Automotive Suspension Spring Market: Current Analysis and Forecast (2021-2027)
Global Automotive Suspension Spring Market is anticipated display a CAGR of around ~4% over the forecast period (2021-2027). The global increase in the sale of passenger and commercial vehicles is expected to move the automobile suspension spring industry forward. The expansion in the number of small and medium-scale companies throughout the world is expected to promote manufacturing sectors, which will, in turn, fuel the global automobile suspension spring market. Suspension springs with increased strength and ride comfort have been developed as a result of continuous research and development in the automobile industry. Vehicle manufacturers are developing lightweight suspension springs in response to the growth in demand for electric vehicles throughout the world. Increased demand for commercial cars as a result of the growth of the industrial sector is expected to enhance production of light commercial vehicles, which are utilized in industries, resulting in increased demand for leaf springs and coil springs throughout the world. This aspect is expected to drive the global vehicle suspension spring market.
Insights Presented in the Report
“Amongst Spring Type, Coil Spring segment dominated the market in 2020”
Based on Spring Type, the market is segmented into Coil Spring, Leaf Spring and Torsion Bar. The Coil Spring segment is expected to grow at a higher CAGR during the forecasted period. During the projected period, demand for coil springs is expected to rise as more light duty automobiles and pick-up trucks switch from leaf springs to coil springs. Increased sales of passenger vehicles throughout the world are expected to increase demand for coil springs, which will enhance the global automotive suspension spring market.
“Amongst Material, Alloy Steel segment dominated the market in 2020.”
Based on Material, the market is segmented into Alloy Steel, Carbon Steel, Stainless Steel and Others. The Alloy Steel segment is expected to grow at a higher CAGR during the forecasted period. Because of its improved properties like strength, hardness, wear resistance etc. the demand of alloy steel suspensions is expected to rise. Alloy spring steels are used for conditions of high stress and shock or impact loadings. These steels can withstand a wider temperature variation than high carbon spring steels and are used in either the annealed or pre tempered conditions. Silicon is the key element in most of the alloy spring steels.
“Amongst Sales Channel, OEM segment dominated the market in 2020.”
Based on Sales Channel, the market is segmented into OEM and Aftermarket. The OEM segment is expected to grow at a higher CAGR during the forecasted period. Due to rapid development of new technologies by OEM the market of suspension springs is expected to grow along with added demand of electric vehicles.
“Amongst Vehicle Type, Passenger segment dominated the market in 2020.”
Based on Vehicle Type, the market is segmented into Passenger and Commercial. The Passenger segment is expected to grow at a higher CAGR during the forecasted period. The passenger car segment is estimated to be the largest and the fastest-growing market for Automotive Suspension Spring because of the higher production of passenger cars than commercial vehicles. The demand for passenger cars has been very high from countries like China, India which is further fuel demand of Automotive Suspension Spring.
“Asia Pacific represents as the largest market.”
Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to grow at a higher CAGR. The improvement in socioeconomic conditions of growing countries such as China, India, Indonesia, and Thailand can be linked to the expansion. The market for Automotive Suspension Spring would be boosted by growing vehicle production and future severe safety standards in China and India. Rapid development and rising demand for personal automobiles are propelling the global automotive suspension spring market forward. Some of the major players operating in the market includes Continental AG, Jamna Auto Industries, NHK Springs, Sogefi, Kilen Springs, Mitsubishi Steel, Hendrickson, Betts Spring, Heinrich Eibach GmbH, Mubea etc.
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