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Automotive Leaf Spring Aftermarket Report | Covid-19 Impact Analysis
The Leaf Spring Aftermarket is Segmented by Vehicle Type (Passenger Car, LCV, M&HCV, and Others), by Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), by Location Type (Front Suspension and Rear Suspension), and by Region (North America, Europe, Asia-Pacific, and Rest of World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues has gone down in 2020 and may resume an uptrend gradually form 2021. Companies optimizing their operation and statergy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Leaf spring is one of the oldest suspension components and is still being preferred in most of the LCVs and MHCVs. The automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. over a period of time. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. Leaf spring has to be replaced frequently, generally in 9-12 months, due to the damages like sag, break, and crack, caused by several factors including uneven road and excess load on the vehicle.
The global automotive leaf spring aftermarket size is likely to witness a healthy growth rate over the next five years to reach an estimated value of US$ 1,998.8 million in 2024. Increasing automotive fleet size is the key driver of the leaf spring aftermarket demand. Organic growth in automobile production owing to increasing disposable income and growing urbanization, is also imprinting a positive impact on the future demand for leaf springs in the aftermarket segment.
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The leaf spring aftermarket 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 during the forecast period owing to a 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.
Based on the spring type, the market is segmented as parabolic leaf spring and multi-leaf spring. Multi-leaf spring is expected to remain the dominant spring type in the aftermarket during the forecast period, whereas parabolic leaf spring is expected to experience a higher growth during the same period.
Based on the location type, the market is segmented as front suspension and rear suspension. Rear suspension is expected to remain the most dominant segment during the forecast period. High penetration of leaf spring in the rear suspension of LCV, M&HCV, and trailers drives a higher replacement demand for leaf springs. Both front and rear leaf suspension are expected to experience similar growth rates with a marginal difference over the next five years.
In terms of region, Asia-Pacific is expected to remain the largest leaf spring aftermarket with an impressive CAGR during the forecast period. An 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.
The global automotive leaf spring aftermarket is highly fragmented with the presence of many global as well as regional players. The automotive OE market for leaf spring 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 key automotive leaf spring suppliers for the aftermarket are Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd. These companies are also present in the OE segment. Development of low-cost leaf springs and formation of strategic alliances with OEMs are the key strategies adopted by the major players to gain a competitive edge in the market.
For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of 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. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.
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.
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Research Scope |
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Trend & Forecast Period |
2013-2024 |
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Size in 2024 |
US$ 1,998.8 million |
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Forecast |
2.0 % CAGR during 2019-2024 |
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Regions Covered |
North America, Europe, Asia-Pacific, Rest of the World |
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Countries/Subregions Covered |
The USA, Canada, Mexico, France, The UK, Italy, Russia, China, Japan, India, South Korea, Brazil, Argentina and Others |
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Figures & Tables |
>150 |
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Customization |
Up to 10% customization available free of cost |
The market is segmented in the following ways:
Automotive Leaf Spring Aftermarket Size, Share & Forecast by Vehicle Type:
Automotive Leaf Spring Aftermarket Size, Share & Forecast by Spring Type:
Automotive Leaf Spring Aftermarket Size, Share & Forecast by Location Type:
Automotive Leaf Spring Aftermarket Size, Share & Forecast by Region:
This report, from Stratview Research, studies the leaf spring aftermarket in the automotive industry over the trend period from 2013 to 2018 and the forecast period from 2019 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.
The following are the key features of the report:
Driven by a number of factors like Increasing automotive fleet size, the automotive leaf spring aftermarket is projected to reach an estimated value of US$ 1,998.8 million in 2024.
In terms of region, Asia-Pacific is expected to remain the largest leaf spring aftermarket with an impressive CAGR during the forecast period.
Multi-leaf spring is expected to remain the dominant spring type in the aftermarket during the forecast period.
Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd. are among the key players in the automotive leaf spring aftermarket.
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