Automotive Leaf Spring Aftermarket estimated to grow at impressive CAGR in the forecast period (2019-2024)

Summary:
The report on the Automotive Leaf Spring Aftermarket has been launched in Nov,2018 by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2019-2024. The report also offers insights into different market segments and other factors affecting the market.

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Stratview Research’s report states about the segment-wise current market condition, and also offers an estimation about future growths. The report has been generated after accumulating data from various authenticated sources such as journals, white papers, fact book, etc. As per the estimation, Automotive Leaf Spring Aftermarket is expected to inflate at impressive CAGR by the forecast period (2019 – 2024).

As per the report, the market is segmented by:
• By Vehicle Type: Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Commercial vehicle, Other vehicles
• By Spring Type: Parabolic Leaf Spring, Multi-Leaf Spring
• By Location Type: Front Suspension, Rear Suspension
• By Region: North America, Europe, Asia-Pacific and Rest of the World
The Table of Contents can be gone through here:
https://www.stratviewresearch.com/toc/454/automotive-leaf-spring-aftermarket.html

Highlights of the Report:

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.

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.

Key Players of the Market

The market is consolidated in nature with five major players Dongfeng Motor Suspension Spring Co., Ltd., Emco Industries, FAW Group Corporation, Hendrickson International, Jamna Auto Industries holding together the major share in the market, with Dongfeng Motor Suspension Spring Co., Ltd being the key player.
Other important firms are NHK Springs Co., Ltd., Rassini.

Features of the Report

The Report discusses about the working of the Leaf Spring, the various types, and the growth of the Leaf spring in the global market. Here are the key features of the report:
• Strategic Segmentation
• Competitive Analysis
• Strategic Growth Opportunities
• Swot Analysis
• Key Players
• Forecast Analysis & Future Growth

For inquiries, Contact:
Ritesh Gandecha
Stratview Research
E-mail: sales@stratviewresearch.com
Direct: +1-313-307-4176

400 Renaissance Center, Suite 2600, Detroit, Michigan, MI 48243 United States of America

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This release was published on openPR.