Automotive Coil Spring Market Set to Reach US$15.98 Bn by 2031, Recording a CAGR of 4.9% | Persistence Market Research

The global automotive coil spring market is on a steady growth path, projected to rise from US$11.43 Bn in 2024 to US$15.98 Bn by 2031, according to Persistence Market Research. This growth translates to a compound annual growth rate (CAGR) of 4.9% over the forecast period of 2024 to 2031. Rising demand for advanced suspension systems and the global increase in vehicle production are key contributors driving this market forward.

Automotive coil springs are essential components in vehicle suspension systems, providing stability, comfort, and improved handling. These springs are increasingly being adopted in both passenger and commercial vehicles, particularly in light of the expanding electric vehicle (EV) landscape. The passenger vehicle segment leads the market, driven by consumer preference for enhanced ride quality and safety. Asia Pacific remains the dominant region, with high vehicle production volumes, technological advancements, and the presence of several major automotive OEMs.

Elevate your business with comprehensive market data. Request a sample report now: https://www.persistencemarketresearch.com/samples/34883

✅Key Highlights from the Report:

➤ The automotive coil spring market is projected to grow at a CAGR of 4.9% from 2024 to 2031.
➤ Market value expected to rise from US$11.43 Bn in 2024 to US$15.98 Bn by 2031.
➤ Passenger vehicle segment holds the largest market share among all vehicle types.
➤ Asia Pacific region continues to dominate the global market landscape.
➤ Increasing focus on vehicle safety and comfort is fueling demand for advanced suspension systems.
➤ Replacement and aftermarket services are emerging as a lucrative segment.

📊Market Segmentation:

The automotive coil spring market is segmented by product type into compression springs, extension springs, and torsion springs. Among these, compression springs dominate, owing to their wide usage in suspension systems across both passenger and commercial vehicles. These springs are favored for their ability to absorb shock and deliver better control and stability, crucial for modern automotive performance standards.

By vehicle type, the market is categorized into passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Passenger vehicles account for the largest share, driven by the growing production of sedans, hatchbacks, and SUVs globally. With increasing consumer focus on comfort, coil springs are being integrated into advanced suspension setups, especially in mid-range and premium vehicles.

📊Regional Insights:

Asia Pacific remains the most dominant region in the automotive coil spring market. Countries like China, India, Japan, and South Korea are leading due to their large-scale automotive manufacturing capabilities and significant domestic consumption. The region benefits from increasing disposable incomes, a burgeoning middle class, and supportive government policies.

In North America and Europe, the market shows steady growth, fueled by technological innovations and a robust aftermarket industry. These regions emphasize sustainability and performance, contributing to increased adoption of high-performance suspension systems in electric and hybrid vehicles.

Market Drivers

A key market driver is the rising demand for passenger and electric vehicles globally, which inherently boosts the need for reliable and efficient suspension systems like coil springs. Manufacturers are increasingly incorporating coil springs into newer vehicle platforms to enhance comfort and performance, which directly supports market expansion.

Market Restraints

One significant restraint is the growing popularity of alternative suspension technologies, such as air suspension and active damping systems. These advanced systems, while offering superior performance, may reduce the reliance on traditional coil springs, particularly in luxury and high-end vehicles.

Market Opportunities

Despite challenges, opportunities abound, especially in the aftermarket and replacement sectors. Aging vehicle fleets in developed economies and the need for routine suspension maintenance offer a strong business avenue. Additionally, increasing penetration of EVs opens doors for new suspension technologies, with coil springs being re-engineered for lighter, more efficient applications.

Elevate your business with comprehensive market data. Request a sample report now: https://www.persistencemarketresearch.com/samples/34883

👉Frequently Asked Questions (FAQs):

➤How Big is the Automotive Coil Spring Market in 2024?
➤Who are the Key Players in the Global Automotive Coil Spring Market?
➤What is the Projected Growth Rate of the Automotive Coil Spring Market?
➤What is the Market Forecast for the Automotive Coil Spring Market for 2031?
➤Which Region is Estimated to Dominate the Automotive Coil Spring Industry through the Forecast Period?

📌Key Players

The automotive coil spring market is moderately consolidated with several key players competing in both global and regional markets. Prominent companies include:

✦ NHK Spring Co., Ltd.
✦ Mubea Fahrwerksfedern GmbH
✦ Lesjöfors AB
✦ Sogefi S.p.A.
✦ Kilen Springs
✦ Duer/Carolina Coil Inc.
✦ Thyssenkrupp AG
✦ Hendrickson USA LLC
✦ Eibach Federn GmbH
✦ Mitsubishi Steel Mfg. Co., Ltd.

■ NHK Spring Co., Ltd. recently expanded its manufacturing operations in Asia to meet the rising demand for suspension components.
■ Lesjöfors AB launched a new range of high-durability coil springs targeting electric vehicles and hybrid platforms.

Final Thoughts

The automotive coil spring market is witnessing notable transformation driven by technological innovations, increased vehicle production, and evolving customer expectations. As the global shift toward electric and hybrid vehicles intensifies, coil springs will continue to play a critical role in ensuring optimal ride quality and performance. The forecast through 2031 presents solid growth potential, especially for manufacturers and investors aligned with industry trends and technological evolution.

This period also represents a strategic window for stakeholders to invest in research, enhance product offerings, and explore untapped regional markets. With consistent innovation and a growing emphasis on vehicle safety and comfort, the automotive coil spring market is geared for sustainable growth in the coming years.

☎️ Contact Us:

Persistence Market Research
G04 Golden Mile House, Clayponds Lane
Brentford, London, TW8 0GU UK
USA Phone: +1 646-878-6329
UK Phone: +44 203-837-5656
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com

About Persistence Market Research:

At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.

Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.

This release was published on openPR.