Automotive Clock Spring Market is likely to reach US$3.8 bn by the end of 2025, exhibiting a CAGR of 4.63%

An automotive clock spring is installed in the steering wheel of the vehicle. The spring retracts and expands inside the steering wheel when steering wheel moves. The primary function of the clock spring is to maintain electric connections of the airbag unit, steering mounted controls such as radio, cruise control, horn, and other entertainment functions, which are mounted on the steering wheel. It maintains electric connections during steering wheel movement and provides important assistance to the driver. The material utilized for clock spring is carbon steel, stainless steel, and copper alloys owing to their advantage over the other materials.

Increase in demand for steering mounted controls, government emphasis on passenger’s safety, rise in demand for passenger vehicles and light commercial vehicle and demand for safety features these factors are likely to drive the market of automotive clock spring in forecast period. However, development in the field of autonomous vehicle, change in technology in cars, and improper centering process. These factors are likely to hamper the growth of automotive clock spring market in forecast period.

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Constituting Leading Share Passenger Vehicle Segment Emerges Dominant

The automotive clock spring market has been segmented based on two categories, which are vehicle type, and region. By vehicle type, the automotive clock spring market has been segregated into passenger vehicle and commercial vehicle (light commercial vehicle, heavy commercial vehicle, and buses & coaches). In terms of revenue, the passenger vehicle segment constituted more than 77.67% market share in 2016.

Demand for passenger vehicle is continuously increasing owing to rapid urbanization, increased disposable income, and growing commute and miles globally. Rapid industrialization, and growing construction industry in developing region would drive the market of commercial vehicle in forecast period.

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Regulations Implemented to Improve Passenger Safety Push North America to Global Market’s fore

In terms of region, the clock spring market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2016, North America dominated the clock spring market. In this region for safety of passengers’ government mandated the airbag for light vehicles owing to this consumption of clock spring is high in this region and it is expected to remain high during forecast period.

Regulatory bodies in most countries are implementing passenger safety norms, and have made installations of airbag in all types of vehicles mandatory. Government of Brazil mandated basic safety feature for vehicle in their region from January 2014. In that features vehicle must require airbag and seat belts.

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Key players in the automotive clock spring market are expected to benefit from the formation of strategic alliances with global players in the automotive clock spring market. Prominent players in the automotive clock spring market are Angotan Auto Parts, Spring Works Utah Inc., Draco Spring Mfg. Co., MHC Linkway Auto Parts Limited, Sanwim Auto Parts, Jinzhou Jinheng Automotive Safety System Co., Ltd, Nardrun Electronic Technology Co., Ltd and others.

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