During the forecast period, the worldwide automotive coil spring market is expected to increase significantly. Automotive coil springs are one of the most significant parts of a vehicle's suspension system, and current trends suggest that their adoption will continue to outpace that of leaf springs over the forecast period. As the technology becomes more widely employed in heavy-duty cars around the world, demand for automobile coil springs is likely to rise in the coming years. In today's industry, companies are focusing on increasing the timeframe and durability of their products.
As manufacturers attempt to improve vehicle performance, the automobile industry is witnessing ongoing waves of innovation. Apart from focusing on new car manufacturers, companies in the automotive coil spring market expansion are likely to take advantage of opportunities in the aftermarket to strengthen their market position. Over the last decade, there has been a strong focus on the development of lightweight vehicles, which has had an impact on the automobile coil spring sector. Because car owners are becoming more aware of indicators of a broken coil, such as bouncing motions, vehicle wobble, underneath the sounds, vehicle sag, and so on, the popularity of repairing worn-out automobile springs is increasing.
The automobile industry is undergoing constant waves of innovation as manufacturers strive to enhance vehicle performance. Apart from focusing on automotive manufacturers that are actively creating new cars, businesses in the automotive coil spring market growth are expected to capitalize on possibilities in the aftermarket to enhance their market position. Over the last decade, there has been a significant emphasis placed on the creation of lightweight cars, and the influence can be seen throughout the automotive coil spring industry. Vehicle owners are becoming more conscious of signs of a broken coil, such as bouncing motions, vehicle wobble, underneath the noise, vehicle sag, and so on, which has led to an increase in the popularity of replacing worn-out automotive springs. The market's expansion may be due to a variety of factors, including an increase in the number of automobiles on the road, a greater emphasis on producing lightweight vehicles, and advances in suspension technology. Companies in the automobile coil spring industry should focus on innovation and product development utilizing alternative materials such as fiberglass and epoxy resin. Furthermore, firms should strive to interact with other value chain actors in order to increase their market position and share.
Key competitors are continuously creating novel suspension solutions, matching their strategies with increasing customer requirements and government restrictions, in order to remain competitive in this market. Companies are broadening their customer base by providing a diverse variety of products to automakers and original equipment manufacturers (OEMs).
The use of independent suspension instead of a rear solid axle in current cars, which provides greater control on and off the road and a more comfortable ride, is increasing demand for coil springs, as coil springs are an essential component of independent suspension. Furthermore, increasing rivalry among manufacturers to develop vehicles with competitive features has driven coil spring adoption.
Globally, the average age of cars is increasing demand for shock absorbers in the aftermarket. Furthermore, it is expected that vehicle retention for extended durations would increase the need for maintenance and, as a result, increase sales of shock absorbers. The average age of cars in the EU is increasing year after year due to increased quality and the tendency of owners retaining their car for at least 4-5 years over the loan duration.
Increased infrastructure expenditures and industrialization will provide a slew of new opportunities for the automotive coil spring market over the projected period.
Overweight on the vehicle might cause spring damage and corrosion, as well as a lack of adequate spring coating, which is likely to be key constraints for the automotive coil spring market over the forecasted period.
Coil springs are less suited for big commercial vehicles since they have a lower load-carrying capacity and are less stable than axle-mounted leaf springs. When coil springs are integrated, the vehicle weight is concentrated on a smaller surface area. Furthermore, coil springs are not as effective for load-carrying circumstances as leaf springs.
Leaf springs are mostly used in big commercial vehicles, while coil springs have limited penetration in trucks and buses, limiting the market growth. Because coil springs are more expensive than leaf springs, automakers avoid utilizing them to control the price, which is another major reason impeding the market.
Participants in the automobile spring coil market on the supplier side of the value chain are keen to investigate the possibilities of automotive coils produced from novel materials. Apart from producing very durable automobile spring coils, businesses are also investigating the possibility of manufacturing innovative automotive coils composed of various materials. While traditional automobile spring coils are constructed of steel, manufacturers are working hard to unleash the potential of automotive spring coils comprised of epoxy resins and glass fiber. For example, the Sogefi Group created a novel technology that may potentially replace steel coil springs in automobiles. Because of its lightweight and low energy consumption, more manufacturers have been gravitating toward the development of automobile coil springs utilizing glass fiber-reinforced polymer (GFRP) in recent years.
In the face of growing environmental concerns, manufacturers are under pressure to create eco-friendly vehicles using lightweight components. While steel automobile coil springs have been available for decades, alternative material automotive coil spring manufacture has only gained pace in the last five to six years. However, the tendency is projected to continue over the forecast period, resulting in the expansion of the automotive coil spring market value.
This report contains all the information on the global automotive coil spring market outlook and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global automotive coil spring market and forecast for 2027 is also included in the report. The COVID-19 epidemic has presented the automobile sector with unprecedented problems. Lockdowns, social distance, supply chain interruptions, and trade restrictions have all led to the dramatic decrease of activity in most nations' auto sectors.
According to ot the reports, the global automotive coil spring market is segmented on the basis of OEM, aftermarket, and regions. The global market has been divided into two segments based on OEM: commercial vehicles and passenger vehicles. In 2019, the passenger car category accounted for a sizable portion of the automotive coil spring market. It is expected to retain its supremacy during the projected period. SUV and MPV sectors are expected to be the most important sub-segments of the automotive coil spring market, owing to the increasing use of shock absorbers or struts in place of conventional parabolic springs in a large number of SUVs and MPVs to enhance handling and comfort.
The passenger vehicle sector led the market in terms of aftermarket; however, the commercial vehicle segment is expected to grow over the forecast period due to increased penetration of coil springs in commercial vehicles. Coil springs have a shorter life in commercial vehicles because they carry greater weights and are operated over difficult terrain. As a result, demand for coil springs in the aftermarket rises.
The market is segmented on the basis of OEM, aftermarket, and regions. The global automotive coil spring market trend is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into SUV and MPV.
Based on the propulsion types, the market is segmented into commercial vehicles and passenger vehicles.
According to ot the reports, on the basis of region, the global automotive coil spring market is divided into North America, Europe, Asia Pacific, and the rest of the world. In terms of region, Asia Pacific is the most important market for automotive coil springs globally, owing to the area's high vehicle production and need for a greater quantity of automotive components such as coil springs and brake assemblies. China is the most important market in the Asia Pacific since all major automakers have manufacturing facilities there and the nation is a significant supplier of automobiles worldwide. On the other hand, India is a developing automotive industry with a steady increase in the number of manufacturing sites, which is expected to boost the market for automobile coil springs in the nation.
Europe is another important market for automobile coil springs due to the region's high vehicle penetration of coil springs. Furthermore, vehicle manufacturing in the area is steadily increasing, which is pushing the global automotive coil spring market share. The high production of luxury and executive class cars in Europe is driving coil spring penetration and, as a result, p6ropel the market at a constant pace in the area throughout the projection period.
The following report comprises of –
Global Automotive Coil Spring Market, By Product
Global Automotive Coil Spring Market, By Application
Global Automotive Coil Spring Market, By Geography
|Market Size||2030: Significant Value|
|CAGR||2022-2030: Substantial CAGR|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and 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||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Rising demand for helical spring in the automotive industry has been assessed to drive the expansion of the automotive coil spring market.
The key players of the automotive coil spring market are Kilen Springs (U.K.), Sogefi Group (Italy), GKN (U.K.), NHK Nasco (U.S.), Draco Spring (U.S.), Betts Spring (U.S.), Mubea (Germany), MSSC (U.S.), Neapco (U.S.), Hyperco (U.S.), Alco (U.S.), and UNI AUTO PARTS (Taiwan).
By type, the segments of the automotive coil spring market are helical coil spring and progressively wound spring.
The application based segments of the automotive coil spring market are four wheelers, two wheeler and heavy vehicles.
Presence of developed economies and an advanced automotive industry is anticipated to boost growth of the automotive coil spring market in Europe.