Automotive Suspension Springs Market to Reach US$25 Billion by 2030, According to State TMR Study
ALBANY, NY, March 10, 2022 /PRNewswire/ — The automotive suspension springs market is expected to grow at a CAGR of 5.39% for the forecast period 2020 to 2030. A surge in the number of passenger and commercial vehicles on the roads is fueling the expansion of the automotive suspension spring market. This is backed by constant R&D in the automotive industry which has led to the development of suspension springs with improved strength and increased ride comfort.
The environmental benefits of light-duty vehicles and the demand prospects for electric vehicles are leading manufacturers to undertake efforts to develop lightweight suspension springs. Major manufacturers engage in acquisitions and agreements to develop new substitutes that can provide compression resistance as well as flexibility to the vehicle. For example, the advent of the composite material coil spring from Henkel AG & Co. KGaA is an example of this.
Asia Pacific is a key region in the automotive suspension springs market. Profitable business partnerships from manufacturers based in China with manufacturers in the European Union, United States and ASEAN represent substantial growth of the automotive suspension spring market in the region.
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Automotive Suspension Springs Market – Key Findings of the Report
- The need for safe and comfortable vehicles to cope with high traffic volume on the roads drives automotive suspension spring manufacturers to introduce new flawless and cost effective designs.
- The advent of the coil compression spring that provides resilience in automotive components and automotive system is attracting the attention of OEMs, automotive manufacturers and other entities in the value chain. Manufacturers in the automotive suspension springs market are taking advantage of the space-saving installations and compact design of coil compression springs that are likely to boost car sales.
- Manufacturers with a passion for the automotive suspension spring market are striving to develop lightweight suspension springs. For example, Mubea – an automotive component manufacturer specializing in lightweight high-strength products introduced a tension leaf spring made of glass fiber reinforced plastic (GFRP), which is increasingly replacing traditional steel leaf springs. The benefits of reducing carbon emissions from light-duty vehicles are pushing manufacturers to develop lightweight coil springs, which is expected to benefit the demand for electric vehicles.
- The benefits of superior handling, reduced weight and increased comfort are fueling innovations in independent front suspension systems to translate into growth opportunities in the automotive suspension spring market
- OEMs and suppliers enter into strategic collaborations and alliances with automakers to design heavy-duty suspension springs. Melling Performance Springs’ partnership with well-known automakers to deploy inventive technologies in suspension and steering springs is a good example.
- The coil spring segment holds the major share of the automotive suspension spring market. Transition of light vehicles and vans from leaf springs to coil springs creates many opportunities in the automotive suspension spring market.
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Automotive Suspension Springs Market – Growth Drivers
- High density of economic growth light commercial vehicles and passenger vehicles propels the automotive suspension springs market
- Prospects for significant increase in demand for electric vehicles leading to innovations in lightweight suspension springs to drive the growth of automotive suspension springs market
Automotive Suspension Springs Market – Key Players
Some of the major players operating in the automotive suspension springs market are;
- Jamna Auto Industries
- NHK Springs
- Draco Spring Mfg. Co.
- American Showa Inc.
- Marelli SpA
- Eaton Detroit Spring
- FAW Automotive Industries
- Continental A
- Springs of Kilen
- Renton Coil Spring Co.
- Showa Company
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The automotive suspension springs market is segmented as follows;
Automotive Suspension Springs Market, By Spring Type
- coil spring
- Leaf spring
- torsion bar
Automotive Suspension Springs Market, By Vehicle Type
- Tourism vehicle
- commercial vehicle
Automotive Suspension Springs Market, By Material
- Alloy steel
- Carbon steel
- Stainless steel
Automotive Suspension Springs Market, By Sales Channel
Automotive Suspension Springs Market, By Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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