Automotive Leaf Spring Aftermarket is Likely to reach an estimated value of US$ 1,998.8 million in 2024
The forecast of the market size has been segmented by –
Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial Vehicle, Other Vehicles),
Spring Type (Parabolic leaf spring, Multi leaf spring),
Location Type (Front suspension, Rear suspension),
North America (Country Analysis: The USA, Canada, and Mexico)
Europe (Country Analysis: France, Germany, 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)
The objective of this report is to identify the Trend, Forecast, Competitive Analysis, and Growth Opportunity of Automotive Leaf Spring Aftermarket.
Years considered for this report –
base year 2019
trend period 2013 – 2018
forecast period 2019 - 2024
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Automotive Leaf Spring Aftermarket to become US$ 1,998.8 million opportunity
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.
M&HCV expected to remain the growth engine
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.
Multi-leaf spring expected to remain the dominant spring type
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.
Rear suspension expected to be the most dominant segment
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.
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Asia-Pacific expected to be the largest leaf spring aftermarket
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.
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.
The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Major Automotive leafspring companies - Hendrickson International, NHK Springs Co., Ltd., Jamna Auto Industries, Rassini, and Dongfeng Motor Suspension Spring Co., Ltd.
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 on 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
Strategic growth opportunities for the existing and new players
Key success factors.
This report studies the Automotive Leaf Spring Aftermarket, keeping in mind the interest of all the stakeholders across the value chain. The rich quality of insights is outcome of -
Extensive secondary research,
Rigorous primary interviews with more than 10 industry stakeholders across the value chain.
Validation and triangulation of data with Stratview Research’s internal database and statistical tools.
More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.
Stratview Research has several high value market reports in the Automotive industry. Please refer to the following link to browse through our reports:
About Stratview Research
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