Reports
Reports
Analyst Viewpoint
Increase in adoption of steering-mounted controls and surge in emphasis on passenger safety are fueling the automotive clock spring market size. Rise in demand for passenger vehicles and light commercial vehicles is also boosting the need for automotive clock springs. Most cars are equipped with steering controls for the stereo and numerous other devices.
Demand for automotive clock springs is growing in passenger vehicles due to rise in their adoption worldwide. Development in the field of autonomous vehicles and improper centering processes are likely to hamper the automotive clock spring market growth during the forecast period. Vendors in the global industry are choosing high-quality materials with suitable properties such as durability, flexibility, and resistance to environmental factors. They are also offering customization options to cater to the diverse requirements of automotive manufacturers and increase their automotive clock spring industry share.
Automotive clock spring is a small black drum with yellow wires at the front end. It is installed in the steering wheel of the vehicle. The spring retracts and expands inside the steering wheel when the steering wheel moves. The primary function of the clock spring is to maintain electric connections of the airbag unit and steering-mounted controls such as radio, cruise control, and horn. It maintains electric connections during steering wheel movement and provides important assistance to the driver.
The steering column clock spring maintains electrical connections between the steering wheel and the vehicle's electrical systems while allowing the wheel to turn freely. It is widely employed in modern vehicles, especially those equipped with airbags and other electronic components in the steering wheel. Carbon steel, stainless steel, and copper alloys are utilized to manufacture clock springs.
Steering-mounted controls make operating various systems more convenient. They also help minimize the possibility of driver distraction. Steering wheel audio controls make it less dangerous to interact with car radio while driving. Most cars are equipped with steering controls for the stereo and numerous other devices. High-end luxury cars come with steering-mounted controls for automatic cruise control. In July 2023, Tata Motors launched a new Tata Altroz variant with wheel covers, a height-adjustable driver seat, auto-fold ORVMS, and steering-mounted controls.
Steering defects are a major concern in vehicles and are likely to limit the automotive clock spring market value during the forecast period. In January 2024, Tesla announced plans to recall more than 1.6 million Model S, X, 3, and Y electric vehicles exported to China for problems with their automatic assisted steering and door latch controls.
Airbag clock springs ensure the reliability of crucial safety features. They help reduce the severity of injuries in road accidents. Additionally, multifunctional steering wheels in vehicles are equipped with a host of controls for audio and cruise control. Clock springs aid in maintaining these electrical connections, enhancing both convenience and safety. In 2017, the National Highway Traffic Safety Administration (NHTSA) estimated that approximately 50,457 lives had been saved over the last four decades by frontal airbags. Properly functioning airbags have reduced driver deaths by 29% and the deaths of front-seat occupants older than 12 years old by 32%. Thus, increase in in emphasis on passenger safety is augmenting the automotive clock spring market revenue.
According to the latest automotive clock spring market trends, the passenger vehicle type segment held the largest share in 2022. Growth of the segment can be ascribed to rise in adoption of passenger vehicles worldwide. According to the Society of Motor Manufacturers and Traders (SMMT), 1.9 million vehicles were sold in the U.K. in 2023, an increase of 17.9% from 2022.
According to the latest automotive clock spring market analysis, North America held largest share in 2022. Implementation of stringent vehicle safety rules and regulations is fueling the market dynamics of the region. In the U.S., the National Traffic and Motor Vehicle Safety Act requires automobile manufacturers to institute safety standards to protect the public from unreasonable risk of accidents occurring as a result of the design, construction, or operation of automobiles.
Most companies in the automotive clock spring sector are offering high-quality and reliable components for vehicles. They are investing in state-of-the-art machinery and technology to enhance the precision and efficiency of manufacturing processes. Prominent automotive clock spring manufacturers include Guangzhou Angotan Auto Parts Co., Ltd., Spring Works Utah Inc., Draco Spring Mfg. Co., MHC Linkway Auto Parts Limited, Jinzhou Jinheng Automotive Safety System Co., Ltd., and Nardrun Electronic Technology Co., Ltd.
| Attribute | Detail |
|---|---|
| Market Size in 2022 | US$ 3.4 Bn |
| Market Forecast (Value) in 2031 | US$ 5.2 Bn |
| Growth Rate (CAGR) | 5.2% |
| Forecast Period | 2023-2031 |
| Historical Data Available for | 2017-2021 |
| Quantitative Units | US$ Bn for Value and Million Units for Volume |
| Market Analysis | It includes segment analysis as well as regional-level analysis. Furthermore, the qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces Analysis, value chain analysis, and key trend analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Regions Covered |
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| Countries Covered |
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| Companies Profiled |
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| Customization Scope | Available upon request |
| Pricing | Available upon request |
It was valued at US$ 3.4 Bn in 2022
It is anticipated to grow at a CAGR of 5.2% from 2023 to 2031
Increase in adoption of steering-mounted controls and surge in emphasis on passenger safety
The passenger vehicle type segment held the largest share in 2022
North America was the leading region in 2022
Guangzhou Angotan Auto Parts Co., Ltd., Spring Works Utah Inc., Draco Spring Mfg. Co., MHC Linkway Auto Parts Limited, Jinzhou Jinheng Automotive Safety System Co., Ltd., and Nardrun Electronic Technology Co., Ltd.
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Value US$ Mn, 2017-2031
1.2. Go to Market Strategy
1.2.1. Demand & Supply Side Trends
1.2.2. Identification of Potential Market Spaces
1.2.3. Understanding the Buying Process of Customers
1.2.4. Preferred Sales & Marketing Strategy
1.3. TMR Analysis and Recommendations
2. Market Overview
2.1. Market Definition / Scope / Limitations
2.2. Macro-Economic Factors
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunities
2.4. Market Factor Analysis
2.4.1. Porter’s Five Force Analysis
2.4.2. SWOT Analysis
2.5. Regulatory Scenario
2.6. Key Trend Analysis
2.7. Value Chain Analysis
2.8. Cost Structure Analysis
2.9. Profit Margin Analysis
3. Global Automotive Clock Spring Market, by Vehicle Type
3.1. Market Snapshot
3.1.1. Introduction, Definition, and Key Findings
3.1.2. Market Growth & Y-o-Y Projections
3.1.3. Base Point Share Analysis
3.2. Global Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Vehicle Type
3.2.1. Passenger Vehicle
3.2.2. Commercial Vehicle
3.2.2.1. Light Commercial Vehicle
3.2.2.2. Heavy Commercial Vehicle
3.2.2.3. Bus & Coach
4. Global Automotive Clock Spring Market, by Region
4.1. Market Snapshot
4.1.1. Introduction, Definition, and Key Findings
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Region
4.2.1. North America
4.2.2. Europe
4.2.3. Asia Pacific
4.2.4. Middle East & Africa
4.2.5. South America
5. North America Automotive Clock Spring Market
5.1. Market Snapshot
5.1.1. Introduction, Definition, and Key Findings
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. North America Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Tire Type
5.2.1. Passenger Vehicle
5.2.2. Commercial Vehicle
5.2.2.1. Light Commercial Vehicle
5.2.2.2. Heavy Commercial Vehicle
5.2.2.3. Bus & Coach
5.3. Key Country Analysis – North America Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031
5.3.1. U.S.
5.3.2. Canada
5.3.3. Mexico
6. Europe Automotive Clock Spring Market
6.1. Market Snapshot
6.1.1. Introduction, Definition, and Key Findings
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Europe Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Tire Type
6.2.1. Passenger Vehicle
6.2.2. Commercial Vehicle
6.2.2.1. Light Commercial Vehicle
6.2.2.2. Heavy Commercial Vehicle
6.2.2.3. Bus & Coach
6.3. Key Country Analysis – Europe Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031
6.3.1. Germany
6.3.2. U. K.
6.3.3. France
6.3.4. Italy
6.3.5. Spain
6.3.6. Nordic Countries
6.3.7. Russia & CIS
6.3.8. Rest of Europe
7. Asia Pacific Automotive Clock Spring Market
7.1. Market Snapshot
7.1.1. Introduction, Definition, and Key Findings
7.1.2. Market Growth & Y-o-Y Projections
7.1.3. Base Point Share Analysis
7.2. Asia Pacific Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Tire Type
7.2.1. Passenger Vehicle
7.2.2. Commercial Vehicle
7.2.2.1. Light Commercial Vehicle
7.2.2.2. Heavy Commercial Vehicle
7.2.2.3. Bus & Coach
7.3. Key Country Analysis – Asia Pacific Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031
7.3.1. China
7.3.2. India
7.3.3. Japan
7.3.4. ASEAN Countries
7.3.5. South Korea
7.3.6. ANZ
7.3.7. Rest of Asia Pacific
8. Middle East & Africa Automotive Clock Spring Market
8.1. Market Snapshot
8.1.1. Introduction, Definition, and Key Findings
8.1.2. Market Growth & Y-o-Y Projections
8.1.3. Base Point Share Analysis
8.2. Middle East & Africa Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Tire Type
8.2.1. Passenger Vehicle
8.2.2. Commercial Vehicle
8.2.2.1. Light Commercial Vehicle
8.2.2.2. Heavy Commercial Vehicle
8.2.2.3. Bus & Coach
8.3. Key Country Analysis – Middle East & Africa Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031
8.3.1. GCC
8.3.2. South Africa
8.3.3. Turkey
8.3.4. Rest of Middle East & Africa
9. South America Automotive Clock Spring Market
9.1. Market Snapshot
9.1.1. Introduction, Definition, and Key Findings
9.1.2. Market Growth & Y-o-Y Projections
9.1.3. Base Point Share Analysis
9.2. South America Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031, by Tire Type
9.2.1. Passenger Vehicle
9.2.2. Commercial Vehicle
9.2.2.1. Light Commercial Vehicle
9.2.2.2. Heavy Commercial Vehicle
9.2.2.3. Bus & Coach
9.3. Key Country Analysis – South America Automotive Clock Spring Market Size Analysis & Forecast, 2017-2031
9.3.1. Brazil
9.3.2. Argentina
9.3.3. Rest of South America
10. Competitive Landscape
10.1. Company Share Analysis/ Brand Share Analysis, 2022
10.2. Company Analysis for Each Player Company Overview, Company Footprints, Product Portfolio, Competitors & Customers, Subsidiaries & Parent Organization, Recent Developments, Financial Analysis
11. Company Profiles/ Key Players
11.1. Guangzhou Angotan Auto Parts Co., Ltd.
11.1.1. Company Overview
11.1.2. Company Footprints
11.1.3. Product Portfolio
11.1.4. Competitors & Customers
11.1.5. Subsidiaries & Parent Organization
11.1.6. Recent Developments
11.1.7. Financial Analysis
11.2. Spring Works Utah Inc.
11.2.1. Company Overview
11.2.2. Company Footprints
11.2.3. Product Portfolio
11.2.4. Competitors & Customers
11.2.5. Subsidiaries & Parent Organization
11.2.6. Recent Developments
11.2.7. Financial Analysis
11.3. Draco Spring Mfg. Co.
11.3.1. Company Overview
11.3.2. Company Footprints
11.3.3. Product Portfolio
11.3.4. Competitors & Customers
11.3.5. Subsidiaries & Parent Organization
11.3.6. Recent Developments
11.3.7. Financial Analysis
11.4. MHC Linkway Auto Parts Limited
11.4.1. Company Overview
11.4.2. Company Footprints
11.4.3. Product Portfolio
11.4.4. Competitors & Customers
11.4.5. Subsidiaries & Parent Organization
11.4.6. Recent Developments
11.4.7. Financial Analysis
11.5. Jinzhou Jinheng Automotive Safety System Co., Ltd.
11.5.1. Company Overview
11.5.2. Company Footprints
11.5.3. Product Portfolio
11.5.4. Competitors & Customers
11.5.5. Subsidiaries & Parent Organization
11.5.6. Recent Developments
11.5.7. Financial Analysis
11.6. Nardrun Electronic Technology Co., Ltd.
11.6.1. Company Overview
11.6.2. Company Footprints
11.6.3. Product Portfolio
11.6.4. Competitors & Customers
11.6.5. Subsidiaries & Parent Organization
11.6.6. Recent Developments
11.6.7. Financial Analysis
11.7. Other Key Players
11.7.1. Company Overview
11.7.2. Company Footprints
11.7.3. Product Portfolio
11.7.4. Competitors & Customers
11.7.5. Subsidiaries & Parent Organization
11.7.6. Recent Developments
11.7.7. Financial Analysis
List of Tables
Table 1: Global Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 2: Global Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 3: Global Automotive Clock Spring Market Volume (Million Units) Forecast, by Region, 2017‒2031
Table 4: Global Automotive Clock Spring Market Value (US$ Mn) Forecast, by Region, 2017‒2031
Table 5: North America Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 6: North America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 7: North America Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Table 8: North America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Table 9: Europe Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 10: Europe Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 11: Europe Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Table 12: Europe Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Table 13: Asia Pacific Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 14: Asia Pacific Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 15: Asia Pacific Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Table 16: Asia Pacific Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Table 17: Middle East & Africa Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 18: Middle East & Africa Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 19: Middle East & Africa Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Table 20: Middle East & Africa Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Table 21: South America Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Table 22: South America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Table 23: South America Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Table 24: South America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
List of Figures
Figure 1: Global Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 2: Global Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 3: Global Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 4: Global Automotive Clock Spring Market Volume (Million Units) Forecast, by Region, 2017‒2031
Figure 5: Global Automotive Clock Spring Market Value (US$ Mn) Forecast, by Region, 2017‒2031
Figure 6: Global Automotive Clock Spring Market, Incremental Opportunity, by Region, Value (US$ Mn), 2023‒2031
Figure 7: North America Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 8: North America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 9: North America Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 10: North America Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Figure 11: North America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Figure 12: North America Automotive Clock Spring Market, Incremental Opportunity, by Country, Value (US$ Mn), 2023‒2031
Figure 13: Europe Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 14: Europe Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 15: Europe Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 16: Europe Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Figure 17: Europe Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Figure 18: Europe Automotive Clock Spring Market, Incremental Opportunity, by Country, Value (US$ Mn), 2023‒2031
Figure 19: Asia Pacific Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 20: Asia Pacific Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 21: Asia Pacific Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 22: Asia Pacific Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Figure 23: Asia Pacific Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Figure 24: Asia Pacific Automotive Clock Spring Market, Incremental Opportunity, by Country, Value (US$ Mn), 2023‒2031
Figure 25: Middle East & Africa Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 26: Middle East & Africa Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 27: Middle East & Africa Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 28: Middle East & Africa Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Figure 29: Middle East & Africa Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Figure 30: Middle East & Africa Automotive Clock Spring Market, Incremental Opportunity, by Country, Value (US$ Mn), 2023‒2031
Figure 31: South America Automotive Clock Spring Market Volume (Million Units) Forecast, by Vehicle Type, 2017‒2031
Figure 32: South America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Vehicle Type, 2017‒2031
Figure 33: South America Automotive Clock Spring Market, Incremental Opportunity, by Vehicle Type, Value (US$ Mn), 2023‒2031
Figure 34: South America Automotive Clock Spring Market Volume (Million Units) Forecast, by Country, 2017‒2031
Figure 35: South America Automotive Clock Spring Market Value (US$ Mn) Forecast, by Country, 2017‒2031
Figure 36: South America Automotive Clock Spring Market, Incremental Opportunity, by Country, Value (US$ Mn), 2023‒2031
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Automotive Clock Spring Market