High Growth & Smooth Sailing of Automotive Leaf Spring Aftermarket

Posted by Stratview Research on December 9th, 2019

The Cutting-Edge Stratview Insights:

Stratview Research prognosticates the market to grow at a healthy CAGRover the next five years and expects the market to cross over of US$ 1,998.8 million mark by 2024.

The estimates are a result of market analysis over a period of 2013-18, Stratview Research goes to the depth of the issues shaping the market and estimates the most probable future growth rate for the Automotive Leaf Spring Aftermarket during the period 2019-24.

Identifying the Factors & Avenues of Growth

Tending to the most frequent questions and problems that consume the psyches of business visionaries and leaders, the new report of "Stratview Research" on the Automotive Leaf Spring Aftermarket respondsto all the significant inquiries.

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 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.

Unravelling the Critical Segments

The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives a better understanding of the market.

                It would mean a lot understand with clarity that the market has various parts and insights on them might be critical to many players.

                The market of Automotive Leaf Spring has been divided into categories such as by Vehicle Type, Spring Type, Location Type, By Region. Insights on each segment can be of critical importance to any player.

Each segmented view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.

The answers to the prominent questions which are evinced out of above slicing of the market are:

• Which are the best performing segments of the market?
• Which is the most dominant region?
• Which material is the most promising?
• Who are the movers and shakers of the market?
• What are the regional growth hotspots?
• What are the segmental growth forecasts?

To get the feel of how our best in class, cutting-edge market research report feels, request a sample: https://www.stratviewresearch.com/Request-Sample/454/automotive-leaf-spring-aftermarket.html

Dongfeng Motor Suspension Spring Co., Ltd. at the Helm

The top 5 players are Dongfeng Motor Suspension Spring Co., Ltd., Emco Industries, FAW Group Corporation, Hendrickson International, Jamna Auto Industries.

Other important firms are NHK Springs Co., Ltd., Rassini.

Emerging Trends:

Increasing Demands of Multi-Leaf Springs

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.

M&HCV to Remain the Growth Engine

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.

Rear suspension to remain the Dominant Segment

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.

Asia-Pacific to be the Largest Market

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.

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