Automotive Spring Market Analysis, Trends and Forecast, 2017-2024: Global Market Insights Inc.

Automotive Spring Market in APAC dominates overall market owing to surge in demand of commercial and passenger vehicle. China & India are the growth drivers for Asia Pacific automotive spring market owing to high demand vehicles. Other countries such as Japan, Taiwan, South Korea will also contribute to the regional growth.

Positive outlook for automotive industry drives the auto parts and components demand. Expanding automobile sector in developing countries coupled with rise in disposable income and increasing spending on comfort and luxury will support the automotive spring market.

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High performance material is used to produce quality suspension products results in performance improvement of vehicle components. High quality products allow vehicle to run efficiently thereby decreasing fuel consumption. Reduced fuel consumption results in reduced total vehicle ownership cost. Limited maintenance cost of the vehicle is the deciding factor for cost sensitive customers in developing economies. Overall, high quality products deliver enhanced driving experience and increase fuel efficiency will stimulate the automotive spring market growth during forecast period.

Based on products, automotive spring market is categorized in to coil, leaf, balance and flat spring. Coil springs acquires substantial share owing to its use in passenger cars and two wheelers for smooth vehicle experience. Leaf spring can bear high weight of cargo, absorbs vehicle shocks and carry tons of cargo for longer distance. Increasing demand of commercial vehicle will fuel product demand.

Surging demand for electric vehicles and stringent driver safety regulations will increase the industry attractiveness during the forecast period. Efficient suspension systems increase the vehicle performance thereby increasing fuel efficiency. Manufacturers are developing performance products to improve vehicle efficiency.

Based on application, automotive spring market can be categorized as air bag, suspension system, seat belt, fuel injection, chassis, clutch and valve. Suspension systems are deployed to provide comfort and increase driver’s control over vehicle. Demand from seat belt and airbags are driven by stringent regulations regarding passenger safety and increasing advanced driver assistance systems in the vehicle.

Europe will contribute significantly owing to strong presence of major automobile manufacturers like Volvo, Mercedes-Benz. Europe is the major shareholder in auto component manufacturing for supplying auto OEMs. Moreover, regulations are stringent in region which will encourage manufacturers to develop products complying these regulations.

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Major manufacturing companies are Eaton Detroit springs, McAllister, Bentler, NHK springs, Continental AG, Mubea, Showa Corporation, Trelleborg vibracoustic, American Showa Inc., Sanius Rassini, TRW, Magneti Marelli. The companies adopt long term contracts and collaboration to maintain their position. New product developments are focused towards developing low cost, high strength product to cater to highly cost sensitive consumers.

Automotive Spring Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Italy, France, Spain, Italy, Russia, Poland, China, India, Japan, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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