A newly compiled business intelligence study by Transparency Market Research (TMR) notifies that the global automotive leaf spring market is prospering, and has project the demand to expand at a notable CAGR of 6.1% during the forecast period of 2017 to 2025. The lead analyst of the report states that while the automotive industry has been consistently touching new peaks in the past couple of decades on the back of increasing disposable income of urban populations, suspension units are essential for load capacity of the vehicles as well as for safety and comfort for passengers.
Presently, a moderately consolidated competitive landscape has been detected by the TMR report in the global automotive leaf spring market, wherein a handful of players accounted for a prominent chunk of shares as of 2017. Rassini, Hendrickson USA, L.L.C., Dongfeng Motors, Sogefi SpA, Jamna Auto Industries, Emco Industries, LITEFLEX, NHK Springs Co. Ltd., Mubea, SGL Group, IFC Composite, Frauenthal Group, Olgun Çelik San., Jonas Woodhead & Sons India Ltd., Auto Steels, Kumar Steels, MackSprings, Protopower Springs Pvt. Ltd., Vikrant Auto Suspensions, Akar Tools Limited India have been identified as some of the key companies in this market.
If the estimations of the TMR report are to be believed, the opportunities in the global automotive leaf spring market will translate into a revenue of US$7,631.1 mn by the end of 2025, substantially more than the market’s evaluated worth of US$4,767.3 mn in 2017. Going forward, the analysts have anticipated that the players will be concentrating on the development of new products as well as expansion of their capacity by the means of mergers and acquisitions. Based on the type of end, the market has been segmented into double end leaf spring and open end leaf spring.
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On the basis of shape, the market has been bifurcated into parabolic and elliptical, which is further divided into semi elliptical and transverse. Sales channel segmentation of the market has been done into original equipment manufacturers (OEMs) and aftermarket. Vehicle type classification of the market has been done into passenger vehicle and commercial vehicle. Geographically, Asia Pacific has been highlighted as the most profitable region by a long margin, followed by North America.
Increased Production of Heavy Commercial Vehicles Driving Demand
The demand in the global automotive leaf spring market is directly proportional to the number of heavy and medium duty commercial vehicles produced across the world. On the back of thriving transportation industry, escalating demand from the increasing fleet size, and prospering agriculture and construction industries, the automotive leaf spring market is poised for a fruitful future.
In addition to that, radical growth of the ecommerce industry is also expected to open new opportunities in this market, particularly in the Asia Pacific region. On the other hand, growing preference for air suspension systems, rising number of car-sharing services, and stringent government regulation for owning luxury cars are obstructing the market from attaining its true potential. The analysts of the report also highlights increasing preference for strut coils over spring setups in light commercial vehicles in Europe and growing usage of composite leaf springs as couple of trends of this market.
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Key Takeaways:
- Demand in the global automotive leaf spring market to expand at a formidable CAGR of 6.1% during the forecast period of 2017 to 2025
- Competitive landscape is moderately concentrated with major players expanding capacity to maintain a stronghold
- Asia Pacific the most lucrative region by a long margin
The information presented in this review is based on a Transparency Market Research report, titled, “Automotive Leaf Spring Market (Type of end – Double End and Open End; Shapes – Parabolic and Elliptical (Semi-elliptical and Transverse); Sales Channel – OEM and Aftermarket; Vehicle Type – Passenger Vehicles and Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025”
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