The global automotive spring market size is likely to attain over USD 5.8 billion by the year 2028. Besides, it is likely to project a CAGR of nearly 2.9% during the forecast years 2021-2028. Automotive Springs play a major role in the safe handling and ride comfort of the vehicle. They help in keeping a vehicle at a designated standing height, and also provide recoil necessary to bounce back after suspension components move up and down over uneven road surfaces.
The present and future automotive spring market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the automotive spring market opportunities during the forecast years. Factors such as rising production of LCVs and MHCVs is the key factor driving the market growth for automotive spring.
Also, the advancements in the spring technology, greater demand for lightweight spring, and rising automotive fleet is another factor driving market growth. 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.
The report also emphasizes several distinctiveness of the global automotive spring industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the automotive spring industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The automotive spring market has tough competition among the new emerging and pre-established market vendors. Besides, the automotive spring industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of application, the market is categorized into passenger car and commercial vehicle. The passenger car segment is predicted to achieve the largest growth during the forecast years 2021-2028. On the other hand, the commercial vehicle segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of the commercial vehicle 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.
Europe and North America is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the automotive spring market in this region is mostly ascribed to the growing manufacturing hub and production capabilities. However, Asia-Pacific region accounted for largest market share for automotive spring type segment owing to the increasing production of MHCVs in the developing Asian economies, such as China and India.
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.
Segment Overview of Global Automotive spring Market
Type Overview, 2019-2028 (USD Million)
- Coil Spring
- Air Spring
- Leaf Spring
Application Overview, 2019-2028 (USD Million)
- Passenger Car
- Commercial Vehicle
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America