Global Automotive Leaf Spring Market: Snapshot
As the automotive industry continues to achieve new peaks, primarily in the Asia Pacific region, the segment of automotive leaf spring is gaining traction, because the suspension of a vehicle goes a long way towards determining its capacity to handle load as well as offer safety and comfort to the passengers. As conventional vehicle suspension unit, leaf springs are facing deficit in the passenger vehicle segment but its application in commercial vehicles is irreplaceable, as load carrying capacity and rigidity are the strengths of leaf springs. According to this business intelligence study, the demand in the global automotive leaf spring market will multiply at a notable CAGR of 6.1% during the forecast period of 2017 to 2025. In terms of revenue, the vendors of the automotive leaf market will have an opportunity of US$7,631.1 mn by the end of 2025 to make profits from, substantially more than the market’s evaluated valuation of US$4,767.3 mn as of 2017.
The fruitfulness of the automotive leaf spring market can be accredited to factors such as the rapid expansion of the automotive industry, constantly growing demand for commercial vehicles from the transportation sector, swelling light commercial vehicle sales, and rise in purchasing power of consumers. In addition to that, the prosperity of various economic sectors such as agriculture and construction are expected to reflect positively over this market.
Double End Leaf Spring Key End-type Segment
On the basis of the type of end, the automotive leaf spring market has been segmented into double end leaf spring and open end leaf spring. In 2016, the double end leaf spring segment accounted for the most prominent chunk of demand. Double end is leaf spring in which both ends are closed and can be screwed to the chassis of the vehicle. These are also known as closed end leaf spring and are mostly used in the light vehicles. Open end are leaf springs that have either one of the ends open, which mounts on the chassis of vehicle. Open end leaf spring has application in heavy commercial vehicles.
By shape, the global automotive leaf spring market has been bifurcated into parabolic leaf spring and elliptical leaf spring, which has been further sub-segmented into semi elliptical and transverse elliptical leaf spring. Parabolic leaf spring is basically a leaf or a set of leaves, which are tapered in a parabolic way rather than linear. So from the middle, where it is thick, to the ends, where it is thinner, the tapering steps down in a parabolic manner. An elliptical leaf spring is shaped like a part of an ellipse and consist of number of leaves. The shape of the leaf is rectangular and the thickness remains constant throughout the length of the leaf of the spring. Parabolic leaf spring is a comparatively newer concept to and the demand for it is expected to grow quickly during the forecast period 2017 – 2025.
Asia Pacific Most Lucrative Region by a Country Mile
Geographically, Asia Pacific is currently the most lucrative region and is projected to remain so until 2025 too. Gaining traction from increasing demand for commercial vehicles from the transportation sector as well as construction and manufacturing, the Asia Pacific automotive leaf spring market is estimated to be worth US$4,278.8 mn by 2025. The region is also primed to expand the demand at an above-average CAGR of 6.9% during the forecast period of 2017 to 2025. North America is second most profitable region for the vendors operating in the global automotive leaf spring market. By the end of 2025, the North America leaf spring market is estimated to be worth US$1,887.2 mn.
Rassini, Hendrickson USA, L.L.C., Sogefi SpA, Jamna Auto Industries, Emco Industries, LITEFLEX, NHK Springs Co. Ltd., and Dongfeng Motors are a few prominent players in the global automotive leaf spring market.
Global Automotive Leaf Spring Market: Overview
Automotive Leaf Spring have become vital part of commercial vehicles as a suspension unit in the current situation. Efficiency and effectiveness of the system over other suspension options is the main reason for installation of this system. Leaf Spring is composed of several leaves joined together for better load-carrying capacity. Depending on vehicle speed and the load carrying capacity of the vehicle, leaf spring is installed at front or rear axle of the vehicle. Automotive Leaf Spring helps in maintaining a good health of vehicle and safety of the passenger. The regulations pertaining to passenger safety and set by the regulatory bodies are likely to become tougher during the forecast period. This in turn will mandate the automobile manufacturers to use automotive leaf spring in the vehicles produced, thereby encouraging the growth of the market during the forecast period.
Global Automotive Leaf Spring Market: Segmentations
Types of Leaf Spring based on type of end is categorized as double end leaf spring and open eye leaf spring. Variety of shapes is implemented in the design of leaf spring. Based on shapes, leaf spring is broadly segmented as parabolic leaf spring and elliptical leaf spring. Parabolic leaf spring is new form of leaf spring used as suspension unit. It has main application in the light commercial vehicles. On the other hand elliptical leaf spring is known as convention leaf spring, mainly used in medium and heavy commercial vehicles. By vehicle type the global automotive leaf spring market can be segmented into passenger vehicles and commercial vehicles. The rising demand for commercial vehicles across the world led to the increase in demand for Leaf Spring in this segment.
Increasing demand for commercial vehicles due to the expansion of the industrial sector is estimated to boost the production of light commercial vehicles, as they are used for transportation in industries. Leaf springs are anticipated to replace conventional leaf springs in the forthcoming models of automobiles owing to their advantages. Parabolic leaf springs can improve the ride with comfort of light vehicles with conventional leaf spring. Therefore, the use of leaf spring in automobiles is likely to increase during the forecast period in order to meet these regulatory norms.
Global Automotive Leaf Spring Market: Key Research Aspects
This report on the global automotive leaf spring market highlights the current scenario of the market along with stating the expected growth of the global market during the forecast period. Various political, social, economic and technological factors which are likely to impact the demand of automotive Leaf Spring have been analyzed to include an exhaustive study of the global market drivers, restraints and opportunities, i.e. the market dynamics under the purview of the report. Further, the key players operating the automotive leaf spring market have been profile thoroughly and competitively across the five geographic regions and their competitive landscape is inclusive of their recent developments related to automated guided vehicles and the distinguishable business strategies adopted by them. To further analyze their market positioning, SWOT analysis, recent developments, and market revenue/ share has been provided for each of the players. In addition, the report includes the market attractiveness analysis of the segmentation, by Leaf Spring type for offering a deep insight into the major Leaf Spring usage area in the vehicles. Thus, the global automotive Leaf Spring market report provides an extensive study of the market along with offering the forecast of the market in terms of revenue (US$ Million) and volume (million units) from the period of 2017 – 2025.
Global Automotive Leaf Spring Market: Competitive Landscape
Some of the major players in the Automotive Leaf Spring market are: Rassini, Hendrickson USA, L.L.C., Sogefi SpA, Jamna Auto Industries, Emco Industries, LITEFLEX, NHK Springs Co. Ltd., Mubea, SGL Group, IFC Composite, Frauenthal Group, Olgun Çelik San., Jonas Woodhead & Sons India Ltd., Auto Steels, Kumar Steels, MackSprings, Protopower Springs Pvt. Ltd., Vikrant Auto Suspensions, Akar Tools Limited India.
The global Automotive Leaf Spring market has been segmented into:
Automotive Leaf Spring Market, by Types of End,
- Double End
- Open End
Automotive Leaf Spring Market, by Shape,
- Semi Elliptical
- Transverse Elliptical
Automotive Leaf Spring Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Automotive Leaf Spring Market, by Sales Channel,
Automotive Leaf Spring Market, by Geography: The market is broadly segmented on the basis of geography into:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa