Automotive Leaf Spring Market Insights
The global automotive leaf spring market is estimated to grow at a significant CAGR% during the forecast period [2020-2026]. Economic growth, growing industrial activities, and commercial business leads to increased production of light, medium, and heavy commercial vehicles, thereby propels the growth of the automotive leaf spring market. Automotive leaf spring refers to the vehicle’s suspension system that provides support and safer ride by absorbing any bumps and potholes on the road. It is also used to locate the vehicle’s axle and in controlling the vehicle’s height by which the vehicle operates and assists in keeping the tier aligned on road. Increase in demand for lightweight leaf spring for reducing the weight of the vehicle, and high investments in R&D activities for material and technological advancements in leaf sprigs are some of the major factors expected to propel the market growth during the forecast period. Rising demand for comfort and luxury passenger vehicles is also booting the market growth for automotive leaf spring.
Automotive Leaf Spring Market: By Vehicle Type
On the basis of vehicle type, the automotive leaf spring market is classified into passenger cars, light-duty vehicles, and medium & heavy-duty vehicles among others. The medium & high duty vehicles are anticipated to dominate the market during the forecast period. The increasing industrial and commercial activities across the developed and developing nations is driving the market for medium & heavy duty vehicles. The passenger vehicles are expected to witness considerable growth during the forecast period. The rising personal disposable income and changing consumer perspective is leading to the increasing demand for comfort and luxury vehicles.
Automotive Leaf Spring Market: By Material
On the basis of material, the automotive leaf spring market is bifurcated into metal springs and composite leaf springs. The metal leaf spring segment holds the largest market share over the forecast period. The composite leaf spring segment is also expected to grow at a high CAGR over the coming years. The composite leaf spring market offers excellent strength-to-weight ratio, fatigue resistance, and high vibration energy absorption which reduces transmission of vibration noise to the other neighbouring structures.
Automotive Leaf Spring Market: By Application
On the basis of application, the automotive leaf spring market is segmented into airbags, seat belts, suspension, and clutch among others. The suspension segment is estimated to hold the largest market share due to stringent government regulations to meet safety and comfort standards. This increases the demand for leaf spring in the suspension segment to keep tier aligned to the road and to provide a safer ride by absorbing potholes and bumps on the road.
Automotive Leaf Spring Market: By Region
Asia Pacific region is projected to hold the largest market share during the forecast period. The increasing production of heavy commercial vehicles in countries like China, India, South Korea, and Japan propels the market growth. China has the largest production and consumption of commercial vehicles. Europe and North America are also expected to witness considerable growth over the period. Presence of leading automobile companies such as Ford, Chevrolet, Benz, and Audi among others is driving the market growth in the regions.
Automotive Leaf Spring Market Share & Competitor Analysis
Some of the key players operating in the global automotive leaf spring market include: NHK Spring Co. Ltd, IFC Composite GmbH, Dongfeng Motor Corporation, Hendrickson, Pontiac Ventura, and Rassini among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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