Automotive Leaf Spring Aftermarket Analysis | 2021-2024

Market Insights

The automotive leaf spring aftermarket was estimated at USD 1853.70 billion in 2020 and is likely to grow at a CAGR of 2.0% during 2021-2024 to reach USD 1998.76 billion in 2024.

Do you wish to get a Free Sample? Register Here.

Market Dynamics

Introduction

The automotive leaf spring is the vehicle's suspension system responsible for offering support and a smoother ride on the road. Also, it helps control 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 such as vans, SUVs, as well as trucks.

Countless leaf-spring suspension styles are available worldwide, featuring different mounting points, shapes, and sizes. Leaf spring has to be replaced frequently, generally in 9-12 months, due to damages like sag, break, and crack, caused by several factors including uneven road and excess load on the vehicle.

Market Drivers

The automotive leaf spring aftermarket is driven by a host of factors, some of which are noted below:

• Increasing automotive fleet size is the key driver of the leaf spring aftermarket demand.
• Organic growth in automobile production owing to increasing disposable income.
• Growing urbanization is also imprinting a positive impact on the future demand for leaf springs in the aftermarket segment.

Key Players

The market is highly fragmented with the presence of many global as well as regional players. The automotive OE market for leaf springs is relatively consolidated with the presence of fewer regional players. The supply chain of this market comprises raw material suppliers, leaf spring manufacturers, automotive OEMs, distributors, and dealers.

The following are the key players in the automotive leaf spring aftermarket:

• Dongfeng Motor Suspension Spring Co., Ltd.
• Hendrickson International
• Jamna Auto Industries
• NHK Springs Co., Ltd.
• Rassini

These companies are also present in the OE segment. The development of low-cost leaf springs and the formation of strategic alliances with OEMs are the key strategies adopted by the major players to gain a competitive edge in the market.

Segment Analysis

By Vehicle Type

"M&HCV is expected to remain the growth engine of the aftermarket with a market share of more than 75% in 2018".

The market is segmented based on the vehicle type as Passenger Car, LCV, M&HCV, and Other Vehicles. M&HCV is expected to remain the growth engine of the aftermarket with a market share in 2018, owing to the higher penetration of leaf springs in the segment. Also, there is a frequent replacement of leaf springs in M&HCV due to higher loads carried by the vehicle. Passenger Car accounted for >0.2% of the market share whereas the LCV segment held more than 20% of the market share in 2018.

Want to get more details about the segmentations, Click here.

By Location Type

"Rear suspension dominated the segment with a market share of more than 75% in 2018".

Based on the location type, the market is segmented as front suspension and rear suspension. The rear suspension dominated the segment with a market share in 2018. High penetration of leaf springs in the rear suspension of LCV, M&HCV, and trailers drives a higher replacement demand for leaf springs. Both front and rear leaf suspensions are expected to experience similar growth rates with a marginal difference over the next five years.

By Type of Springs

"Parabolic leaf spring is expected to remain the dominant spring type in the aftermarket accounting for more than 30%"

Based on the spring type, the market is segmented as parabolic leaf spring and multi-leaf spring. parabolic leaf spring is expected to remain the dominant spring type in the aftermarket accounting for more than 30%, whereas multi-leaf spring held a market share of more than 25% in 2018.

Regional Analysis

"Asia-Pacific is expected to remain the largest leaf spring aftermarket with a market share of more than 40% in 2018".

Asia-Pacific is expected to remain the largest leaf spring aftermarket with a market share in 2018. Increased vehicle production and growing fleet size would drive the demand for leaf springs in the region over the next five years. China and India are the growth engines of the Asia-Pacific’s aftermarket for leaf springs.

Want to know which region offers the best growth opportunities, Register Here.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional automotive leaf spring aftermarket realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner 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.

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. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The automotive leaf spring aftermarket is segmented in the following ways:

By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Medium- & Heavy-Duty Commercial Vehicle
• Others

By Spring Type

• Parabolic Leaf Spring
• Multi-Leaf Spring

By Location Type

• Front Suspension
• Rear Suspension

By Region

• North America (Country Analysis: The USA, Canada, and Mexico),
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe),
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific),
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others).

Customization Options

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

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.