Automotive Springs and Struts: Introduction
- Vehicle springs, also known as struts, are an integral part of a vehicle owing to a surge in the demand for comfort in vehicles. Automotive springs are connected to the vehicle chassis and help the vehicle tires maintain contact with the surface or road. Automotive springs maintain vehicle clearance with the help of the suspension plate.
- A strut is a part of the suspension system and is specially designed to resist compression. It holds the body of a vehicle off the ground and without the struts the vehicle will fall on the ground. Struts are used in various suspension assemblies including coil spring suspension. They also provide steering stability with good handling, ensuring the comfort of the occupants.
Key drivers of global automotive springs and struts market
- Need for comfort in each and every model/ variant of a vehicle is a key factor driving the market for automotive springs and struts. The suspension springs of a vehicle are made from steel and are usually painted or coated in order to prevent corrosion and damage due to moisture, rainwater, or constant exposure to harsh environment. Vehicle springs are subjected to constant pressure owing to the weight of the vehicle even while it’s stationary or being driven.
- A properly functioning suspension system ensures that a vehicle would remain stable in various driving conditions and positions. Vehicle handling is affected either positively or negatively by suspension system in different ways, as it can minimize the vehicle’s roll and pitch and control the wheels’ angles. The suspension system can hamper the overall performance of the vehicle if it is not maintained properly. Therefore, instructions provided by automakers about vehicle loading and capacities should be followed in order to ensure long life of the vehicle suspension system.
Long life of automotive springs and struts to hamper global automotive springs and struts market
- Automotive springs and struts are robust and made of steel. The average lifespan of a suspension system, in some cases, may be as long as life of a vehicle. Developments of road and infrastructure have led to an improvement in the quality of roads and a reduction in the stresses on the vehicle suspension system, which may be exerted due to uneven roads and terrain. Therefore, increased life of automotive springs and struts is likely to hamper the aftermarket for automotive springs and struts.
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Passenger vehicle to account for significant share of global automotive springs and struts market
- Increased preference for comfort & luxury and a rise in disposable income are attributed to a rise in preferences for self-owned vehicles. Penetration of sport utility vehicles in the passenger car segment is increasing owing to a rise in the demand for vehicles with larger cabins and storage spaces. Moreover, a reduction in interest rates have provided a significant boost to owning a vehicle. Therefore, the global automotive spring and strut market is expected to witness significant expansion due to an increase in number of passenger vehicles.
Asia Pacific and North America, together, to dominate global automotive springs and struts market
- Improvement in road infrastructure, rise in disposable income, and expansion of urban areas in the developing countries including India, China, Malaysia, and Thailand in Asia Pacific are expected to boost the trend of owning a personal vehicle. This in turn is driving the demand for passenger vehicles and consequently, propelling the global automotive springs and struts market in the region.
- Demand of passenger vehicles is increasing in North America due to a rise in penetration of SUVs and hatchbacks in the region. This, in turn, drives the global automotive springs and struts market.
Key players operating in global automotive springs and struts market:
The global automotive springs and struts market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive springs and struts market are:
- ZF Friedrichshafen AG
- Mando Corp.
- NHK SPRING Co., Ltd.
- Continental AG
- BENTELER International
- Sogefi SpA
- thyssenkrupp AG
- Ride Control, LLC
- KYB Americas Corporation
- Stabilus GmbH.
- Magneti Marelli S.p.A
- DRiV Incorporated (Tenneco Inc.)
- Mubea Fahrwerksfedern GmbH
- Unity Automotive
- BWI Group
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Global Automotive Springs and Struts Market: Research Scope
Global Automotive Springs and Struts Market, by Vehicle
Global Automotive Springs and Struts Market, by Technology
- Hydraulic Suspension
- Air Suspension
- Electrical Suspension
Global Automotive Springs and Struts Market, by System Type
- Dependent Suspension System
- Independent Suspension System
Global Automotive Springs and Struts Market, by Capacity
Global Automotive Springs and Struts Market, by Sales Channel
Global Automotive Springs and Struts Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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