Automotive Leaf Spring Market Size to reach US$ 5.8 billion by 2024

The market for automotive leaf springs is set to reach an estimated value of US$ 5.8 billion in 2024, witnessing a healthy growth in the coming years., according to a newly added report by Stratview Research. Several factors are bolstering the demand for leaf springs among which, rising production of LCVs and MHCVs is the biggest growth driver. Other noticeable driving factors are advancements in the leaf spring technology, such as parabolic leaf springs; greater demand for lightweight springs, especially composite leaf springs; and rising automotive fleet.

The major leaf spring manufacturers are strategically focusing on the development of advanced leaf springs in order to retain the leading position in this fiercely competitive market. For instance; metal leaf spring manufacturers are advancing their product portfolio by introducing parabolic springs, whereas composite leaf spring manufacturers are trying to develop composite leaf springs for heavy-duty commercial vehicles.
Weight reduction is one of the mega trends in the automotive industry. It can be achieved primarily through the introduction of better materials, design optimization, and better manufacturing processes. Selection of any material for an application is based on the relative cost as well as the strength of the material. There are several advanced materials available with light-weighting advantage. Composite materials are one of them with elastic strain energy, better fatigue resistance, and higher strength-to-weight ratio compared to steel. It provides significant weight reduction with adequate improvement in the mechanical properties and is one of the best replacement materials for conventional steel.

The report offers detailed insights in relevant market segments, their growth rates, latest market trends, forecasts, and other important details. The market has been segmented in seven ways and the report has more than 150 figures and tables providing the most comprehensive information about the market segments and their growth prospects for the forecast period of 2019-2024.

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As per the report, among different vehicle types, MHCV dominates the market in terms of value and is likely to maintain its dominance in the coming five years as well. Large production base of MHCVs coupled with high penetration of leaf springs in MHCVs and large MHCV fleet are the key whys and wherefores behind the dominance of MHCVs in the market.

Based on the material type, the market is segmented into steel springs and composite leaf springs. Steel leaf spring is expected to remain the larger spring type in the next five years; however, composite spring is likely to witness the higher growth for the same period. Composite springs offer excellent strength-to-weight ratio, fatigue resistance, and natural frequency and are about five times more durable than a steel spring. Internal damping in the composite materials leads to excellent absorption of vibration energy within the parts, resulting in, a reduced transmission of vibration noise to the neighboring structures.

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Asia-Pacific is expected to remain the largest market for leaf springs in the foreseen future, because of increasing production of MHCVs in the developing Asian economies, such as China and India. China, Japan, and South Korea are likely to remain the major markets in the region; however, India is likely to be the new growth engine of the region’s market in the coming five years. Several automakers are eyeing on the Indian market and have huge plans to open manufacturing plants in the country in order to leverage the benefits offered by the government under several manufacturing boost initiatives, such as Make in India.

Europe and North America, other major markets, are also likely to have a positive outlook in the coming five years. The USA and Mexico are likely to be the major markets in North America, whereas Russia, Germany, and France are the major markets in Europe.

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The report further mentions about the key manufacturing players Rassini, Hendrickson, Jamna Auto Industries, Dongfeng Motors, and IFC Composite. who are emerging fast and their roles in the growing market. It also portraits the important mergers, acquisitions, and other current happenings in the automotive leaf spring market that can be helpful for the interested clients in analysing the market and taking right decisions accordingly.

Salient Features of the Report
The report on automotive leaf spring market is a well-researched work after analysing of various data from different reliable sources. The report included some of the salient features such as:
• Market structure,
• Market environment analysis,
• Market trend and forecast analysis,
• Market segment trend and forecast,
• Competitive landscape and dynamics,
• Attractive market segments and associated growth opportunities,
• Emerging trends,
• Strategic growth opportunities for the existing and new players,
• Key success factors

About Stratview Research:
Stratview Research is a global research company offering custom research and marker research reports for interested client in different sectors such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Healthcare & Life Sciences, and Oil & Gas. All the reports generated are based on proper data collected from reliable sources and are scrutinized carefully before releasing so that the interested clients and companies can make the most out of it.

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Stratview Research
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About Stratview Research
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This release was published on openPR.