According to Vision Research Reports, the global automotive coil spring market value is projected to surpass US$ 10.4 Bn by 2027, expanding at a CAGR of 5% during the forecast period 2020 to 2027. The automotive coil spring market is driven by a rise in the demand for more reliable and comfortable suspension system. Added advantage of better handling across on road and off-road conditions and comfortable ride has been a key factor boosting the adoption of coil springs in a large number of utility vehicles.
End Users Likely to Prefer Automotive Coil Springs over Leaf Springs
Although the adoption of leaf springs is showing little signs of slowing down, the adoption rate of automotive coil spring is expected to remain higher throughout the forecast period. The demand for various automotive springs primarily depends on the nature of the application. The uptake of automotive coil springs is on the rise, owing to their desirable performance while negotiating minor obstructions, steep slopes/hills, uneven terrain, towing boats, hauling furniture, and during acceleration and braking. The demand for automotive coil spring is projected to be higher from passenger vehicle manufacturers in comparison with that from manufacturers involved in the production of commercial vehicles.
Dwindling prices of minicompact, supermini, and mid-size vehicles are a major factor augmenting the demand for these vehicles, particularly in the Asia Pacific region– presenting participants of the automotive coil spring market with abundant lucrative opportunities. Although there are various parameters that influence the adoption of different types of automotive springs, the installation preference predominantly depends on the end user. Although an air spring offers an improved ride quality, it is not as reliable as an automotive spring coil.
Drivers of Automotive Coil Spring Market
- In modern vehicles, the adoption of independent suspension instead of rear solid axle due to its benefit of better control on road and off-road and comfy ride is leading to rise in demand for coil springs as coil spring is an integral part of independent suspension. Moreover, growing competition among automakers to launch models with competitive features has fueled the adoption of coil springs.
- In 2014, Nissan launched Navara, the first pick-up truck with rear coil spring suspension, Ford Motor Company, General Motors, and Toyota Motor Corporation have been working actively to design new models with coil spring suspension and shock absorbers (absorber is mounted with coil spring)
- The transition among light duty vehicles and pick-up trucks from leaf spring to coil spring is anticipated to drive the coil spring market during the forecast period
- Total vehicle miles traveled (VMT) is increasing at a steady pace, globally. Per capita VMT is rising as well. A vehicle is prone to wear & tear, especially shock absorbers, which leads to the replacement of shock absorbers at regular intervals, owing to the rise in vehicle miles travelled and more kilometers covered by the vehicle. This, in turn, is anticipated to boost the replacement of shock absorbers around the globe.
- Increase in average age of vehicles, globally, is boosting the demand for shock absorbers in the aftermarket. Additionally, retention of vehicle for prolonged periods is estimated to propel the demand for maintenance and subsequently, boost the sales of shock absorbers. The average age of vehicles in the EU is rising every year owing to improved quality and trend of owners keeping their car for minimum 4-5 years during the loan tenure.
Key Segments of Automotive Coil Spring Market
- Based on OEM, the global market has been classified into commercial vehicle and passenger vehicle. The passenger vehicle segment held a major share of the automotive coil spring market in 2019. It is likely to maintain its dominance during the forecast period. Among passenger vehicles, SUV and MPV segments are anticipated to be the prominent sub-segments of the automotive coil spring market, owing to rising adoption of shock absorbers or struts instead of conventional parabolic springs in large number of SUVs and MPVs in order to improve handling and comfort.
- Based on aftermarket, the passenger vehicle segment dominated the market; however, the commercial vehicle segment is projected to expand during the forecast period, owing to an increase in penetration of coil springs in commercial vehicles. The life of coil springs is less in commercial vehicles, as these vehicles are used to carry heavier loads and driven on rough terrain. This, in turn, propels the demand for coil springs in the aftermarket.
- In terms of region, Asia Pacific is the key market for automotive coil spring, globally, due to high production of vehicles in the region and demand for higher amount of automotive components such as coil springs and brake assemblies
- China is the key market in Asia Pacific as all major automakers have their production sites located in the country and is a prominent exporter of vehicles across globe. On the other hand, India is an emerging market for automotive where consistent rise in number of production sites is likely to drive the market for automotive coil springs in the country.
- Europe is another key market for automotive coil spring due to high penetration of coil springs among vehicles in the region. Additionally, the production of vehicles in the region is consistently rising, which in turn is driving the market for automotive coil springs. High production of luxury and executive class vehicles in Europe is driving the penetration of the coil springs and consequently, propel the market at a consistent pace in the region during the forecast period.
Automotive Coil Spring Market: Competition Landscape
- Key players operating in the global automotive coil spring market include
- Ace Wire Spring & Form Co., Inc.
- Betts SPRING MANUFACTURING
- Clifford Springs Ltd
- Draco Spring Mfg. Co.
- Jamna Auto Industries
- Kilen Springs
- Lesjöfors Automotive
- Sogefi SpA
- Aniceto Gomez SA
- Olgun Celik
- Soni Auto & Allied Industries Ltd.
- Suspension Spring Specialist, Inc.
- Automotive Coil Spring Market, by OEM
- Commercial Vehicle
- Passenger Vehicle
- MPV (Multi-purpose Vehicle)
- Sports Car
- Automotive Coil Spring Market, by Aftermarket
- Commercial Vehicle
- Passenger Vehicle
- MPV (Multi-purpose Vehicle)
- Sports Car
- Automotive Coil Spring Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
This VRR report on the automotive coil spring market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country/sub-region wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive coil spring market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive coil spring market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive coil spring market, with both bottom-up and top-down approaches.
This detailed assessment of the automotive coil spring market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive coil spring market is estimated to expand are based on carefully vetted primary and secondary sources.
Key Questions Answered in this Report on Automotive Coil Spring Market
- How much value will the automotive coil spring market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2027?
- What are the impact factors and there effects on the market for automotive coil springs
- What regions currently contribute the maximum share to the overall automotive coil spring market?
- What are the indicators expected to drive the automotive coil spring market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the automotive coil spring market to expand their geographic presence?
- What are the major advancements witnessed in the automotive coil spring market?
- How regulatory norms affected the market for automotive coil spring market?