Leaf Spring Aftermarket in automotive industry is Likely to Reach US$ 1,998.8 million Over the Next Five Years

Launching announcement of a new research report on Automotive Leaf Spring Aftermarket which is projected to reach US$ 1,998.8 million by 2024 - forecasted by Stratview Research. The study provides an in-depth analysis 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.

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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. The automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. over a period of time. 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.

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 demand. 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.

The 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 segment. Also, there is a frequent replacement of leaf springs in M&HCV due to higher loads carried by the vehicle.

Based on the spring type, the market 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.

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Based on the location type, the market is segmented as front suspension and rear suspension. Rear suspension is expected to remain the most dominant segment 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 region, Asia-Pacific is expected to remain the largest leaf spring aftermarket with an impressive CAGR during the forecast period. An increased vehicle production and growing fleet size would drive the demand for leaf springs in the region over the next five years. 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 major players to gain a competitive edge in the market.

Report Features
The report provides diverse market intelligence with maximum business value. It gives a condemnatory understanding of the market dynamics and enables strategic decision making for the existing market players as well as those willing to enter the market. The key features include the
->industry life cycle and the supply chain analysis of the market structure.
->SWOT analysis, Porter's five forces analysis and Growth Drivers and constraints.
->Market trend and the forecast analysis.
->Forecast of the market segment trend.
->Competitive landscape and dynamics of Market share, product portfolio, product launches, etc.
->Emerging trends of attractive market segments and associated growth opportunities
->Strategic growth opportunities for the existing and new players.

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This release was published on openPR.