foreseen to steer sales of air spring components, owing to their wide-spread proliferation. OEMs are attaining control of overall lifecycle of the commercial vehicles, including the maintenance services. According to Fact.MR, OEMs will continue to hold more than 75% share of the air spring components market, as OEMs witness nearly 3x higher sales of commercial vehicle air spring as compared to several other sales channels. By specializing both in terms of manufacturing and supplying of air spring components, OEMs are likely to remain a highly-lucrative sales channel for the manufacturers.