Press release
Automotive Leaf Spring Market To Witness A Major Overhaul Between 2017-2025
The automotive leaf spring is one of the important components in an automobile vehicle. The leaf springs are located between the wheels and the body of the automobile. When the wheel passes over a bump, it rises and deflects the spring, thereby storing the energy in the spring. On releasing, due to the elasticity of the spring, it rebounds thereby expanding the stored energy. The increasing demand for automobiles globally is driving the leaf spring market. The leaf springs are mostly used in light, medium and heavy-duty commercial vehicles such as pick-up trucks and vans. Some passenger car manufacturers rely on the implementation of leaf spring technology for better suspension. The leaf spring is experiencing a demand from both, OEM market and after-sales replacement market as they often need replacement.
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Automotive Leaf Springs Market: Drivers and Restraints
The growth of Automotive Leaf Springs market is dependent on the rise in the automotive sector. The global automotive sector is growing rapidly which is driving the demand for automotive leaf springs. The demand for leaf springs from OEM is directly proportional to the production of light, medium and heavy commercial vehicles. The increasing disposable income, economic growth, growing industrial activity and commercial business is resulting in the increased production of light, medium and heavy commercial vehicles.
The economic turmoil, political uncertainty and civil wars in MEA region are expected to disturb the growth of automobile industry in this region. These factors are projected to act as a restraint on the growth of automotive leaf springs market. However, as the global automotive market is optimistic in nature, is expected to grow over the forecast period.
Automotive Leaf Springs Market: Segmentation
On the basis of Vehicle Type, Automotive Leaf Springs market is segmented into:
Passenger Car
Light Duty Vehicles
Medium and Heavy Duty Vehicles
Others
On the basis of Material Type, Automotive Leaf Springs market is segmented into:
Metals
Composite Material
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On the basis of Spring Type, Automotive Leaf Springs market is segmented into:
Mono Leaf Spring
Multi Leaf Spring
On the basis of Manufacturing Processes, Automotive Leaf Springs market is segmented into:
Shot Peening
Prepreg Layup
Others
Automotive Leaf Springs Market: Region Wise Outlook
The global Automotive Leaf Springs Market is segmented into the seven key regions: North America, Latin America, Western Europe, and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). The global automotive leaf spring market is expected to register healthy CAGR over the forecast period. The Western Europe region is expected to account for the largest market share in terms of value as many key manufacturers are located in this region. The technological development in Western Europe region is expected to create significant opportunities in automotive leaf springs market over the forecast period. The APEJ region is expected to grow at a significantly CAGR during the forecast period. The availability of labor and other necessary resources at the low price in APEJ region is expected to drive the automotive leaf springs market over the forecast period. Japan has a large number of automotive manufacturers which are projected to create demand for automotive leaf springs over the forecast period. Latin America and MEA regions are experiencing a steady growth in automotive leaf spring market.
Automotive Leaf Springs Market: Key Players
Automotive Leaf Springs market has several global players, some of the major stakeholders among them include
Rassini
Hendrickson USA, L.L.C
Jamna Auto Industries Limited
Dongfeng Motor Corporation
NHK Spring Co. Ltd
Pontiac Ventura
IFC Composite GmbH
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