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Automotive Spring Market Trends

Report ID: GMI2334
Published Date: Oct 2023
Report Format: PDF

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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.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of automotive spring reached USD 3.5 billion in 2022 and is set to record USD 16.5 billion by the end of 2032, due to the ongoing trends towards electrification and autonomous driving across the globe.

The coil springs segment exceeded USD 1 billion revenue in 2022, on account of the growing demand for advanced materials and design techniques.

U.S. market size crossed USD 950 million in 2022, owing to the higher emphasis on permaterialance and customization across the country.

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, and M W Components are some automotive spring suppliers.