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Automotive Coil Spring Market Research Report Information By Application (SUV & MPV), By End User (Commercial Vehicles, Passenger Vehicles) and By Region (North America, Europe, Asia-Pacific, and Rest of the World) –Market Forecast Till 2032

ID: MRFR/AM/0651-HCR | 120 Pages | Author: Swapnil Palwe| June 2024

Automotive Coil Spring Market Overview:

Automotive Coil Spring Market Size was valued at USD 3.7 Billion in 2023. The Automotive Coil Spring market industry is projected to grow from USD 3.86 Billion in 2024 to USD 5.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.02% during the forecast period (2024 - 2032). Growth in the automotive industry, rising demand for comfort and ride quality, technological advancements, vehicle weight reduction initiatives, increased adoption of electric vehicles (EVs), aftermarket demand, regional growth and infrastructure development, safety and compliance regulations, customization and performance upgrades, are the key market drivers enhancing the market growth.

Automotive Coil Spring Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Coil Spring Market Trends

Growth in the automotive industry is driving the market growth

The increase of the automotive coil spring market has been significantly fueled by the expansion of the automobile sector. A significant portion of the world economy is the automotive industry, which annually produces and sells millions of vehicles. The demand for numerous automotive parts, including coil springs, is directly impacted by this industry's continued expansion and development.

The market for coil springs is driven by the expansion of the automotive sector through higher vehicle production and sales. The need for personal mobility increases along with the size of the world's population. An increase in the number of people buying cars is due to rising disposable incomes and rising living standards in developing nations. Technology developments have also increased the availability of autos to a wider spectrum of users. As a result, automakers are constantly working to increase their manufacturing capacities in order to keep up with the rising demand.

Automotive coil springs are a crucial component of a car's suspension system since they give the car strength and stability while assuring a smooth and comfortable ride. The need for superior suspension systems grows along with the number of vehicles built and sold. Given that they are frequently found in both passenger automobiles and commercial vehicles, coil springs play a significant role in this regard. As a result, the expanding automobile industry directly affects the need for coil springs, driving up the expansion of their market.

Along with the expansion of the car industry, consumer demands for better comfort and ride quality have increased. People want a smoother, more comfortable driving experience as they spend more time in their cars. In combination with other suspension parts, coil springs make a substantial contribution to reducing road shocks and vibrations, making the ride more comfortable for passengers. Furthermore, the market for coil springs has been cascaded by technological developments in the automobile sector. In order to improve vehicle performance, safety, and fuel efficiency, manufacturers constantly innovate. As a result, more sophisticated materials and manufacturing processes have been created, which have enhanced coil springs' functionality and design. For example, high-strength steel alloys provide superior durability and fatigue resistance, making them perfect materials for coil spring production. Additionally, while maintaining the structural integrity of coil springs, the use of composite materials has decreased their overall weight.

The emphasis on vehicle weight reduction programs is another component of the automotive industry that has had an impact on the coil spring market. Automakers have been using lightweight materials and enhancing vehicle designs to reduce overall weight in response to growing concerns about fuel efficiency and environmental sustainability. Lighter cars need suspension systems that can accommodate the extra weight while yet giving a comfortable ride. These demands have led to changes in coil spring technology, which has increased demand for cutting-edge, lightweight coil spring designs.

The market for automobile coil springs has grown as electric vehicle (EV) use has increased. Due to the installation of large battery packs, electric vehicles have distinct weight distributions from conventional internal combustion engine vehicles. Because of this, EVs might need coil springs that are specifically made to meet their peculiar suspension requirements, opening up new business potential for coil spring producers. Thus, driving the Automotive Coil Spring market revenue.

Automotive Coil Spring Market Segment Insights:

Automotive Coil Spring Application Insights

The Automotive Coil Spring market segmentation, based on Application, includes SUV & MPV. The SUV segment dominated the market in 2022. Larger vehicles that provide a commanding driving posture, a sense of security, and a comfortable ride are now more popular with consumers. SUVs satisfy these needs and are now more appealing to a wider demographic, which has improved sales and given them market domination.

Figure 1: Automotive Coil Spring Market, by application, 2022 & 2032 (USD Billion)

Automotive Coil Spring Market, by application, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Coil Spring End User Insights

The Automotive Coil Spring market segmentation, based on End User, includes commercial vehicles, passenger vehicles. The commercial vehicles category generated the most income in 2022.The need for last-mile delivery services has increased as a result of the growth of e-commerce and online shopping. Smaller commercial vehicles, such as delivery trucks and vans, are now more necessary than ever to carry products right to customers' doorsteps.

Automotive Coil Spring Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Automotive Coil Spring Market dominated this market in 2022 (45.80%). Numerous Asia-Pacific nations have seen an increase in automobile ownership as a result of urbanization and rising economic levels. The market is growing as a result of a rise in the demand for coil springs and other aftermarket vehicle components. Moreover, China’s Automotive Coil Spring market held the largest market share, and the Indian Automotive Coil Spring market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive Coil Spring Market Share By Region 2022 (USD Billion)

Automotive Coil Spring Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Automotive Coil Spring market accounts for the second-largest market share. Both passenger automobiles and commercial trucks make up a large portion of the vehicles on European roadways. A constant need for replacement parts, such as coil springs, to maintain and repair the fleet of aging cars exists. Further, the German Automotive Coil Spring market held the largest market share, and the UK Automotive Coil Spring market was the fastest growing market in the European region.

The North America Automotive Coil Spring Market is expected to grow at the fastest CAGR from 2023 to 2032. The aftermarket for automotive parts and components is thriving in North America. As a car becomes older, maintenance and replacement parts like coil springs become necessary. The region's overall need for coil springs is supported by the existence of a significant and well-established aftermarket. Further, the U.S. Automotive Coil Spring market held the largest market share, and the Canada Automotive Coil Spring market was the fastest growing market in the North America region.

Automotive Coil Spring Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Automotive Coil Spring market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Automotive Coil Spring industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Automotive Coil Spring industry to benefit clients and increase the market sector. In recent years, the Automotive Coil Spring industry has offered some of the most significant advantages to medicine. Major players in the Automotive Coil Spring market, including 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) and others, are attempting to increase market demand by investing in research and development operations.

The automotive sector receives parts from Sogefi SpA (Sogefi), a CIG Group affiliate. For both the original equipment and aftermarket channels, it develops air intake and engine cooling systems, flexible suspension components, and engine and cabin filtration systems. The company serves clients in the railroad, industrial, and agricultural sectors as well as major manufacturers of cars, trucks, and earthmoving equipment. In the USA, France, China, India, and other countries, it has facilities for research and development. The company operates production facilities all around the world and has offices in France and Italy. The Sogefi corporate office is located in Milan, Lombardy, Italy.

GKN Aerospace Services Ltd (GKN Aerospace), a division of GKN Ltd, designs, develops, manufactures, and provides electrical wiring systems, aftermarket services, and engine and airframe structures for the aerospace industry. Among the company's product lines are compressors, wing structures, blades, and vanes, wiring and connection systems, landing gear systems, fuselage structures, tanks, and RM12 engines. Additionally, it offers engine, aero structure, fan blade repair, landing gear, flotation and tank, maintenance and overhaul, and aftermarket services for transparent materials. Commercial, military, and aerospace industries all employ GKN Aerospace products. The company operates in the Americas, Europe, Asia-Pacific, and Africa. The corporate offices of GKN Aerospace are located in Solihull, United Kingdom.

Key Companies in the Automotive Coil Spring market include

  • 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)

Automotive Coil Spring Industry Developments

The Citroen Basalt Vision, an SUV coupe, is anticipated to be released in the latter part of 2024. It is rumored to compete with the forthcoming Tata Curvv and the Maruti Suzuki Ciaz in its category. The anticipated specifications of this Citroen vehicle include a 1.2-liter turbocharged gasoline engine, which is also utilized in the C3 Aircross model. The peak power and torque outputs will also be comparable to those of the current Aircross variant. For power transmission, it should offer both five-speed and six-speed manual and automated gearbox options. The Basalt Vision is equipped with a MacPherson strut front suspension featuring a coil spring. At the back, it will feature a twist beam suspension with a coil spring. The wheels will be made of alloys, and the braking system will consist of all disc brakes. The sleek Daytime Running Lights (DRLs) add to the sophistication by being linked by a chrome piece that also forms the brand emblem. Furthermore, the roof has a distinct black color, the rear-view mirrors seamlessly incorporate blinkers, and the window surrounds are likewise adorned in black. The back of the coupe features expansive and fashionable tail lamps, as well as a sturdy lower bumper. November 2022: Automobiles Lamborghini is preparing to introduce its inaugural off-road supercar, the Huracan Sterrato. The Sterrato will be equipped with Lamborghini's enduring V10 gasoline engine. The power output of the all-terrain Huracan Sterrato is expected to range from 522 horsepower to 632 horsepower, depending on the engine specifications selected by Lamborghini. Lamborghini will formally disclose the performance specifications at its launch event in Miami in November. The design of the Huracan Sterrato includes side body claddings, a set of LED fog lamps, roof rails, and a roof-mounted snorkel. The Huracan Sterrato is not a fully dedicated off-roader, since Lamborghini has emphasized that it is designed as an all-terrain vehicle specifically suited for navigating loose dirt conditions. The Huracan Sterrato, as depicted in the teaser photographs released by Lamborghini, showcases a matte green color that is further accentuated by the contrasting black side cladding.

May 2015: Smalley set the wave springs into motion. They outperform coil springs in terms of 50% smaller spring size, equal coil spring work force, and smaller spring cavity, which lowers material costs and, in turn, lowers production costs.

Automotive Coil Spring Market Segmentation:

Automotive Coil Spring Application Outlook

  • SUV

  • MPV

Automotive Coil Spring End User Outlook

  • commercial vehicles

  • passenger

  • vehicles

Automotive Coil Spring Regional Outlook

  • North America

    • US.

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 3.7 Billion
Market Size 2024 USD 3.86 Billion
Market Size 2032 USD 5.3 Billion
Compound Annual Growth Rate (CAGR) 4.02% (2024-2032)
Base Year 2023
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, End User, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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 A rise in the use of helical springs in the automotive sector.
Key Market Dynamics Rising need for high-quality products in the automobile industry.

Frequently Asked Questions (FAQ) :

The Automotive Coil Spring market size was valued at USD 3.6 Billion in 2022.

The global market is projected to grow at a CAGR of 4.02% during the forecast period, 2024-2032.

Asia-Pacific had the largest share in the global market

The key players in the market are 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).

The SUV category dominated the market in 2022.

The commercial vehicles had the largest share in the global market.

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