Automotive Leaf Spring Market Size to Exceed USD 7.7 billion by 2031, with a Robust CAGR of 3.2% | States Transparency Market Research, Inc.
Leaf springs made from lightweight, high-strength materials will continue to drive demand for automotive leaf springs ahead.
Wilmington, Delaware, United States, Jan. 04, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The automotive leaf spring industry was worth US$ 5.7 billion in 2022. A CAGR of 3.2% is forecast for the industry between 2023 and 2031, and it will reach US$ 7.7 billion by 2031. 3D printing and advanced manufacturing methods might revolutionize the production of leaf springs. The use of such an approach would enable greater complexity and optimization of designs, as well as customization of vehicles for specific purposes.
Transportation networks, such as roads and highways, may expand in developing regions, resulting in an increase in the demand for leaf spring-equipped vehicles. With improved infrastructure, goods and people can move more easily, while commercial vehicles are needed to transport those goods and people. A leaf spring suspension system is a more cost-effective option compared to a more complex suspension system. Particularly in markets where cost considerations play a key role, these advantages make them attractive.
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Key Findings of the Market Report
- The double-end segment will significantly drive demand for automotive leaf springs.
- Leaf spring demand for automobiles is likely to be driven by the parabolic curve.
- Passenger vehicles will dominate the automotive leaf spring market in the coming years.
- OEM sales channels are expected to dominate automotive leaf spring sales.
- In 2022, Asia Pacific held the highest share of the global market.
- Electric vehicles are expected to expand in Europe steadily over the next few years.
Global Automotive Leaf Spring Market: Key Players
Automobile leaf spring manufacturers are investing heavily in advancing composite leaf springs and innovative suspension technologies to improve the safety and performance of heavy-duty vehicles. Among the recent trends in the automotive leaf spring market is the adoption of better designs and materials to meet the growing demand from the green transportation industry.
- Hendrickson USA, L.L.C.
- Sogefi SpA
- Jamna Auto Industries Limited
- Emco Industries
- SGL Group SE
- IFC Composite GmBH
- Frauenthal Group
- Olgun Celik San Tic. A.S.
- Jonas Woodhead & Sons India Ltd.
- Auto Steels
- Kumar Steels
- Mack Springs
- Protopower Springs Pvt. Ltd.
- Vikrant Auto Suspensions
- Akar Tools Limited India
Global Automotive Leaf Spring Market: Growth Drivers
- Vehicle production and sales are closely linked to leaf spring demand. Leaf springs are likely to be in high demand as the automotive industry continues to grow. Vehicle suspension systems like those in buses, trucks, and trailers are commonly made up of leaf springs. Logistics and transportation sales have increased with the growth of e-commerce and industrial activity.
- Vehicles with heavy loads over rough terrain, such as trucks and buses, require robust suspension systems. The increasing popularity of heavy-duty vehicles makes leaf springs more desirable, and leaf springs work well for these vehicles. Construction vehicles like dump trucks and concrete mixers make extensive use of leaf springs, which are widely consumed by the construction industry. Construction activities and infrastructure development projects increase the adoption of leaf springs.
- Leaf springs, among other automotive parts, have become a major supplier in the aftermarket. The suspension components on vehicles wear out over time and need to be replaced. The need for vehicle maintenance and repair leads to a steady demand for replacement leaf springs. In ongoing materials research and development, new materials have been developed for leaf springs that are lighter and more durable. Modern vehicles use leaf springs because advanced materials enhance their performance.
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Global Automotive Leaf Spring Market: Regional Landscape
- Asia Pacific has become an important hub for automotive production and manufacturing. China, Japan, India, and South Korea have all contributed greatly to the growth of the automotive industry. Demand for automotive components, such as leaf springs, increases as the number of vehicles in the region increases.
- Commercial vehicles, such as trucks and buses, are in high demand in the Asia-Pacific region. The demand for commercial vehicles and leaf springs is heavily influenced by economic growth, urbanization, and increased industrial activity.
- Asia Pacific is experiencing significant infrastructure development, increasing the demand for heavy-duty vehicles and construction equipment. Since leaf springs are crucial to a vehicle’s suspension system, demand for leaf springs is closely correlated with infrastructure projects.
Global Automotive Leaf Spring Market: Segmentation
By Type of End
- Double End
- Open End
- Semi Elliptical
- Transverse Elliptical
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Sales Channel
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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