PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464651
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464651
Automotive Coil Spring Market size was valued at USD 3,904.74 Million in 2023, expanding at a CAGR of 5.10% from 2024 to 2032.
Automotive coil springs are essential elements of a vehicle's suspension system, serving a critical role in supporting the vehicle's weight and maintaining the appropriate ride height. They are responsible for providing comfort, stability, and safety by absorbing and dispersing kinetic energy caused by road disturbances. The effectiveness of these coil springs in modern vehicles relies on achieving the ideal balance of various spring properties, including minimal weight, optimal installation space, maximum durability, and cost-effectiveness. They collaborate closely with partners in the automotive industry to address these important considerations.
Automotive Coil Spring Market- Market Dynamics
Growth in the automotive industry and surge in demand for improved suspension systems in vehicles are projected to drive the growth of market
The expansion of the automotive industry creates opportunities for manufacturers and suppliers of automotive coil springs to meet the growing demand from OEMs (Original Equipment Manufacturers) and aftermarket segments. The United States has one of the largest automotive markets in the world. In 2020, U.S. light vehicle sales were 14.5 million units. Overall, the United States is the world's second-largest industry for vehicle production and sales. Autos Drive America reports international automakers manufacturer 5 million vehicles across US in 2020, according to international trade administration. However, continuous advancements in automotive technology have led to the development of innovative suspension systems create an opportunity for the market growth.however,Stringent Regulations and Standards may hampers the market growth.
Automotive Coil Spring Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.10% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, Commercial Vehicle was predicted to show maximum market share in the year 2023
Based on Spring Type segmentation, Compression Springs was the leading type in 2023
Based on End-User segmentation, OEMs was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
The Global Automotive Coil Spring Market is segmented on the basis of Vehicle Type, Spring Type, Material, End-User, and Region.
The market is segmented into two categories according to Vehicle Type: Commercial Vehicle and Passenger Vehicle. Commercial Vehicle holds a significant share in the market. As economies expand, there is usually a rise in the need for transporting goods and individuals, leading to a higher demand for commercial vehicles and their associated components like coil springs.
The market is segmented into three categories according to Spring Type: Compression Springs, Extension Springs, and Torsion Springs. Compression Springs are the most prevalent in the market. These coil springs are specifically engineered to withstand compressive forces when they are either pushed or compressed. In automotive settings, compression springs are utilized in suspension systems to dampen shocks and uphold vehicle stability.
The market is categorized into three sections according to the Material type: Alloy Steel, Carbon Steel, Stainless Steel, and Others. These materials are the main ones utilized, each providing a distinct blend of strength, longevity, and resistance to corrosion in order to fulfill the varied requirements of automotive applications.
The market is segmented into two groups according to the end-user: OEMs and Aftermarket. OEMs hold a significant share in the market as they establish strict quality criteria for all parts, including coil springs, to guarantee the safety, dependability, and durability of their vehicles. Manufacturers of coil springs must comply with these standards and go through thorough testing and certification procedures in order to be recognized as approved suppliers to OEMs.
Automotive Coil Spring Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business growth. Asia Pacific leads the market due to significant investments in medium and heavy commercial vehicles. These types of vehicles require durable suspension systems, such as high-quality coil springs, to handle heavy loads and ensure safe and comfortable operation. China remains the largest vehicle market globally in terms of annual sales and manufacturing output, with an estimated domestic production of 35 million vehicles by 2025. According to data from the Ministry of Industry and Information Technology, over 26 million vehicles were sold in 2021, including 21.48 million passenger vehicles, marking a 7.1% increase from 2020. Commercial vehicle sales totaled 4.79 million units, a 6.6% decrease from 2020. Looking ahead, Europe is projected to be the second-largest region for market growth, driven by the rising demand for road transportation.
The automotive coil spring market is primarily controlled by a few prominent multinational corporations. These companies possess significant manufacturing capabilities, a diverse range of products, and well-established partnerships with major OEMs. They maintain a worldwide presence, operating manufacturing plants and distribution networks across various continents. The competition within this market is fueled by manufacturers' capacity to distinguish their offerings through factors like material excellence, longevity, load-bearing capability, and performance across different operational circumstances. Manufacturers allocate resources to research and development in order to create groundbreaking solutions that surpass their rivals' products.
On January 3, 2021, Hyperco was chosen as the spring provider for NASCAR's latest NextGen initiative. The development of this new racing platform involved a partnership with renowned chassis manufacturer Dallara and various industry professionals to enhance performance and safety, lower operational expenses, and achieve a closer resemblance to regular production vehicles.
GLOBAL Automotive Coil Spring MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Kilen Springs
GKN Automotive
Sogefi SpA
NHK of America Suspension Components, Inc
Muhr und Bender KG
Betts Spring
MW Industries (MWI)
Draco Spring Mfg. Co.
Hyperco
Neapco
Alco
UNI ATUO PARTS MANUFACTURE CO., LTD.
MITSUBISHI STEEL MFG. CO., LTD.
Lesjofors Automotive
Clifford Springs Ltd
Hendrickson USA, L.L.C.
Jamna Auto Industiries Ltd.
Others