The global automotive suspension spring market size is expected to hit around US$ 25 Bn by 2030, growung at a noteworthy CAGR of 5.1% over the forecast period 2021 to 2030.
Rise in sale of passenger and commercial vehicles across the globe is likely to propel the automotive suspension spring market across the globe. The increase in the number of small- and medium-scale industries across the globe is projected to boost manufacturing industries, which, in turn, is anticipated to fuel the automotive suspension spring market across the globe. Consistent research & development in the automotive industry has led to the development of suspension springs that offer more strength, along with ride comfort. The surge in the demand for electric vehicles across the globe is prompting vehicle manufacturers to develop lightweight suspension springs. This factor is anticipated to fuel the automotive suspension spring market across the globe.
Expansion of Automotive Suspension Spring Market
The rise in the demand for ride comfort is prompting automakers to implement new substitutes that can provide compression resistance as well as flexibility to the vehicle, which is likely to propel the automotive suspension spring market across the globe. The growing acquisitions and agreements between leading spring manufacturers across the globe is a key factor boosting the automotive suspension spring market across the globe. In 2018, Henkel AG & Co., KGaA developed a coil spring made of composite material, which is 30% to 40% lighter than conventional steel spring. The company has developed a coil spring made from LOCITE matrix resin, which allows reduction in weight without compromising on safety. This is likely to boost the automotive suspension spring market across the globe.
China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Air Spring Systems: Potential Threat to Automotive Suspension Spring Systems
The air spring systems made with airbags are emerging as a threat to steel coil springs and traditional spring suspension, which is likely to hamper market growth. As such, high cost, mechanical, and maintenance issues of air spring systems tend to establish a steady demand for conventional automotive suspension spring systems.
In order to increase sales of automotive suspension spring systems, manufacturers need to adopt inventiveness in their R&D and production activities. For instance, Mubea— a lightweight construction specialist for high-strength automotive components, has introduced its GFRP (Glass Fiber Reinforced Plastic) tension leaf spring, which is replacing traditional steel leaf springs. Thus, weight reduction in vehicles has become a crucial focus point for manufacturers in the in the automotive suspension spring market.
Collaborations Unlock Lucrative Potentials in Specialist Passenger Vehicles
Superior handling, less weight, and added comfort are being looked after in independent front suspension systems. Companies in the automotive suspension spring market are deploying innovations in independent front suspension systems, owing to their advantages of more stability and improved ride quality in rough terrains. The growing consumer preference for SUVs has fueled the demand for automotive suspension spring systems. This is evident since vehicle owners are becoming aware about superior lower and upper control arm features.
Suppliers and OEMs are collaborating with prestigious automotive vehicle manufacturers to design robust suspension springs. For instance, Melling Performance Springs— a spring supplier in Lytham St Annes, England, is partnering with renowned automotive vehicle manufacturers to deploy inventive technologies in steering system springs and suspension. Companies in the automotive suspension spring market are extending their supply arms for specialist passenger vehicles and premier automotive to expand their revenue streams.
Increasing demand for commercial vehicles due to expansion of the industrial sector is estimated to boost the production of light commercial vehicles, as they are used in industries, which, in turn, is likely to increase the demand for leaf springs and coil springs across the globe. This is anticipated to boost the automotive suspension spring market across the globe.
Increased demand for electric vehicles is projected to further boost the demand for lightweight suspension springs. Manufacturers of suspension springs must, therefore, make necessary investments and gain expertise to develop lightweight suspension springs. Moreover, light weighting is imperative in the automotive industry and lightweight coil springs offer significant opportunity to manufacturers, which is likely to propel automotive suspension spring market across the globe.
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to the forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services, and reduced demand for vehicles across the globe are likely to affect the global automotive industry.
High quality materials, including hardened steel for suspension spring may increase the cost of vehicles. Major fluctuation in prices of raw materials, which is likely to pose a challenge for the automotive suspension spring market across the globe.
Based on vehicle type, the global automotive suspension spring market has been divided into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. The spread of the pandemic across the globe has prompted consumers to buy own vehicles to avoid public transportation, which is likely to increase the demand for passenger vehicles across the globe. This, in turn, is estimated to propel the automotive suspension spring market across the globe.
Based on spring type, the coil spring segment accounted for a significant share of the global automotive suspension spring market. Pick-up trucks traditionally use the leaf spring for suspension, which is likely to enhance the automotive suspension spring market across the globe. However, an emerging trend of independent rear suspension with coil springs among pick-up trucks is leading to the adoption of shock absorbers having coil-over shock absorbers and coil springs, which is projected to propel the automotive suspension spring market across the globe.
Asia Pacific dominated the global automotive suspension spring market in 2020. It is anticipated to hold a leading share of the global market during the forecast period due to expansion of the automotive industry across the region. Europe is also anticipated to hold a significant share, in terms of revenue, of the global market during the forecast period, owing to a major presence of original equipment manufacturers across the region.
Prominent players operating in the global automotive suspension spring market include EMCO, Eaton Detroit Spring, Hendrickson, Rassini, Jamna Auto Industries, FAW Group, NHK Springs, Continental AG, Sogefi., Kilen Springs, Draco Spring Mfg. Co., Renton Coil Spring Co. , American Showa Inc., TRW, Marelli SpA, and Showa Corporation.
The recent report on the automotive suspension spring market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the automotive suspension spring market analyzes the scenario for the period of 2021 to 2030, wherein, 2020 is the base year and 2019 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.
This study on the automotive suspension spring market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the automotive suspension spring market gives readers an individual understanding of the market.
This report answers these questions and more about the automotive suspension spring market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
This report on the automotive suspension 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 wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive suspension 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 suspension 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 suspension spring market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive suspension 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 suspension spring market is estimated to expand are based on carefully vetted primary and secondary sources.