Automotive Leaf Spring Aftermarket to reach an estimated value of US$ 1,998.8 million in 2024

Stratview Research announces the launch of a new research report on Automotive Leaf Spring Aftermarket by Vehicle Type (Passenger Car, LCV, M&HCV, and Others), by Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), by Location Type (Front Suspension and Rear Suspension), and by Region (North America, Europe, Asia-Pacific, and Rest of World) Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024

This report, from Stratview Research, studies the leaf spring aftermarket in the automotive industry over the trend period from 2013 to 2018 and the forecast period from 2019 to 2024 in terms of both value and units. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

Automotive Leaf Spring Aftermarket: Highlights
Leaf spring is one of the oldest suspension components and is still being preferred in most of the LCVs and MHCVs. Over the eons, the automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. Leaf spring has to be replaced frequently, generally in 9-12 months, due to the damages like sag, break, and crack, caused by several factors including uneven road and excess load on the vehicle.

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As per the Stratview Research, The global automotive leaf spring aftermarket is likely to witness a healthy growth rate over the next five years to reach an estimated value of US$ 1,998.8 million in 2024. Increasing automotive fleet size is the key driver of the leaf spring aftermarket in the automotive industry. Organic growth in automobile production, owing to increasing disposable income and growing urbanization, is also imprinting a positive impact on the future demand for leaf springs in the aftermarket segment in the automotive industry.

The global leaf spring aftermarket is segmented based on the vehicle type as Passenger Car, LCV, M&HCV, and Other Vehicles. M&HCV is expected to remain the growth engine of the aftermarket during the forecast period, owing to a higher penetration of leaf springs in the MHCV segment. Also, there is a more frequent replacement of leaf springs in the vehicle type due to carrying higher loads.

Based on the spring type, the aftermarket is segmented as parabolic leaf spring and multi-leaf spring. Multi-leaf spring is expected to remain the dominant spring type in the aftermarket during the forecast period, whereas parabolic leaf spring is expected to experience a higher growth during the same period.

Based on the location type, the aftermarket is segmented as front suspension and rear suspension. The rear suspension is expected to remain the most dominant segment of the aftermarket during the forecast period. High penetration of leaf spring in the rear suspension of LCV, M&HCV, and trailers drives a higher replacement demand for leaf springs. Both front and rear leaf suspension are expected to experience similar growth rates with a marginal difference over the next five years.

In terms of regions, Asia-Pacific is expected to remain the largest leaf spring aftermarket during the forecast period, owing to an increased vehicle production and growing fleet size, which, in turn, is driving the demand for leaf springs in the region over the next five years. The region is likely to experience an impressive growth during the same period. China and India are the growth engines of the Asia-Pacific’s aftermarket for leaf springs.

The global automotive leaf spring aftermarket is highly fragmented with the presence of many global as well as regional players. The automotive OE market for leaf spring is relatively consolidated with the presence of fewer regional players. The supply chain of this market comprises raw material suppliers, leaf spring manufacturers, automotive OEMs, distributors, and dealers. The key automotive leaf spring suppliers for the aftermarket are Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd. These companies are also present in the OE segment. Development of low-cost leaf springs and formation of strategic alliances with OEMs are the key strategies adopted by the key players to gain a competitive edge in the market.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

The global automotive leaf spring aftermarket is segmented into the following categories.

Automotive Leaf Spring Aftermarket, By Vehicle Type
• Passenger Car (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Light Commercial Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Medium- & Heavy-Duty Commercial Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Other Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Leaf Spring Aftermarket, By Spring Type
• Parabolic Leaf Spring (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Multi-Leaf Spring (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Leaf Spring Aftermarket, By Location Type
• Front Suspension (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Rear Suspension (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Automotive Leaf Spring Aftermarket, By Region
• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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This release was published on openPR.