Automotive Suspension Spring Market Growth, Size, Share, Trends, and Forecast 2032

Automotive Suspension Spring Market

Automotive Suspension Spring Market By Spring type (leaf spring, balance spring, coil spring, flat spring, and torsion bar), By Vehicle type (commercial vehicle and passenger vehicle), By Material (carbon steel, alloy steel, stainless steel, and others), By Sales channel (OEM and aftermarket) And By Region: - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts, 2024-2032

Category: Automotive Report Format : PDF Report Code: ZMR-5731 Status : Upcoming
Market Size in 2023 Market Forecast in 2032 Growth Rate (in %) Base Year
USD 21.50 Billion USD 33.64 Billion CAGR at 5.10% 2023

Automotive Suspension Spring Market

Description

According to the report published by Zion Market Research, the global Automotive Suspension Spring Market size was valued at USD 21.50 Billion in 2023 and is predicted to reach USD 33.64 Billion by the end of 2032. The market is expected to grow with a CAGR of 5.10% during the forecast period. The report analyzes the global Automotive Suspension Spring Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Automotive Suspension Spring Market industry.

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Global Automotive Suspension Spring Market: Overview

Automotive springs are utilized in vehicles as they provide the users important services with reference to convenience, comfort, and safety. In terms of suspension, it enhances the driver’s experience as well as improves his handling. Not only that, suspension also makes a ride comfortable for the driver as well as the passengers.

Global Automotive Suspension Spring Market: Growth Factors

Multiple manufacturers have restarted production processes as COVID-19 outbreak cases have witnessed a significant downfall since the start of 2021. As China continues to be the production center for automobiles, it also dominates the automotive market globally with reference to supply and demand. However, there has been a shortage of supplies from China, which have substantially impacted other major markets as a domino effect. Therefore, the organizations operating in the global automotive suspension spring market are increasingly focusing to provide crucial components to help the producers. The organizations are also implementing various different sourcing strategies for maintaining global supply chains that are robust.

Instead of searching for different manufacturers, the companies leading the global automotive suspension spring market can consider the potential tariff and tax implications of the manufacturers. This is comprised of transfer pricing considerations, duties, and customs, if alternative components are sourced internally. Also, as a counter action to the various effects of the coronavirus outbreak, the suppliers are improving the lines of communication and increasing the visibility of the supply chain to deal with potential problems.

However, the increasing usage of air spring system which includes airbags is a potential threat to the conventional spring suspension and the steel coil spring. This factor is expected to hamper the overall automotive suspension spring market expansion. Although, the factors such as higher cost of air spring system, high occurrence of maintenance, and mechanical problems associated with air spring systems are anticipated to improve the need for the traditional automotive suspension spring systems as they prove to a better option in terms of maintenance and cost-effectiveness. This will boost the growth of the global automotive suspension spring market size.

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Global Automotive Suspension Spring Market: Segmentation

The global automotive suspension market has been segregated by spring type, by vehicle type, by material, by sales channel, and by region. On the basis of spring type, the market can be segmented into leaf spring, balance spring, coil spring, flat spring, and torsion bar. Based on vehicle type, the global automotive suspension spring market is bifurcated into commercial vehicle and passenger vehicle.

On the basis of material, the global automotive suspension spring market has been differentiated into carbon steel, alloy steel, stainless steel, and others. The automotive suspension spring market, based on sales channel, can be divided into OEM and aftermarket.

Automotive Suspension Spring Market : Report Scope

Report Attributes Report Details
Report Name Automotive Suspension Spring Market Research Report
Market Size in 2023 USD 21.50 Billion
Market Forecast in 2032 USD 33.64 Billion
Growth Rate CAGR of 5.10%
Number of Pages 196
Key Companies Covered McAllister, NHK Springs, Mubea, Trelleborg Vibracoustic, Sanius Rassini, Magneti Marelli, Eaton Detroit Springs, TRW, Bentler, Continental AG, Showa Corporation, and American Showa Inc.
Segments Covered By Spring type, By Vehicle type, By Material, By Sales channel and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Global Automotive Suspension Spring Market: Regional Analysis

The automotive suspension spring market in Asia Pacific is estimated to exhibit the highest growth rates over the forthcoming timeline owing to the rapid expansion of the industries in the developing economies such as India and China. The factors such as increasing disposable incomes of the people, rapid advancements of the automobile industry, increasing innovations in terms of vehicle framework, preference for comfortable vehicles, and the increasing usage of vehicles that require advanced suspension due to off-road utilization are expected to stimulate the demand for automotive suspension springs which in turn will augment the development of the global automotive suspension spring market outlook. Furthermore, the rising preference for SUVs in the emerging countries including India will prove to fuel the market demand for automotive suspension spring systems. This is due to the rising awareness among consumers about the superior upper and lower control arm characteristics.

The North America automotive suspension spring market dominates the global market, thanks to the fully developed automotive sector and the presence of multiple key market players operating in the countries such as the US. The US accounts for a major market share of North America region due to the widespread development in terms of technology. The automotive suspension spring market is predicted to grow further in the region due to the increasing R&D activities in this region.

Global Automotive Suspension Spring Market: Competitive Players

The key market players dominating the global automotive suspension spring market are increasingly focusing to improve their aggregate revenue by adopting major strategies such as inventiveness in terms of research & development (R&D) and manufacturing activities. Lesser weight, added comfort, and superior handling are the in-demand qualities of independent front suspension framework. This is due to their benefits of better stability and a better driving experience in a rough terrain.

The key manufacturers leading the global automotive suspension spring market comprise of:

  • McAllister
  • NHK Springs
  • Mubea
  • Trelleborg Vibracoustic
  • Sanius Rassini
  • Magneti Marelli
  • Eaton Detroit Springs
  • TRW
  • Bentler
  • Continental AG
  • Showa Corporation
  • American Showa Inc.

The Global Automotive Suspension Spring Market is segmented as follows:

By Spring type 

  • leaf spring 
  • balance spring
  • coil spring
  • flat spring 
  • and torsion bar 

By Vehicle type 

  • commercial vehicle 
  • passenger vehicle 

By Material 

  • carbon steel 
  • alloy steel 
  • stainless steel 
  • and others

By Sales channel 

  • OEM 
  • aftermarket 

Global Automotive Suspension Spring Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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FrequentlyAsked Questions

Multiple manufacturers have restarted production processes as COVID-19 outbreak cases have witnessed a significant downfall since the start of 2021. The organizations operating in the global automotive suspension spring market are increasingly focusing to provide crucial components to help the producers. The organizations are also implementing various different sourcing strategies for maintaining global supply chains that are robust.

The automotive suspension spring market in Asia Pacific is estimated to exhibit the highest growth rates over the forthcoming timeline owing to the rapid expansion of the industries in the developing economies such as India and China. The rising preference for SUVs in the emerging countries including India will prove to fuel the market demand for automotive suspension spring systems. This is due to the rising awareness among consumers about the superior upper and lower control arm characteristics.

The key manufacturers operating in the global automotive suspension spring market comprise of McAllister, NHK Springs, Mubea, Trelleborg Vibracoustic, Sanius Rassini, Magneti Marelli, Eaton Detroit Springs, TRW, Bentler, Continental AG, Showa Corporation, and American Showa Inc.

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