Global automotive leaf spring market is expected to reach US$ 7,755Mn by 2026 from US$ 4,760Mn in 2017 at CAGR of 6.29%.
The global automotive leaf spring market is segmented by type of end, spring type, sales channel, vehicle type, location type and region. Type of end classified as a double end and open end. Sales channel are split into OEM and aftermarket. Vehicle type is segregated into passenger vehicles and commercial vehicles. Spring Type is divided into parabolic leaf spring and multi-leaf spring. Location type classifies as front suspension and rear suspension. Region-wise divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Global Automotive Leaf Spring Market
Growing disposable income, economic growth, increasing industrial activity and commercial business is resulting in an increased production of light, medium and heavy commercial vehicles. Consumers are now seeing for quality auto parts and systems which can fulfil their needs with reduced maintenance. The economic conditions across the globe have revived and availability of several financing companies which provides financial assistance to the customers which have significantly increased the sales of automobiles. Such factors are driving the growth of the automobile industry which in turn expected to drive the automotive leaf springs market during the forecast period. The increasing global fleet size of the light and heavy commercial vehicles is expected to produce significant demand for leaf spring in the aftermarket.
The economic turmoil, political uncertainty and civil wars in the MEA region are projected to disturb the growth of the automobile industry in this region. These factors are expected to act as a restraint on the growth of automotive leaf springs market. Moreover, as the global automotive market is optimistic in nature, is expected to grow over the forecast period.
Based on the type of end, double end leaf spring segment accounted for the greatest prominent chunk of demand. A double end is leaf spring in which together ends are closed and can be screwed to the chassis of the vehicle. These are also known as closed-end leaf spring and are generally used in light vehicles. The open end is leaf springs that have either one of the ends open, which bases on the chassis of a vehicle. Open end leaf spring has used in heavy commercial vehicles.
On the basis of spring type, parabolic leaf spring is generally a leaf or a set of leaves, which are tapered in a parabolic way rather than linear. Thus from the middle, where it is thick, to the ends, where it is thinner, the tapering steps down in a parabolic manner. Parabolic leaf spring is a comparatively newer concept to and the demand for it is expected to grow quickly during the forecast period 2018 – 2026.
Based on the sales channel, OEMs focusing on improving driver experience and accessibility will support the demand. Europe is the major shareholder in auto component manufacturing for providing auto OEMs. Increasing demand for passenger vehicles in developing countries and auto OEMs focusing on improving passenger safety and comfort will fuel the demand for the automotive spring market.
In terms of region, Asia-Pacific is dominating the market for leaf springs in the foreseen future, as of 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; Moreover, India is likely to be the new growth engine of the region’s market in the coming five years. Some automakers are eyeing on the Indian market and have huge plans to open manufacturing plants in the country in order to leverage the benefits offered by the government under several manufacturing boost initiatives, such as Make in India.
Some of the major players in the Automotive Leaf Spring market are, Rassini, Hendrickson USA, L.L.C., Sogefi SpA, Jamna Auto Industries, Emco Industries, LITE FLEX, NHK Springs Co. Ltd., Mubea, SGL Group, IFC Composite, Frauenthal Group, Olgun Çelik San., Jonas Woodhead & Sons India Ltd., Auto Steels, Kumar Steels, MackSprings, Protopower Springs Pvt. Ltd., and Vikrant Auto Suspensions, Akar Tools Limited India.
Scope of the global automotive leaf spring market
Global Automotive Leaf Spring Market, by Type of End
• Double End
• Open End
Global Automotive Leaf Spring Market, by Spring Type
• Parabolic Leaf Spring
• Multi-Leaf Spring
Global Automotive Leaf Spring Market, by Sales Channel
Global Automotive Leaf Spring Market, by Vehicle Type
• Passenger Vehicles
• Commercial Vehicle
Global Automotive Leaf Spring Market, by Location type
• Front Suspension
• Rear Suspension
Global Automotive Leaf Spring Market, by Material Type
• Composite Material
Global Automotive Leaf Spring Market, by Manufacturing Processes
• Shot Peening
• Prepreg Layup
Global Automotive Leaf Spring Market, by Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players in the Global Automotive Leaf Spring Market
• Hendrickson USA
• Sogefi SpA
• Jamna Auto Industries
• Emco Industries
• LITE FLEX
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