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Automotive Spring Market Size
Automotive Spring Market size was valued at USD 3.5 billion in 2022 and is estimated to expand at a CAGR of 7.5% between 2023 and 2032. The ongoing trends towards electrification and autonomous driving are significantly influencing the market. Electric vehicles (EVs) have different weight distributions and driving characteristics compared to traditional internal combustion engine vehicles. This has led to the demand for specialized springs that can accommodate the unique dynamics of EVs, ensuring optimal ride comfort and stability.
The rapid urbanization and increasing disposable income in these countries have led to a growing demand for passenger cars and commercial vehicles, stimulating the need for automotive springs. Further, the presence of a robust manufacturing ecosystem and low-cost labor has attracted significant investments from international automotive companies, leading to increased production of vehicles and automotive components, including springs.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 3.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.5% |
| 2032 Value Projection: | USD 16.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 306 |
| Segments covered: | Type, Vehicle Type, Material, Sales Channel, End-Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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The increasing automotive production is a significant growth driver for the automotive springs market due to its direct correlation with the demand for automotive springs. As automotive production rises, the demand for suspension systems, chassis components, and other spring-related applications also increases. With the surge in automotive production, Original Equipment Manufacturers (OEMs) and automotive manufacturers require a steady supply of automotive springs to meet the production requirements.
However, industry volatility and economic uncertainty present significant challenges and pitfalls for the automotive spring market. The industry's permaterialance is closely tied to the overall health of the automotive sector, which can be highly susceptible to economic fluctuations and changes in consumer demand.
COVID-19 Impact
The impact of COVID-19 on the automotive spring market has been significant, with both short-term disruptions and potential long-term changes to the industry. The automotive industry relies heavily on global supply chains. During the pandemic, lockdowns, restrictions, and disruptions to manufacturing facilities in various countries led to delays in the production of vehicles and their components, including automotive springs. This created supply shortages and impacted the availability of springs for automakers.
Automotive Spring Market Trends
The increasing consumer awareness of safety features and ride comfort has also driven automakers to seek partnerships with spring manufacturers that can deliver reliable and high permaterialance components. Collaborations with automotive OEMs present growth opportunities for spring manufacturers to establish themselves as trusted suppliers, leading to long-term partnerships and market expansion. The growing emphasis on ride comfort and safety has become a crucial growth driver for the market. Manufacturers are leveraging advancements in spring technology to develop innovative, high permaterialance solutions that enhance ride comfort, vehicle stability, and overall safety.
Automotive Spring Market Analysis
The automotive springs market from coil springs segment dominated around USD 1 billion revenue in 2022. Coil springs are an integral part of the automotive suspension system, and a key trend in this segment is the growing demand for advanced materials and design techniques. Further, with the rise of electric and autonomous vehicles, coil spring manufacturers are developing specialized solutions to cater to the unique requirements of these vehicles, such as designing springs to accommodate the weight distribution and driving characteristics of electric powertrains and autonomous driving sensors.
Based on material, the automotive spring market is segmented as steel springs, composite springs, plastic springs. Steel springs have been a longstanding and widely used material in the automotive industry due to their excellent mechanical properties and affordability. A notable trend for steel springs is the continuous development of high-strength and lightweight steel alloys. Automakers and spring manufacturers are constantly exploring new steel compositions and heat treatment processes to enhance the permaterialance of springs while reducing their weight. This trend aligns with the industry's focus on fuel efficiency and reducing vehicle emissions.
Based on vehicle type, the automotive spring market is segmented as passenger cars, Light Commercial Vehicles (LCVS), Heavy Commercial Vehicles (HCVS), two-wheelers. In the passenger car segment, a key trend in the market is the focus on enhancing ride comfort and handling while reducing vehicle weight. Manufacturers are developing advanced suspension systems with improved coil springs and shock absorbers to deliver a smoother and more refined driving experience for passengers. Additionally, with the growing popularity of electric and hybrid vehicles, there is a demand for specialized springs that can accommodate the unique weight distribution and characteristics of these powertrains.
Based on end-uses, the automotive spring market is segmented as suspension system, engine valves, clutch assemblies, and transmission system. The suspension system segment to show tremendous growth through 2032, driven by the increasing adoption of advanced suspension technologies in passenger cars and light commercial vehicles. Manufacturers are developing innovative springs, such as air springs and adaptive dampers, to enhance ride comfort and handling for both conventional and electric vehicles. Moreover, the growth of the luxury and premium vehicle segments further drives the demand for high-permaterialance springs that cater to the demands of discerning customers seeking superior driving experiences.
The sales channel trends for the automotive springs market with Original Equipment Manufacturers (OEMs) as the primary customer segment are characterized by close collaboration and customization. As OEMs strive to differentiate their vehicles and meet stringent permaterialance requirements, they demand tailored suspension and engine valve solutions from spring manufacturers.
U.S. automotive spring market size held over USD 950 million in 2022. In North America, a key trend driving the market is the emphasis on permaterialance and customization. The region has a strong automotive enthusiast culture, with a significant market for high-permaterialance and sports cars. As a result, there is a growing demand for permaterialance-oriented springs that enhance vehicle handling, ride comfort, and responsiveness. Customization options, such as lowering springs and adjustable coilovers, are also gaining popularity among enthusiasts looking to personalize their vehicles' suspension systems.
Automotive Spring Market Share
Some of the major market players operating in the automotive spring market are:
- NHK Spring Co.Ltd
- Sogefi Group
- Mubea Fahrwerksfedern GmbH
- Hendrickson USA L.L.C
- Jamna Auto Industries Ltd.
- Rassini S.A.B.De C.V.
- Draco Spring Manufacturing Company
- Betts Spring Manufacturing
- Lesjöfors AB
- Hyperco
- M W Components
- UNI AUTO-PARTS CO., LTD
- Tata AutoComp Systems Ltd.
- Stanley Spring & Stamping Corporation
- Mack Springs
These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Automotive Spring Industry News:
- In January 2022, NHK Spring announced plans to expand its market in the United States. The company will invest $10 million in a new manufacturing facility in North Carolina.
This automotive spring market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & in terms of volume in Thousand Units from 2018 to 2032, for the following segments:
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Market, By Type
- Coil Springs
- Leaf Springs
- Torsion Springs
- Gas Springs
- Others
Market, By Material
- Steel Springs
- Composite Springs
- Plastic Springs
- Others
Market, By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
- Two-Wheelers
- Others
Market, By End-Use
- Suspension System
- Engine Valves
- Clutch Assemblies
- Transmission System
- Others
Market, By Sales Channel
- Original Equipment Manufacturers (OEMs)
- Aftermarket
The above segmentation has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Malaysia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
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