Automotive Leaf Spring Market Opportunities 2031
The automotive leaf spring market is expected to register a CAGR of 3.9% during 2023–2031. The growing adoption of large commercial vehicles is one of the major trends in the automotive leaf spring market.
Automotive Leaf Spring Market Analysis
- The growing commercial vehicle industry is one of the vital factors fuelling the automotive leaf spring market expansion.
- The global boom in the e-commerce and logistics sectors has witnessed a dramatic rise in the demand for commercial vehicles such as trucks and trailers. Such commercial vehicles need a sturdy suspension system to handle the heavy loads and provide stability. Owing to its characteristic of distributing weight uniformly and offering enhanced stability, leaf springs are used abundantly in commercial vehicles, thereby catalysing the automotive leaf spring market growth.
Automotive Leaf Spring Market Overview
- The global Automotive leaf spring market has emerged as one of the most lucrative markets in the last few years owing to the high demand of the commercial vehicles, coupled with the increased focus on improving the ride quality of the vehicles. Automotive leaf spring is one of the most important parts of the suspensions.
- The use of leaf springs has increased in the automobile industry vehicles are getting lightened because it reduces emissions and give more elegance of mileage, the leaf springs made up of composite material and not such heavier than old suspension devices so in future passenger cars the leaves are used. This also ensured light weight and fast automotive means which ensure to lift the market boom.
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Automotive Leaf Spring Market: Strategic Insights
Automotive Leaf Spring Market
-
CAGR (2023 - 2031)
3.9%
-
Market Size 2023
US$ XX Million
-
Market Size 2031
US$ XX Million
Market Dynamics
GROWTH DRIVERS
- The increasing sales of passenger and commercial vehicles
FUTURE TRENDS
- The growing adoption of large commercial vehicles
OPPORTUNITIES
- Higher Adoption of Lightweight Material
Key Players
- Hendrickson USA LLC
- Emco Industries
- SGL Group SE
- Mack Springs
- Sogefi SpA
- IFC Composite GmbH
- Frauenthal Group
- Mitsubishi Steel Mfg Co Ltd
- Eaton
- NHK Spring Co Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Number of Plates
- Multi Leaf Springs and Mono Leaf Springs
Vehicle Type
- Passenger Vehicle and Commercial Vehicle
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Automotive Leaf Spring Market: Strategic Insights
-
CAGR (2023 - 2031)3.9% -
Market Size 2023
US$ XX Million -
Market Size 2031
US$ XX Million
Market Dynamics
- The increasing sales of passenger and commercial vehicles
- The growing adoption of large commercial vehicles
- Higher Adoption of Lightweight Material
Key Players
- Hendrickson USA LLC
- Emco Industries
- SGL Group SE
- Mack Springs
- Sogefi SpA
- IFC Composite GmbH
- Frauenthal Group
- Mitsubishi Steel Mfg Co Ltd
- Eaton
- NHK Spring Co Ltd
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Multi Leaf Springs and Mono Leaf Springs
- Passenger Vehicle and Commercial Vehicle
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automotive Leaf Spring Market Drivers and Opportunities
Growing Adoption of Passenger Cars and Commercial Vehicles
- Overall, the automotive leaf spring market is increasing at a significant rate due to a higher rate of passenger cars and commercial vehicles. Moreover, the demand for lightweight vehicles as well as growth in manufacturing technologies is also supporting the growth of automotive leaf springs market.
- According to the OICA data, the global passenger vehicle sales was around 57.27 million units in 2021 that further reached to around 65.27 million units in 2023.
- Similarly, according to the OICA data, the global overall vehicle sales was around 83.64 million units in 2021 that further reached to around 92.72 million units in 2023. These figures include passenger as well as commercial vehicles in total.
Higher Adoption of Lightweight Material
- Adoption of advanced composite material like fiberglass, reinforced plastic to reduced weight, stiffness and improve vehicle durability compared to the traditional steel springs.
- The growth is driven by increasing demand of lightweight vehicle according to Department of Energy the advanced material reduces 10% of vehicle weight which can result in 6%-8% fuel because it takes less energy to accelerate lighter object.
Automotive Leaf Spring Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive leaf spring market analysis are number of plates and vehicle type.
- Based on number of plates, the automotive leaf spring market is divided into multi leaf springs and mono leaf springs.
- On the basis of vehicle type, the market is divided into passenger vehicle and commercial vehicle.
Automotive Leaf Spring Market Share Analysis by Geography
- Automotive Leaf Spring Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive leaf spring market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive leaf spring market in these regions.
Automotive Leaf Spring Market Report Scope
Report Attribute | Details |
---|---|
Market size in 2023 | US$ XX Million |
Market Size by 2031 | US$ XX Million |
Global CAGR (2023 - 2031) | 3.9% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Number of Plates
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Automotive Leaf Spring Market News and Recent Developments
The automotive leaf spring market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive leaf spring market are listed below:
- Hendrickson Truck Commercial Vehicle Systems announces its lightest weight 46,000 lb. capacity rear air suspension, ROADMAAX Z. Hendrickson’s ROADMAAX Z rear air suspension system provides excellent on- and off-highway performance, ride quality, and cargo protection for demanding applications. (Source: Hendrickson, Company Website, March 2024)
- Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced that it completed the acquisition of Dayton Parts (“Dayton”) for a total cash consideration of approximately $338 million, subject to customary purchase price adjustments. (Source: Dorman Products Inc, Company Website, August 2021)
Automotive Leaf Spring Market Report Coverage and Deliverables
The “Automotive Leaf Spring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive leaf spring market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive leaf spring market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST analysis
- Automotive leaf spring market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive leaf spring market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the automotive leaf spring market are Hendrickson USA LLC, Emco Industries, SGL Group SE, Mack Springs, Sogefi SpA, IFC Composite GmbH, Frauenthal Group, Mitsubishi Steel Mfg Co Ltd, Eaton, and NHK Spring Co Ltd.
The growing adoption of large commercial vehicles in the global automotive leaf spring market in the coming years.
The global automotive leaf spring market is expected to grow at a CAGR of 3.9% during the forecast period 2023 - 2031.
The increasing sales of passenger and commercial vehicles is one of the major factors driving the automotive leaf spring market.
The List of Companies
1. Chuo Spring Co., Ltd.
2. EATON Detroit Spring, Inc.
3. EMCO Industries
4. Jamna Auto Industries Ltd.
5. MackSprings
6. MAPCO Autotechnik GmbH
7. MITSUBISHI STEEL MFG. CO., LTD.
8. NHK SPRING Co.,Ltd.
9. Roc Springs
10. Sogefi SpA