The automobile leaf spring market ↗ 2023 to advance at a rate of 7.9% by to 2032 assessment period
Main Drivers and Primary Barriers
Automotive leaf spring has emerged as one of the most essential aspects of an automobile vehicle. Leaf springs find extensive use in medium, heavy-duty and light commercial vehicles like pick-up vans and trucks. Many of the passenger car manufacturers are dependent on the use of the leaf spring technology to induce enhanced suspension. The demand for leaf spring is increasing among the OEM market as well as the after-sales replacement market, since they both often require replacement.
It is quite obvious that the growth of the automotive leaf springs market is proportional to the advancements in the automotive industry. Leaf springs note high traction in the OEM market with the mounting production of medium, heavy and light commercial vehicles. It is anticipated that the surging disposable income, improving economic conditions, boost in industrial activities as well as commercial businesses can translate to incredible business expansion in the ensuing period.
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Today’s consumers opt for higher quality auto components and systems that cater to their requirements, albeit with lesser maintenance. With the economic conditions improving around the globe and the rising number of financing companies that offer financial aid to customers, the sales of automobiles is bound to shoot up in the near future. This is deemed to induce expansion of the automobile industry, and subsequent boost to the growth of the automotive leaf springs market. in addition, the burgeoning fleet size of heavy and light commercial vehicles also encourages the need for leaf spring technology in the aftermarket.
Market Segmentation
The study on the automotive leaf spring manufacturers industry outlines segments like type, material, sales channel and vehicle type.
The types of automotive leaf spring are semi-elliptic, elliptic, parabolic, and others. The demand for the parabolic type of automotive leaf spring is expected to be the highest in the market, while the semi-elliptic type can expand at the highest rate over the review period.
The materials used to make leaf spring are metal as well as composite. Between these, metal can emerge as the top segment in the market, with respect to volume as well as value.
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Depending on the sales channel, the main segments are aftermarket as well as OEM. The OEM segment is presumed to gain the highest traction in the global market, in terms of volume and value.
The types of vehicles that are generally equipped with the leaf spring technology are light commercial vehicle, heavy commercial vehicle and passenger car. The lead is expected to be taken by the light commercial vehicle segment over the forecast timeline.
Regional Outlook
The main regions across which the automotive leaf spring market can grow during the review period include North America, APAC or Asia Pacific, Europe, along with RoW or the Rest of the World.
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The most profitable region in the global is estimated to be APAC, and it can also achieve the fastest growth pace over the coming years. APAC’s clout in the market is the result of the increasing sales and deployment of commercial vehicles and the availability of cheap labor. The automotive leaf springs market in the region is also expanding on the back of the massive pool of renowned automotive manufacturers and the consistently developing automotive industry, backed by rising disposable income of the people.
North America is not far behind, with the region presumably progressing at a substantial rate in the global market. The rampant demand in the transport industry for light commercial vehicles is one of the chief growth inducers in the regional market. The government in the region also enforces strict fuel efficiency norms that aim to curb the ill-effects of global warming. A majority of the celebrated vendors in the region prefer using advanced materials to develop lightweight solutions, as it helps them adhere to the mentioned norms. Moreover, the demand for composite leaf springs is mounting steadfastly on account of their lightweight and high durability, increasingly replacing conventional steel leaf spring.
Leading Contenders
Leading contenders that are putting in efforts to seize a larger share in the automotive leaf spring industry include OlgunCelik San. Tic. A.S (Turkey), IFC Composite GmbH (Germany), Benteler-SGL (Austria), NHK Springs Co. Ltd (Japan), Hendrickson USA, L.L.C. (US), LITEFLEX (US), Rassini (Mexico), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), to mention a few.
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