Driven by the Increasing automotive fleet size, Automotive Leaf Spring Aftermarket is expected to grow beyond US$ 1,998.8 million

Market & Growth Prognosis: Analyzing the market over a period of 2013-18, Stratview Research goes to the crux of the issues shaping the market and estimates the most probable future growth rate for the Automotive Leaf Spring Aftermarket during the period 2019-24.

Stratview Research triangulates the market to grow at a healthy CAGR over the next five years and expects the market to breach the barrier of US$ 1,998.8 million by 2024.

The Diverse Stand Points

The true picture of the market shall not emerge till the time the market is analyzed from various point of views. Each vantage point gives better understanding of the market. The aftermarket of Automotive Leaf Spring has been viewing from various perspectives such as:

Dissection By (Segments)

1. Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial Vehicle, Other Vehicles)
2. Spring Type (Parabolic Leaf Spring, Multi-Leaf Spring)
3. Location Type (Front Suspension, Rear Suspension)
4. By Region (North America, Europe, Asia-Pacific and Rest of the World)

Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.

The answers to the prominent questions which are evinced out of above slicing of the market are:
● Which are the best performing segments of the market?
● Which is the most dominant region?
● Which material is the most promising?
● Who are the movers and shakers of the market?
● What are the regional growth hotspots?
● What are the segmental growth forecasts?

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The Factors Driving the market

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 rise of M&HCV & Multi-leaf spring

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.

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.

Driven by demand, Asia-Pacific has the hegemony over the market

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.

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