Automotive Leaf Spring Suspension Market Size, Share & Industry Analysis, By Material Type (Steel springs, Composite leaf springs), By Vehicle Type (Passenger car, LCV, MHCV, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
A leaf spring is a suspension spring made up of leaves that are often used in wheeled vehicles. It's a semi-elliptical arm made out of one or more leaves, which are steel or other material strips that flex under pressure but return to their original shape when not in use. Leaf springs are one of the oldest suspension components, and they are still utilized in most vehicles. Another type of spring is the coil spring, which is widely used in passenger vehicles.
Over time, the automotive industry has seen a significant transformation in leaf spring technology, material, style, and design. Leaf-spring suspension comes in various types with varied mounting points, forms, and sizes accessible worldwide. Simultaneously, a lot of research and development is going on to discover lighter alternatives to heavy steel.
The automotive leaf spring suspension market is rapidly approaching pre-COVID levels, with a solid growth rate predicted over the forecast period, owing to the economic recovery in most emerging countries. The frequent suspension of public transportation networks, along with the virus's highly contagious nature, fuelled the desire for passenger automobiles, resulting in a need for Automotive Leaf Spring Suspension products.
Key Market Driver -
There is a growing need for M&HCVs to move freight. The growing popularity of electric vehicles is expected to increase demand for lightweight suspension springs.
Key Market Restraint -
In emerging economies, air suspension systems are becoming increasingly popular.
Market Segmentation:
The automotive Leaf spring suspension market is segmented by material, vehicle, and geography.
By Material Type: the market is segmented into steel springs and composite leaf springs. The most prevalent spring type is likely to be steel leaf springs; however, composite springs are expected to grow faster. Composite springs are five times more durable than steel springs in strength-to-weight ratio, fatigue resistance, and natural frequency.
By Vehicle Type: the market is bifurcated into passenger cars, LCV, MHCV, and others. In terms of value, MHCV dominates the market and is expected to grow to continue in the coming years. The primary whys and wherefores underlying the dominance of MHCVs in the market are their vast production base, high penetration of leaf springs in MHCVs, and large MHCV fleet.
Key players:
Standens, Jamna Auto Industries, NHK Spring, Mitsubishi Steel, Owen Spring, Beijer Alma, Fangda, Dongfeng, Fawer Automotive Parts Limited Company, Eaton Detroit Spring, Hendrickson, Qingdao ShuaiChao, Beiqi Haihua, Anhui Anhuang, Chongqing Hongqi, Guangzhou Baiyun Plate Spring Factory, Eagle Suspensions, Sogefi, and EMCO Industries.
Regional Analysis:
By Region is segmented across Europe, North America, Asia-Pacific, and the Rest of the world.
North America is predicted to grow steadily in the automotive leaf spring suspension market as the demand for leaf spring suspension slowly increases.
Europe is predicted to rise at a significant rate in the forecast period 2021-2028. Because of the strong presence of several developed nations and the widespread adoption of composite vehicle leaf springs.
Asia-Pacific is expected to remain the largest market for leaf springs in the foreseeable future because of the increasing production of MHCVs in the developing Asian economies, such as China and India.
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Segmentation
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- Ongoing
- 2023
- 2019-2022
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