Automotive Leaf Springs Marketby Vehicle Type (Passenger Car, Light-Duty Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), Material Type (Metal Leaf Springs and Composite Leaf Springs), Location Type (Front Suspension and Rear Suspension), Manufacturing Process Type (Shot Peening, HP-RTM, and Others), End-User Type (OE and Aftermarket), and Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and Rest of Europe], Asia-Pacific [China, Japan, South Korea, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, and Others]).
Automotive Leaf Springs Market by Vehicle Type (Passenger Car, Light-Duty Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), Material Type (Metal Leaf Springs and Composite Leaf Springs), Location Type...
"The global automotive leaf springs market is set to reach an estimated value of US$ 5.8 billion by 2024, registering a CAGR of 2.3% during the forecast period."
A leaf spring is a spring comprising leaves and is commonly used for suspension in wheeled vehicles. It is a semi-elliptical arm consisting of one or more leaves which are strips of steel or other materials that are meant to flex under pressure yet maintain their original shape when not under pressure. Leaf springs are one of the oldest suspension components and are still being used in most LCVs and MHCVs. There is another type of spring called coil spring, which has a widespread usage in passenger cars.
Over a period of time, the automotive industry has witnessed a remarkable transition in leaf spring technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. At the same time, there are a lot of R&D activities happening for the development of lightweight alternatives to heavier steel leaf springs. Composite leaf springs are the outcome of these activities, offering a significant weight-saving advantage over steel springs without sacrificing performance.
The next five years for the leaf spring market in the automotive industry seem attractive with significant growth opportunities in both, OE as well as aftermarket segments. Several factors are bolstering the demand for leaf springs among which, the rising production of LCVs and MHCVs is the biggest growth driver. Other noticeable driving factors are advancements in leaf spring technology, such as parabolic leaf springs; greater demand for lightweight springs, especially composite leaf springs; and a rising automotive fleet.
The major leaf spring manufacturers are strategically focusing on the development of advanced leaf springs in order to retain the leading position in this fiercely competitive market. For instance; metal leaf spring manufacturers are advancing their product portfolio by introducing parabolic springs, whereas composite leaf spring manufacturers are trying to develop composite leaf springs for heavy-duty commercial vehicles.
Weight reduction is one of the megatrends in the automotive industry. It can be achieved primarily through the introduction of better materials, design optimization, and better manufacturing processes. Selection of any material for an application is based on the relative cost as well as the strength of the material. There are several advanced materials available with light-weighting advantages. Composite materials are one of them with elastic strain energy, better fatigue resistance, and higher strength-to-weight ratio compared to steel. It provides significant weight reduction with adequate improvement in mechanical properties and is one of the best replacement materials for conventional steel.
Automotive Leaf Springs Market Report Overview
Trend & Forecast Period
2013-2024
Market Size in 2024
US$ 5.8 billion
CAGR (2019-2024)
2.3%
Regions Covered
North America, Europe, Asia-Pacific, and the Rest of the World
Countries/Subregions Covered
The USA, Canada, Mexico, Germany, France, The UK, Italy, Russia, China, Japan, South Korea, India, Latin America, The Middle East and Others
Figures & Tables
>150
Customization
Up to 10% customization available free of cost
Segments' Analysis
Material Trends
"The steel leaf springsegment accounted for the largest market share."
Based on the material type, the market is segmented into steel springs and composite leaf springs. Steel leaf spring is expected to remain the larger spring type in the next five years; however, composite spring is likely to witness higher growth for the same period. Composite springs offer excellent strength-to-weight ratio, fatigue resistance, and natural frequency and are about five times more durable than a steel spring. Internal damping in the composite materials leads to excellent absorption of vibration energy within the parts, resulting in, a reduced transmission of vibration noise to the neighboring structures.
"MHCVsegment accounted for the largest market share."
Based on the vehicle type, the market is segmented into passenger car, LCV, MHCV, and others. MHCV dominates the market, and it held a revenue share of more than 50% in 2018 and is likely to maintain its dominancein the coming five years as well. The large production base of MHCVs coupled with the high penetration of leaf springs in MHCVs and the large MHCV fleet are the key whys and wherefores behind the dominance of MHCVs in the market.
Regional Trends
"Asia-Pacific accounted for the largest market share."
In terms of region, Asia-Pacific is expected to remain the largest market for leaf springs in the foreseen future, because of increasing production of MHCVs in the developing Asian economies, such as China and India. China, Japan, and South Korea are likely to remain the major markets in the region; however, India is likely to be the new growth engine of the region’s market in the coming five years. Several automakers are eyeing on the Indian market and have huge plans to open manufacturing plants in the country in order to leverage the benefits offered by the government under several manufacturing boost initiatives, such as Make in India.
Europe and North America, other major markets, are also likely to have a positive outlook in the coming five years. The USA and Mexico are likely to be the major markets in North America, whereas Russia, Germany, and France are the major markets in Europe.
Key Players
The supply chain of this market comprises raw material suppliers, leaf spring manufacturers, distributors, Automotive OEMs, and Dealers.
The key automotive OEMs are:
Daimler
Navistar
GM
Volvo
MAN
Tata Motors
Peterbilt
Toyota.
The automotive leaf spring market is highly fragmented with the presence of more than 100 global and regional players catering to different requirements of the industry. It is found that a handful of metal leaf spring manufacturers have the capability to manufacture composite leaf springs.
The key leaf spring manufacturers are:
Rassini
Hendrickson
Jamna Auto Industries
Dongfeng Motors
IFC Composite
New product development, capacity expansion, formation of strategic alliances are the key strategies adopted by the key players to gain a competitive edge in the market.
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
What deliverables will you get in this report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the Automotive Leaf Springs Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional and country level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
The Automotive Leaf Spring Market is segmented in the following ways:
By Vehicle Type:
Passenger Car
Light-Duty Commercial Vehicles
Medium- & Heavy-Duty Commercial Vehicles
By Spring Type:
Parabolic Springs
Multi-Leaf Springs
By Material Type:
Metal Leaf Springs
Composite Leaf Springs
By Spring Location Type:
Front Suspension
Rear Suspension
By Manufacturing Process Type:
Shot Peening
HP-RTM
Others
By End-User Type:
OE
Aftermarket
By Region:
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: Germany, France, the UK, Italy, Russia, and Rest of Europe)
Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s automotive leaf spring market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Detailed profiling of additional market players (up to three players)
SWOT analysis of key players (up to three players)
Competitive Benchmarking
Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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Automotive leaf spring is the vehicle's suspension system that is responsible for offering support and a smoother ride on the road. Also, it is helpful in controlling the vehicle's height so that tires can stay aligned to the road.
Automotive leaf spring with its so many benefits is a high-in-demand part in the case of the casual transportation system. also, it is being used in heavy vehicles too such as vans, SUVs, as well as trucks.
Driven by a number of factors like rising production of LCVs and MHCVs, the automotive leaf spring market is projected to reach an estimated value of US$ 5.8 billion in 2024.
Advancements in the leaf spring technology, such as parabolic leaf springs; greater demand for lightweight springs, especially composite leaf springs; and rising automotive fleet are the factors driving the growth of automotive leaf spring market.