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Clutch Spring Wires Market 2024 - Industry Size, Future Insights, Growth Drivers And Top Players
Clutch Spring Wires Market
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According to The Business Research Company's, The clutch spring wires market size has grown strongly in recent years. It will grow from $73.64 billion in 2023 to $80.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to expansion of automotive industry, rapid urbanization, rising disposable incomes, demand for vehicles increases, and expansion of electric vehicle production.
The clutch spring wires market size is expected to see strong growth in the next few years. It will grow to $114.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising commercial vehicle production, rising focus on vehicle safety and comfort, stringent emission and fuel efficiency standards, growing automotive aftermarket services, and increasing vehicle ownership. Major trends in the forecast period include advancing with innovative alloys such as silicon-chrome steel, advanced manufacturing techniques, technologies focus on optimizing wire drawing and heat treatment processes, product innovations, and innovative high-performance clutch systems.
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Market Drivers and Trends:
The increasing demand for commercial vehicles is expected to propel the growth of the clutch spring wires market going forward. Commercial vehicles are motor vehicles designed and used for transporting goods or passengers for commercial purposes. The demand for commercial vehicles is due to public transportation needs, logistics, supply chain distribution, and infrastructure development. Clutch spring wires support smooth clutch operation and durability, which help lower vehicle emissions and support environmental compliance and sustainability goals. For instance, in 2023, according to the International Organization of Automobile Manufacturers, a France-based trade association, the global production of light commercial vehicles increased from 19.71 million units in 2022 to 21.44 million units in 2023. Therefore, the increasing demand for commercial vehicles drives the clutch spring wires market.
Major companies operating in the clutch spring wires market are focused on developing innovative products, such as diaphragm spring clutches, to enhance performance, improve durability, and support the growing demands of modern commercial and passenger vehicles. A diaphragm spring clutch is a sophisticated clutch system that leverages the unique properties of a diaphragm-shaped spring to deliver efficient and reliable clutch operation. For instance, in May 2021, Eaton Corporation, an Ireland-based power management company, launched the 430-millimeter diaphragm spring clutch portfolio for global heavy-duty commercial vehicles. The 430-millimeter diaphragm spring clutch range incorporates advanced technologies for enhanced durability, extended operational life, and improved noise, vibration, and harshness (NVH) performance. These new diaphragm spring clutches come in various actuation styles and damper sizes.
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Major Key Players of the Market:
Jiangsu Shagang Group, Tata Steel, Aisin Corporation, Valeo , Eaton Corporation PLC, Schaeffler AG, BorgWarner Inc., Sumitomo Metal Industries, N.V. Bekaert, NHK Spring Co.Ltd., Allison Transmission Holdings Inc., Zhengzhou Sinosteel Corp, Exedy Corporation, KIS Wire Ltd., Suncall Corporation, Suzuki Garphyttan Group, ZF Friedrichshafen AG, WABCO Holdings Inc., Acxess Spring, Vesrah Company Inc.
Clutch Spring Wires Market 2024 Key Insights:
• The clutch spring wires market size is expected to see strong growth in the next few years. It will grow to $114.55 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Rising Commercial Vehicle Production Boosts Demand For Clutch Spring Wires
• Eaton's New Diaphragm Spring Clutches Set To Optimize Heavy-Duty Vehicle Performance
• North America was the largest region in the clutch spring wires market in 2023
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