The automotive suspension spring market is anticipated to expand at a CAGR of 5.39% for the forecast period from 2020 to 2030. A vast rise in the number of passenger and commercial vehicles on roads is fuelling the expansion of the automotive suspension spring market. This is supported by consistent R&D in the automotive industry that has led to the development of suspension springs with improved strength and increased comfort in ride.
Environmental advantages of lightweight vehicles and prospects of demand for electric vehicles are leading manufacturers to undertake efforts to develop lightweight suspension springs. Leading manufacturers are engaging in acquisitions and agreements to develop new substitutes that can provide compression resistance as well as flexibility to the vehicle. For instance, the advent of coil spring made of composite material from Henkel AG & Co. KGaA is a case in point.
Asia Pacific is a key region in the automotive suspension springs market. Profitable business partnerships of manufacturers based in China with manufacturers in the European Union, the U.S., and ASEAN account for substantial growth of automotive suspension spring market in the region.
Automotive Suspension Spring Market – Key Findings of Report
Need for safe and comfortable vehicles to cope with high volume of traffic on roads is driving manufacturers of automotive suspension spring to introduce novel designs that are fault-free and cost-effective
Advent of helical compression spring that offers resilience in automotive components and automotive system is grabbing the attention of OEMs, automotive manufacturers, and other entities in the value chain. Manufacturers in the automotive suspension spring market are gaining from the space saving installations and compact design of helical compression springs that is likely to boost car sales.
Keen manufacturers in the automotive suspension spring market are making efforts to develop lightweight suspension springs. For instance, Mubea – an automotive component maker that specializes in high-strength lightweight products has introduced glass fiber reinforced plastic (GFRP) tension leaf spring, which is increasingly replacing traditional steel leaf springs. Advantages of reduced carbon emissions of low weight vehicles is driving manufacturers to develop lightweight coil springs, which is anticipated to benefit the demand for electric vehicles.
Advantages of superior handling, less weight, and added comfort are fuelling innovations in independent front suspension systems to translate into growth opportunities in automotive suspension spring market
OEMs and suppliers undergo collaborations and strategic alliances with automotive vehicle manufacturers to design robust suspension springs. The partnering of Melling Performance Springs with reputed automotive vehicle manufacturers to deploy inventive technologies in suspension and steering system springs is a case in point.
Coil spring segment holds the leading share in the automotive suspension spring market. Transition of light duty vehicles and pick-up trucks from leaf springs to coil springs is creating ample opportunities in the automotive suspension spring market.
Automotive Suspension Spring Market – Growth Drivers
High density of light commercial vehicles and passenger vehicles with economic growth is propelling the automotive suspension spring market
Prospects of sizeable rise in demand for electric vehicles leading to innovations in lightweight suspension springs to stimulate growth of automotive suspension spring market
Automotive Suspension Spring Market – Key Players
Some of the key players operating in the automotive suspension spring market are;
