Automotive Suspension Spring Market: Research Strategies with Share Analysis, Top Key Players with Opportunities Forecast (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.

The growing popularity of electric vehicles is expected to increase demand for lightweight suspension springs. Suspension spring manufacturers must consequently make the required expenditures and acquire knowledge in order to generate lightweight suspension springs. Furthermore, in the automobile sector, low weighing is critical, and lightweight coil springs present a substantial potential for producers, likely propelling the global car suspension spring market.

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According to UnivDatos Market Insights (UMI)’ research report “Automotive Suspension Spring Market”, the market is expected to witness a CAGR growth of around 4% during the forecast period 2021-2027F. Global Automotive Suspension Spring Market is experiencing significant growth due to the increasing demand for commercial vehicles due to rapid industrial development along with higher demand for lightweight suspension springs in electric vehicles.

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

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

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.

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 to Grab Lion’s Share

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.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Automotive Suspension Spring Market are includes Continental AG, Jamna Auto Industries, NHK Springs, Sogefi, Kilen Springs, Mitsubishi Steel, Hendrickson, Betts Spring, Heinrich Eibach GmbH, Mubea etc.

·???????In May 17, Sogefi announced a project to start coil spring production for passenger cars in China at the end of 2018. The production of coil springs is expected to cater to the increasing demand for higher technical standards required by local manufacturers

“Global Automotive Suspension Spring Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of go to market strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1.?????By Spring Type (Coil Spring, Leaf Spring and Torsion Bar)

2.?????By Material (Alloy Steel, Carbon Steel, Stainless Steel and Others)

3.?????By Sales Channel (OEM and Aftermarket)

4.?????By Vehicle Type (Passenger and Commercial)

5.?????By Region (North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World)

6.?????By Company (Continental AG, Jamna Auto Industries, NHK Springs, Sogefi, Kilen Springs, Mitsubishi Steel, Hendrickson, Betts Spring, Heinrich Eibach GmbH, Mubea)

Key questions answered in the study:

1.?????What are the current and future trends of the Global Automotive Suspension Spring industry?

2.?????How the industry has been evolving in terms of end-user demand and product category?

3.?????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.?????What are the key growth drivers and challenges for the Global Automotive Suspension Spring industry?

5.?????What is the customer orientation, purchase behavior, and expectations from the Global Automotive Suspension Spring suppliers across various countries?