Automotive Spring Market size will witness growth owing to increasing focus on passenger safety, convenience and comfort. Positive outlook for automotive industry drives the auto parts and components demand. Expanding automobile sector in developing countries coupled with rise in disposable income and increasing spending on comfort and luxury will support the automotive spring market.
Escalating demand for passenger vehicles in developing countries and auto OEMs focusing on improving passenger safety and comfort will fuel the demand for automotive spring market. Suspension system is used to absorb shock and delivers smooth vehicle experience in vehicles.
High performance material is used to produce quality suspension products results in performance improvement of vehicle components. High quality products allow vehicle to run efficiently thereby decreasing fuel consumption. Reduced fuel consumption results in reduced total vehicle ownership cost. Limited maintenance cost of the vehicle is the deciding factor for cost sensitive customers in developing economies. Overall, high quality products deliver enhanced driving experience and increase fuel efficiency will stimulate the automotive spring market growth during forecast period. Performance products require use of high quality material such as hardened steel which increase the cost of vehicle. Fluctuation in raw material cost may pose challenge to the manufacturers.
Surging demand for electric vehicles and stringent driver safety regulations will increase the industry attractiveness during the forecast period. Efficient suspension systems increase the vehicle performance thereby increasing fuel efficiency. Manufacturers are developing performance products to improve vehicle efficiency.
Based on products, automotive spring market is categorized in to coil, leaf, balance and flat spring. Coil springs acquires substantial share owing to its use in passenger cars and two wheelers for smooth vehicle experience. Leaf spring can bear high weight of cargo, absorbs vehicle shocks and carry tons of cargo for longer distance. Increasing demand of commercial vehicle will fuel product demand.
Based on application, automotive spring market can be categorized as air bag, suspension system, seat belt, fuel injection, chassis, clutch and valve. Suspension systems are deployed to provide comfort and increase driver’s control over vehicle. Demand from seat belt and airbags are driven by stringent regulations regarding passenger safety and increasing advanced driver assistance systems in the vehicle.
Based on vehicle type, automotive spring market is categorized in to PCV, LCV and HCV. PCV dominates the overall market owing to highest demand across the globe. OEMs focusing on improving driver experience and convenience will support the demand. Demand from LCV is driven by increasing public transport and taxy hire services.
Europe will contribute significantly owing to strong presence of major automobile manufacturers like Volvo, Mercedes-Benz. Europe is the major shareholder in auto component manufacturing for supplying auto OEMs. Moreover, regulations are stringent in region which will encourage manufacturers to develop products complying these regulations.
Asia Pacific dominates overall market owing to surge in demand of commercial and passenger vehicle. China & India are the growth drivers for Asia Pacific automotive spring market owing to high demand vehicles. Other countries such as Japan, Taiwan, South Korea will also contribute to the regional growth.
Major manufacturing companies are Eaton Detroit springs, McAllister, Bentler, NHK springs, Continental AG, Mubea, Showa Corporation, Trelleborg vibracoustic, American Showa Inc., Sanius Rassini, TRW, Magneti Marelli. The companies adopt long term contracts and collaboration to maintain their position. New product developments are focused towards developing low cost, high strength product to cater to highly cost sensitive consumers.