Automotive Coil Spring Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), By Coil Spring Type (Compression Springs, Extension or Tension Springs, Torsion Springs), By Market (Aftermarket, OEMs) and Regional Forecast, 2024-2032

The demand for passenger cars, as well as commercial vehicles in developing countries like India and China, are relatively increasing, so the passenger’s safety and comfort have become the topmost priority of every automotive OEM. These factors have given a boost to the automotive coil spring market. The automotive market is witnessing a growing demand for vehicles over a decade globally. Coil springs being an integral part of auto motives, their increasing production is relatively giving a boost to the automotive coil spring market.

Recent technological innovations by the manufacturers of automotive coil springs have introduced wave springs, which are superior to coil springs. These springs have a lower work height with the same workforce. Also, they save space, which results in less material and reduced production costs.

Key Market Driver -

The increasing demand for the commercial vehicles with improved logistics is expected to drive the growth of the market.

Key Market Restraint -

The increasing demand for leaf and parabolic springs in commercial vehicles is expected to restrain the growth of the market.

The utilization of coil spring in the automotive industry is on a large scale owing to growing construction and mining operations in developing regions. Increasing demand for commercial vehicles globally and the advancement in the logistics sector are the boosting factors for the growth of the automotive coil spring market. Also, commercial vehicles consist of more number of coil springs as compared to the small cars. However, the increasing popularity of leaf and parabolic springs among light commercial vehicles is estimated to hamper the growth of the market over the forecast period. 

Key Players Covered in the Automotive Coil Spring Market:

Key players operating in the global automotive coil spring market include GKN, Clifford Springs Ltd., Lesjöfors Automotive, Betts Spring, Suspension Spring Specialist, Inc., Soni Auto & Allied Industries Ltd., Ace Wire Spring & Form Co., Inc,  and Jamna Auto Industries.

Market Segmentation:

The global automotive coil spring market has been segmented into vehicle type, coil spring type, market, and geography. By vehicle type, the market has been further segmented into passenger cars and commercial vehicles. An increase in disposable income has led to an increase in the demand for passenger cars. With the advancement and technological innovations in automotive, the buyer’s perspective has inclined more towards luxury and comfort. Stringency in safety regulations has given rise to the demand for safety features. The rising industrialization and improved logistics have ultimately led to the demand for commercial vehicles. This factor is likely to propel the growth of this segment in the market.

By coil spring type, further, the market has been segmented into compression springs, extension springs, and torsion springs. Compression springs segment dominates amongst these spring types as they are used for vehicle suspension purposes followed by extension and torsion springs. 

By market, the global automotive coil spring market is segmented into the aftermarket and OEMs. The OEM segment is expected to show exponential growth in the market over the forecast period. As compared to the aftermarket, the OEM segment is dominating the automotive coil spring market as the ratio of buying new vehicles is more than that of the replacement of wear and tear of coil spring in used cars.

Key Insights

• New Advancements in Coil Spring


• Number of Products, Key Countries, 2018


• New Product Launches, Key Players

Regional Analysis:

Geographically, the automotive coil spring market is segmented into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific is leading the global market owing to the improvement in its economic conditions, increasing production of passengers and commercial vehicles, and also by the rise in the investment capacity of the leading industry players in this region. 

Increasing industrialization in the USA and Canada has led to the rise in commercial vehicles in North America. This has given a boost to the coil spring market growth in this region. Europe is also expected to show steady growth in the automotive coil spring market.

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Segmentation

Key Industry Developments:

• May 2015: Smalley launched the wave springs. They are superior to the coil springs in terms of 50% reduction in spring size, same work force as of coil springs, smaller spring cavity which reduces material cost, which ultimately results in low production cost.