Automotive Suspension Spring Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Automotive Suspension Spring Market is anticipated display a CAGR of around ~4% over the forecast period (2021-2027). The global increase in the sale of passenger and commercial vehicles is expected to move the automobile suspension spring industry forward. The expansion in the number of small and medium-scale companies throughout the world is expected to promote manufacturing sectors, which will, in turn, fuel the global automobile suspension spring market. Suspension springs with increased strength and ride comfort have been developed as a result of continuous research and development in the automobile industry. Vehicle manufacturers are developing lightweight suspension springs in response to the growth in demand for electric vehicles throughout the world. Increased demand for commercial cars as a result of the growth of the industrial sector is expected to enhance production of light commercial vehicles, which are utilized in industries, resulting in increased demand for leaf springs and coil springs throughout the world. This aspect is expected to drive the global vehicle suspension spring market.

Insights Presented in the Report

“Amongst Spring Type, Coil Spring segment dominated the market in 2020”

Based on Spring Type, the market is segmented into Coil Spring, Leaf Spring and Torsion Bar. The Coil Spring segment is expected to grow at a higher CAGR during the forecasted period. During the projected period, demand for coil springs is expected to rise as more light duty automobiles and pick-up trucks switch from leaf springs to coil springs. Increased sales of passenger vehicles throughout the world are expected to increase demand for coil springs, which will enhance the global automotive suspension spring market.

“Amongst Material, Alloy Steel segment dominated the market in 2020.”

Based on Material, the market is segmented into Alloy Steel, Carbon Steel, Stainless Steel and Others. The Alloy Steel segment is expected to grow at a higher CAGR during the forecasted period. Because of its improved properties like strength, hardness, wear resistance etc. the demand of alloy steel suspensions is expected to rise. Alloy spring steels are used for conditions of high stress and shock or impact loadings. These steels can withstand a wider temperature variation than high carbon spring steels and are used in either the annealed or pre tempered conditions. Silicon is the key element in most of the alloy spring steels.

“Amongst Sales Channel, OEM segment dominated the market in 2020.”

Based on Sales Channel, the market is segmented into OEM and Aftermarket. The OEM segment is expected to grow at a higher CAGR during the forecasted period. Due to rapid development of new technologies by OEM the market of suspension springs is expected to grow along with added demand of electric vehicles.

“Amongst Vehicle Type, Passenger segment dominated the market in 2020.”

Based on Vehicle Type, the market is segmented into Passenger and Commercial. The Passenger segment is expected to grow at a higher CAGR during the forecasted period. The passenger car segment is estimated to be the largest and the fastest-growing market for Automotive Suspension Spring because of the higher production of passenger cars than commercial vehicles. The demand for passenger cars has been very high from countries like China, India which is further fuel demand of Automotive Suspension Spring.

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to grow at a higher CAGR. The improvement in socioeconomic conditions of growing countries such as China, India, Indonesia, and Thailand can be linked to the expansion. The market for Automotive Suspension Spring would be boosted by growing vehicle production and future severe safety standards in China and India. Rapid development and rising demand for personal automobiles are propelling the global automotive suspension spring market forward. Some of the major players operating in the market includes Continental AG, Jamna Auto Industries, NHK Springs, Sogefi, Kilen Springs, Mitsubishi Steel, Hendrickson, Betts Spring, Heinrich Eibach GmbH, Mubea etc.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

The global increase in the sale of passenger and commercial vehicles is expected to move the automobile suspension spring industry forward. The expansion in the number of small and medium-scale companies throughout the world is expected to promote manufacturing sectors, which will, in turn, fuel the global automobile suspension spring market. Suspension springs with increased strength and ride comfort have been developed as a result of continuous research and development in the automobile industry. Vehicle manufacturers are developing lightweight suspension springs in response to the growth in demand for electric vehicles throughout the world. Increased demand for commercial cars as a result of the growth of the industrial sector is expected to enhance production of light commercial vehicles, which are utilized in industries, resulting in increased demand for leaf springs and coil springs throughout the world. This aspect is expected to drive the global vehicle suspension spring market.

Suspension springs are the interface between wheels and automobile body. Suspension springs are a type of spring that is used to support the body. Their principal purpose is to adjust uneven road conditions and so give an assurance of high levels of ride comfort. Second, regardless of the road’s state, they must guarantee that the wheels are constantly in safe touch with it. These parameters must be satisfied for reliable transfer of driving, braking, and transverse forces. Suspension springs are thus one of the most important safety components in modern automobiles. They have an impact on the vehicle’s handling, road holding, and braking performance.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automotive Suspension Spring Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Suspension Spring, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by spring type, material, sales channel, vehicle type. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Automotive Suspension Spring Market in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportations etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Automotive Suspension Spring across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Automotive Suspension Spring Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automotive Suspension Spring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type, vehicle type, and region. 

The main objective of the Automotive Suspension Spring Market Study

The current & future market trends of Automotive Suspension Spring were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Automotive Suspension Spring in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include type, application, and vehicle
• Defined analysis of the regulatory framework for the Global Automotive Suspension Spring industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Automotive Suspension Spring for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Spain, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Automotive Suspension Spring Market players and the growth strategies adopted by them to sustain in the fast-growing market
• Deep dive regional & country level analysis of the industry