The Automotive Leaf Spring Aftermarket is Segmented, byVehicle Type (Passenger Car, LCV, M&HCV, and Others), Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), Location Type (Front Suspension and Rear Suspension), and by Region(North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others])
The Automotive Leaf Spring Aftermarket is Segmented, by Vehicle Type (Passenger Car, LCV, M&HCV, and Others), Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), Location Type (Front Suspension and Rear Suspension), and by Region...
"The automotive leaf spring aftermarket was estimated to grow from USD 1853.70 billion in 2020 to USD 1998.76 billion by 2024 at a CAGR of 2.0% during the forecast period".
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.
Automotive Leaf Spring Aftermarket Report Overview
Market Size in 2024
USD 1998.76 billion
Market Size in 2020
USD 1853.70 billion
Market Growth (2021-2024)
CAGR of 2.0%
Base Year of Study
2020
Trend Period
2016-2019
Forecast Period
2021-2024
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.
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 than20% of the market share in 2018.
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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 Insights
"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.
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Segmentation
This report studies the market covering a period of 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 aftermarketis 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
Region Analysis
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).
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 (arranged alphabetically)
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.
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.co
Report Features
This report, from Stratview Research, studies the leaf spring aftermarket in the automotive industry over the trend period from 2015 to 2020 and the forecast period from 2021 to 2024 in terms of both value and units. 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
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 Spring Aftermarket
How lucrative is the future?
The 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
What 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 requirements?
10% free customization
Research Methodology
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 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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
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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.
Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd. are among the key players in the market.
An automotive leaf spring is a type of suspension spring commonly used in vehicles, particularly in trucks, vans, and older model cars. It is composed of several thin, flat, arched strips of spring steel bound together to form a single unit. The shape of the leaf spring resembles a leaf, hence the name.
