It’s being expected that by 2029, the Automotive Spring market cap will hit USD 5157.33 million at a CAGR growth of about 5.1%.
.jpg "Global Automotive Spring Market 2019-2029 (USD Million)")
Automotive spring has now become crucial thing for the automobile industries. They play a major role in the safe handling and ride comfort of the vehicle. They help in keeping a vehicle at a designated standing , and also provide recoil necessary to bounce back after suspension components move up and down over uneven road surfaces. Besides, Springs can be soft and extremely bouncy, or they can be stiffer and less bounce prone as well as facilitating commuters over long distances.
This can be ascribed to rising production of LCVs and MHCVs. Besides, the advancements in the spring technology, greater demand for lightweight spring, and rising automotive fleet are also the key factor driving the market growth for automotive spring.
However, huge capital requirement for new as well as maintenance of existing automotive springs are hampering the market growth. Furthermore, the developments in the weight reduction in the automotive industry is likely to provide lucrative development opportunities for the automotive spring market in the forthcoming years.
Automotive Spring Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 5157.33 million |
| Growth Rate | CAGR of 5.1% during 2019-2029 |
| Segment Covered | Type, Vehicle Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Kilen Springs (U.K.), GKN Automotive (U.K.), Sogefi SpA (Italy), NHK of America Suspension Components, Inc (U.S.), Muhr und Bender KG, (Germany), Betts Spring (U.S.), MW Industries (MWI) (U.S.), Draco Spring Mfg. Co. (U.S.), Hyperco (U.S.), Neapco (U.S.), Alco (U.S.), UNI ATUO PARTS MANUFACTURE CO., LTD. (Taiwan), MITSUBISHI STEEL MFG. CO., LTD. (Japan), Lesjöfors Automotive (U.K.), Clifford Springs Ltd (U.K.), Hendrickson USA, L.L.C. (U.S.), Jamna Auto Industiries Ltd (India) |
Key Segments of the Global Automotive Spring Market
Type Overview(USD Million)
- Coil Spring
- Air Spring
- Leaf Spring
Application Overview (USD Million)
- Passenger Car
- Commercial Vehicle
Regional Overview (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global automotive spring market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global automotive Spring market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the automotive spring industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on type, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global automotive Spring market. The report will benefit Every stakeholder involved in the automotive Spring market.
- Managers within the automotive spring industry looking to publish recent and forecasted statistics about the global automotive Spring market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global automotive Spring market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market for automotive spring is set to reach an estimated value of USD 5157.33 million in 2029.
Several factors are bolstering the demand for automotive springs among which, rising production of LCVs and MHCVs has the biggest impact.
The sample for automotive spring market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Over a period of time, the automotive industry has witnessed a remarkable transition in the spring technology, material, style, design, etc. There are countless styles of spring suspension available worldwide featuring different mounting points, shapes, and sizes. At the same time, there are a lot of R&D activities happening for the development of lightweight alternatives of heavier steel springs. Composite springs are the outcome of these activities, offering significant weight saving advantage over steel springs without sacrificing performance.
Most modern passenger cars built in the last few decades feature coil springs at all four wheels, and an increasing number of pickups and SUVs are now equipped with them in the front as well as the rear. With all these capabilities automotive spring allows manufacturers to save costs as well as time spent on providing efficient vehicles.
Furthermore, most conventional suspensions use passive springs to absorb impacts and dampers (or shock absorbers) to control spring motions. Selection of any material for an application is based on the relative cost as well as the strength of the material. There are several advanced materials available with light-weighting advantage. Composite materials are one of them with elastic strain energy, better fatigue resistance, and higher strength-to-weight ratio compared to steel. It provides significant weight reduction with adequate improvement in the mechanical properties and is one of the best replacement materials for conventional steel.
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Type Segment
Based on the Type segment, the market is bifurcated into coil spring, air spring, and leaf spring. In 2020, the Leaf spring segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. However, this segment is also projected to attain major growth throughout the forecast years owing to its advantage in weight reduction in automobile industry.
Application Segment
Based on the application, the market is segmented into passenger cars, and commercial vehicle. The Commercial vehicle seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the large production base of commercial vehicle coupled with high penetration of leaf springs in MHCVs and large MHCV fleet.
Asia-Pacific is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing production of MHCVs in the developing Asian economies, such as China and India. China, Japan, and South Korea are likely to remain the major markets in the region; however, India is likely to be the new growth engine of the region’s market in the coming five years. However, Europe and North America accounted largest market share due to the growing manufacturing hub and production capabilities. USA and Mexico are likely to be the major markets in North America, whereas Russia, Germany, and France are the major markets in Europe.
.png "Asia-Pacific Automotive Spring Market 2019-2028 (USD Million)")
The major players of the global automotive Spring market are NHK Spring, Rassini, Sogefi, Mubea, Thyssenkrupp, Continental, Mitsubishi Steel, Fangda Special Chuo Spring. Renowned companies are offering new and modern automotive spring production solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.