Key players operating in the global automotive spring market include Hendrickson, Draco Spring mfg. co., Rassini, Jamna Auto Industries, Sogefi Group, and EMCO.
In automotive industry, springs are extensively utilized in suspension units of vehicles. Spring as suspension unit is fixed at the front or rear wheel of the automobile. Load carrying capacity, size, and segment of the vehicle, material, and others factors are considered while manufacturing automotive springs. Automotive suspension spring is majorly divided into two types as coil spring and leaf spring. Springs in the suspension unit need to compensate with irregular road surface, sustain the suspension unit at particular height and support the additional weight without excessive bending. All these functions has to be done in proper manner for the comfort.
Demand for light duty vehicles is increasing due to the rise to the expansion of industries such as construction and agriculture and surge in the number of small enterprises. This increase in demand is estimated to upsurge in near future, thereby supplementing the growth of the automotive spring market. Expansion of the automotive spring market can be attributed to the exponentially growth of the vehicle industry, development of commercial vehicles, rise in sales of light commercial vehicle, and escalation in the customers’ buying power.
Advancement in the suspension unit as the integration of pneumatic system inside coil spring is helpful in dividing the stress from the spring. Advancement in the materials used to manufacture the springs are likely to improve the life of the suspension unit in the vehicle.
Automotive spring have some disadvantages which restrain the global automotive spring market. Coil spring is unable to accomplish for off road application, also lesser rigidity, and minimal load carrying capacity of coil spring are some manacles in the growth of spring market for automotive, especially in heavy commercial vehicles and off-road vehicles. Though this advantages of coil spring is overcome by leaf spring which are helpful for off-road application.
The automotive spring market can be segmented based on vehicle type, type, material used, and region. In terms of vehicle type, the automotive spring market can be bifurcated into passenger vehicles and commercial vehicles. Passenger vehicles include sedans, hatchback cars, sport utility vehicles, and multi-purpose vehicles. Commercial vehicles include lightweight commercial vehicles, heavy commercial vehicles, and buses & coaches.
Based on the type, the automotive spring market can be segmented into coil spring, leaf spring, and others. Coil spring are extensively employed in passenger vehicles. Increase in the production of passenger vehicles is anticipated to drive this segment. This, in turn, is projected to propel the automotive spring market during the forecast period.
In term of the material, the automotive spring market can be segregated into alloy steel and two other materials. Alloy steel is commonly used to manufacture suspension systems. Based on region, the automotive spring market can be segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounts for a major share of the global automotive spring market. North America and Europe account for a considerable share of the vehicle industry to their economy.