The Clutch Spring Wire Market Is Expected To Rise Year Over Year Basis Due To The Rise In Demand By 2031

The Clutch Spring Wires industry is looking forward to 2021 with a sense of optimism. In 2020, Clutch Spring Wires sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.

Clutch Spring Wires Market: Key Players
Suzuki Garphyttan
KIS Wire
Kobe Steel Ltd.
POSCO
N.V. Bekaert S.A.
China Baowu Steel Group Corp., Ltd.
Haina Special Steel
American Spring Wire Corporation
Nippon Steel SG Wire Co. Ltd.
Pengg Austria GmbH
Neturen America Corporation
Zhengzhou Sinosteel

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Clutch Spring Wires Market: Segmentation
The Clutch Spring Wires market can be segmented based on material type, by clutch spring type, and by vehicle type.

Based on the material type, the prominent segments of Clutch Spring Wires are identified as:
Alloy Steel
Stainless Steel
Aluminium
Based on the clutch spring wires type, the prominent segments of Clutch Spring Wires are identified as:
Diaphragm Spring
Central Spring
Based on the vehicle type, the prominent segments of Clutch Spring Wires are identified as:
Light Commercial Vehicle
Heavy Commercial Vehicle
Heavy Trucks
Buses & Coaches
Passenger Car
Compact
Mid-Sized
SUV
Luxury vehicles

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US Clutch Spring Wires Industry Set to Recover in 2021
In 2019, US Clutch Spring Wires sales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.

However, Clutch Spring Wires sales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.

As per early success of vaccine inoculation and consumer receptivity toward online sales, it is highly likely that 2021 will be a better year for sales. Total Clutch Spring Wires sales in US are likely to be in the range of 15.5 million to 16 million.

Europe Clutch Spring Wires Market Players Can Benefit from Foreign Exports
The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.

As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.

While the domestic Clutch Spring Wires demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.

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China will Further its Lead as World's Largest Clutch Spring Wires Market
The Clutch Spring Wires industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.

China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.

China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.

Indian Clutch Spring Wires Outlook Subdued by COVID-19 Resurgence
The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.

The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.

Key Long-term Trends
Overall, the Clutch Spring Wires industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Clutch Spring Wires market in the long run. These include,

Clutch Spring Wires digital retail
Clutch Spring Wires digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe

Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.

Electric vehicle sales will continue unabated
The sales of electric vehicles have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.

For More Insights

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