Automotive Leaf Spring Market Scope
The automobile leaf spring market 2023 is all set to procure a growth rate of 6.5% between 2022 and 2030 (evaluation period), presumes Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Automotive Leaf Spring Market Key Boosters and Top Challenges
In only a few years, the automotive sector has observed a significant transformation in the leaf spring technology, design, material, style, and more. Customers are spoilt for choice as diverse styles of automotive leaf spring are available, which feature various mounting points, sizes and shapes. Simultaneously, the vigorous research and development/R&D activities to develop lightweight lead springs to replace the heavier ones can also favor the market.
The coming few years for the automotive leaf spring market seems quite promising, as there is high growth potential in OEM and aftermarket sections. Automotive leaf springs are observing a sharp increase in demand, thanks to the increasing sales of light commercial vehicles/LCVs as well as MHCVs/medium and heavy commercial vehicles worldwide. The fast expanding e-commerce sector worldwide can also induce major growth in the sales of light commercial vehicles, which means better business for automotive leaf springs.
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Furthermore, many of the renowned manufacturers are focusing on building innovative leaf springs that can help them garner a higher market position in the years to follow. To be precise, leading manufacturers are striving to boost their product portfolio by introducing parabolic springs and composite leaf springs that can be extensively used in heavy commercial vehicles and various other automobiles.
To cite an instance, in July 2020, Spot launched Living Link, which is a composite leaf spring that flexes and then relaxes via the suspension travel, replacing a traditional bearing pivot.
Automotive Leaf Spring Market Segmentation
The market for automotive leaf spring can be considered for type, material, sales channel and vehicle type.
The types of automotive leaf spring are semi-elliptic, elliptic, parabolic, and more. It is anticipated that the market will be led by the parabolic type segment in the forthcoming period while the semi-elliptic segment could achieve the fastest expansion rate during the appraisal timeline.
The material-wise market categories are metal as well as composite. Out of these, the market is expected to be headed by the metal segment with respect to volume and value.
OEM and aftermarket are the key sales channels in the global market, wherein the OEM segment can soon be the highest gainer.
Depending on the vehicle type, the main segments outlined in the study are light commercial vehicle, heavy commercial vehicle as well as passenger car. The best growth can be observed by the light commercial vehicle segment in the ensuing years, reveals MRFR.
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Automotive Leaf Spring Market Regional Study
The automotive leaf spring market can be regionally segregated into Europe/EU, North America, Asia Pacific/APAC, and the Rest of the World/RoW.
APAC is projected to not only be the global leader but can also procure the fastest growth rate over the appraisal period. The region is the leading consumer of commercial vehicles, and with the rapid increase in the sales of MHCVs in India and Chin, the automotive leaf spring market can perform even better in the following years. While Japan, South Korea and China can garner the biggest share in the regional market, India could emerge as the most promising country in terms of growth. A number of international automotive firms are vying for a larger share in the Indian market and are planning to set up their manufacturing units in the country. The support provided by the government in the form of manufacturing-based initiatives like Make in India also attract the attention of global firms in automotive leaf spring market.
North America is believed to be one of the strongest competitors in the global market, as a result of the escalating demand for LCVs in the transportation sector. The evolving perspective of the consumers has led to higher demand for comfort and luxury features in vehicles, which favors the market growth in the region. The North American market’s growth is also backed by the rising number of strict safety regulations and the growing preference for safety features in vehicles.
Automotive Leaf Spring Market Significant Industry Companies
Some of the significant industry companies listed in the MRFR research are L.L.C. (US), Hendrickson USA, Emco Industries (India), NHK Springs Co. Ltd (Japan), Benteler-SGL (Austria), Jamna Auto Industries (India), Rassini (Mexico), OlgunCelik San. Tic. A.S (Turkey), IFC Composite GmbH (Germany), Sogefi SpA (Italy), LITEFLEX (US), to name a few.
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