ID: MRFR/AM/0651-HCR | 120 Pages | Published By Swapnil Palwe on March 2023
global automotive coil spring market size is expected to witness significant growth during the forecast period.
The automotive coil spring market growth is projected to register a CAGR of 4.5% from 2022 to 2030.
Coil springs, also known as helical springs, are mechanical devices that provide support and a safer ride by grabbing any potholes and other road imperfections. The automotive coil spring market size is expected to reach approximately USD Significant Value by 2030. It regulates a force between contacting surfaces, absorbs shock, and ultimately releases stored energy. Silicon may be used to make coil springs for automobiles that sustain far higher heat and impact rates than conventional materials. Over the last ten years, the demand for vehicles has increased, according to the automotive market. Since coil springs are a crucial component of automobile engines, the market is positively impacted by an increase in coil spring production.
Due to expanding mining and construction activities in emerging countries, coil springs are widely used in the automotive industry. rising commercial vehicle demands and developments in the logistics industry are driving factors for the expansion of the market. Additionally, compared to small cars, commercial trucks have more coil springs. Over the projection period, the market expansion is anticipated to be constrained by the rising use of leaf and parabolic springs in light commercial vehicles. Furthermore, these spring materials contain internal dampening, which helps absorb vibration energy into the element and reduce transmission noise, making them the best option for producing car coil springs. These elements are expected to favorably fuel the expansion of the market for coil springs.
The market for coil springs is rapidly recovering its pre-COVID levels, and over the projected period, a healthy growth rate is anticipated, led by the economic recovery in most developing countries. The need for passenger automobiles was fueled by the frequent suspension of public transportation networks and the virus's high contagiousness, which resulted in a demand for products made of automotive suspension coil springs.
Among the key factors driving this market is the rising demand for medium commercial vehicle and heavy commercial vehicles for the transportation of bulk materials. Since more people prefer using roads for mobility, light, medium, and heavy-duty vehicle usage are increasing in emerging nations. Furthermore, these springs are ideal for various applications, including coil springs, due to their improved fatigue resistance and strength-to-weight ratio. Additionally, these spring materials contain internal dampening, which helps absorb vibration energy into the element and reduce transmission noise, making them the best option for producing car coil springs. These elements are expected to favorably fuel the expansion of the market for coil springs.
During the forecast period of 2022–2030, it is anticipated that the utilization of light, medium, and heavy-duty vehicles will increase in emerging countries due to the rising preference for road transportation. Additional factors anticipated to support the market for coil springs growth include the rising popularity of helical springs, rising demand for high-quality automotive products, rising demand for luxury and comfort, and high demand due to their exceptional strength-to-weight ratio and improved fatigue resistance. An increase in disposable income has also increased demand for passenger vehicles. Additionally, the rising age of automobiles worldwide is raising the aftermarket demand for shock absorbers. Furthermore, it is anticipated that keeping a vehicle for longer would necessitate more maintenance and boost shock absorber sales. Due to improved quality and a propensity for owners to keep their cars for at least 4-5 years over the loan term, the average age of cars in the EU is rising yearly.
Some significant factors that are anticipated to serve as major barriers and hinder the expansion of the market in the aforementioned estimated period include spring corrosion owing to improper spring coating and spring damage due to overweight vehicles. As coil springs have a low load-carrying capacity and are less stable than leaf springs on an axle arrangement, they are less suited for big commercial vehicles. When coil springs are integrated, the vehicle's weight is distributed over a smaller surface. Furthermore, leaf springs perform better under load-bearing conditions than coil springs do.
Manufacturers spend a lot of money maintaining and servicing medium and heavy commercial vehicles due to the increased demand for such vehicles to transport bulk goods. As a result, there will be a substantial demand for aftermarket components like car coil springs, etc. It is projected that these expanding OEM and aftermarket operations will generate significant growth prospects for automobile coil springs over the ensuing years in the market. During the projected period, increased industrialization and an increase in infrastructure investments will also create several new chances for the expansion of the market for coil springs automotive.
The automotive coil spring market segmentation, based on application, is SUV and MPV. The automotive coil spring market growth was prominently high under the SUV category in 2021. An increase in public transportation and taxi-hire services is driving the demand for this market segment.
End User Insights
The automotive coil spring market segmentation, based on end user, is commercial vehicles and passenger vehicles. In 2021, commercial vehicles accounted for the largest market share due to increased coil spring penetration in commercial cars. Commercial vehicles use coil springs that are less likely to survive since they are designed to bear larger loads and are driven on unpaved roads. This, in turn, fuels the aftermarket's demand for coil springs.
By region, the automotive coil spring market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. Europe will exhibit the highest CAGR during the forecast period.
Asia-Pacific dominated the market share in 2021 due to the region's high car manufacturing and demand for more automotive parts like coil springs and brake systems. Since all major automakers have factories there and the country is a big autos supplier, China is the most significant Asian-Pacific market. Additionally, expanding the regional market's top players' capacity for investment.
Europe accounted for the second-largest market share in the market for coil spring automotive in 2021. The region's continually rising vehicle production is driving the market share. Throughout the projection period, coil spring penetration will continue to increase in the region due to the high volume of luxury and executive-class cars produced in Europe. Furthermore, the rise of commercial vehicles in Europe is a result of the growing industry in Germany. This has accelerated the expansion of the market in this area.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Betts Spring, Lesjöfors Automotive, Suspension Spring Specialist, Inc., and Clifford Springs Ltd., dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the automotive coil spring market research include Kilen Springs (U.K.), GKN (U.K.), Sogefi Group (Italy), NHK Nasco (U.S.), Mubea (Germany), Betts Spring (U.S.), MSSC (U.S.), Hyperco (U.S.), Neapco (U.S.), Alco (U.S.), Draco Spring (U.S.), UNI AUTO PARTS (Taiwan) among others.
End User Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Automotive Coil Spring Market Forecast & Size:
To identify and estimate the market size for the automotive coil spring market report segmented by application and end-users by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers in the automotive coil spring market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the automotive coil spring market growth (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)
Market Influencing Factors:
To find out the factors which are affecting the automotive coil spring market size among consumers (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: Significant Value|
|CAGR||4.50% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, End-Users|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Kilen Springs (U.K.), GKN (U.K.), Sogefi Group (Italy), NHK Nasco (U.S.), Mubea (Germany), Betts Spring (U.S.), MSSC (U.S.), Hyperco (U.S.), Neapco (U.S.), Alco (U.S.), Draco Spring (U.S.), UNI AUTO PARTS (Taiwan)|
|Key Market Opportunities||High investment for medium- and heavy-duty commercial vehicles|
|Key Market Drivers||The rise in demand for road transportation|
The automotive coil spring market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~4.5% over the next 10 years, according to the automotive coil spring market research.
Europe is expected to register the highest CAGR during 2022 - 2030
Asia-Pacific held the largest share in 2021
The market size is expected to be USD Significant Value by 2030.
Kilen Springs (U.K.), GKN (U.K.), Sogefi Group (Italy), NHK Nasco (U.S.), Mubea (Germany), Betts Spring (U.S.), MSSC (U.S.), Hyperco (U.S.)are the major companies operating in the market.