Automotive Coil Spring Market - Overview
Automotive coil springs are helical structures that are mostly made of different grades of steel. They are majorly utilized in automotive suspension systems to absorb shocks and neutralize vibration generated in the driver cabin of the vehicle. Coil springs are employed in several other automotive systems that require constant tension or compression such as engine valves, clutches, and door handles.
Automotive Coil Spring Market - Drivers and Restraints
The global market for automotive coil spring is anticipated to expand during the forecast period owing to the rise in production of vehicles. Furthermore, the market for coil spring is likely to expand during the forecast period, as it is an integral part of the suspension system of most of passenger vehicles. The coil spring is utilized on a large-scale in upholstery, door handles, and other parts of the vehicle; however, the coil spring that is utilized in the suspension system is considerably heavier than any other component of the vehicle. Rise in demand for commercial vehicles, globally, and expansion of the logistics industry are likely to boost the automotive coil spring market, as these vehicles comprise more number of coil springs than those in smaller vehicles; however, an increase in popularity of leaf and parabolic springs among light commercial vehicles is likely to hamper the coil spring market during the forecast period.
Automotive Coil Spring Market - Segmentation
The global automotive coil spring market can be segmented based on spring type, application, sales channel, vehicle, and region. Based on spring type, the compression springs segment is likely to hold a prominent share of the automotive coil spring market, owing to their application in suspension systems and upholstery of vehicles. Furthermore, threat for the coil spring is least owing to the absence of a cost-effective alternative to coil springs.
In terms of application, the suspension system segment is anticipated to be a prominent segment of the automotive coil spring market, as the cost of the coil spring utilized in the suspension system is higher than the cost of springs employed in other application segments.
Based on sales channel, the OEM segment is likely to dominate the automotive coil spring market; however, the aftermarket segment is estimated to hold a significant share of the automotive coil spring market, as coil springs used in the upholstery and suspension are replaced. Moreover, overloaded vehicles reduce the lifespan of the coil spring, and the suspension is likely to wear out in a very short duration, leading to the need for replacement of the coil spring.
In terms of vehicle, the passenger vehicle segment is anticipated to account for a notable share of the automotive coil spring market, owing to large penetration of coil springs in suspension systems coupled with the high production of passenger vehicles, while several commercial vehicles are equipped with leaf springs and parabolic springs, which generally eliminates the need for coil springs from the suspension system.
In terms of region, Asia Pacific is likely to be a highly attractive market for the automotive coil spring, owing to the significantly high production of the vehicles in the region. China and India are home to a prominent manufacturing industry which in turn makes Asia Pacific a prominent region for automotive manufacturing.
Automotive Coil Spring Market - Key Players
Key players operating in the global automotive coil spring market include Clifford Springs Ltd, Ace Wire Spring & Form Co., Inc., Lesjöfors Automotive, Betts SPRING MANUFACTURING, Suspension Spring Specialist, Inc., Soni Auto & Allied Industries Ltd., and Jamna Auto Industries.
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