Enjoy complimentary customisation on priority with our Enterprise License!
The automotive suspension coil springs market size is estimated to grow by USD 696.7 million at a CAGR of 4.5% between 2023 and 2028. The automotive industry is experiencing a significant surge in the production of both passenger and commercial vehicles, leading to an increased demand. To meet this growing demand, coil spring manufacturers are focusing on utilizing more efficient materials in their production processes. These materials include high-strength steel and advanced alloys, which offer improved durability and performance. Additionally, stringent technical requirements and specifications ensure that they meet the highest standards of safety and reliability. These specifications include factors such as load capacity, spring rate, and ride comfort, which are crucial for ensuring a smooth and enjoyable driving experience. Overall, the automotive industry's focus on innovation and efficiency is driving advancements in coil spring manufacturing, resulting in superior products that meet the evolving needs of consumers.
For More Highlights About this Report, Request Free Sample
The market is a significant segment of the automotive industry, focusing on providing optimal vehicle ride and handling. Coil springs are an essential component of the suspension system, absorbing road irregularities and ensuring a smoother ride for passengers. These springs are typically made of durable materials, such as steel, which can withstand the vehicle's weight and tire contact. However, there is a growing trend towards using composite alloys and lightweight metals to reduce weight and improve overall vehicle performance. The design of coil springs is crucial for car stability and elasticity. Advanced technologies, such as adaptive suspension and electronically controlled systems, are increasingly being adopted to provide a tailor-made suspension experience for specific vehicles. These smart technologies can adjust to road conditions in real-time, ensuring a safer and more comfortable ride. Moreover, sustainability is becoming a significant factor in the Automotive Suspension Coil Springs market. Ecofriendly materials are being explored to reduce the carbon footprint of these components. Innovative techniques, such as 3D printing, are being used to create intricate designs that optimize performance while minimizing waste. The future of the Automotive Suspension Coil Springs market lies in the integration of advanced technologies and the use of sustainable materials to meet the evolving needs of consumers. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
An increase in the production of passenger and commercial vehicles is notably driving market growth. The global automotive industry has experienced significant growth over the past decade, with the production of passenger and commercial vehicles reaching an all-time high of 93 million units in 2023. Among these, passenger vehicles accounted for the largest share at 73%, with 68 million units produced. Light commercial vehicles comprised over 21 million units, while medium and heavy trucks and buses/coaches accounted for approximately 3 million units. Given the essential role of coil springs in automotive suspension systems, the increased production of vehicles has propelled the expansion of the global automotive suspension coil springs market. This market is anticipated to continue on its trajectory of growth in the coming years, as the demand for automobiles remains robust. Thus, such factors are driving the growth of the market during the forecast period.
Developments in automotive suspension springs market is the key trend in the market. The automotive suspension coil springs market is experiencing significant developments as vendors and automakers collaborate to enhance the performance and dependability of vehicle suspension systems. For decades, market participants have grappled with the challenge of striking an optimal balance between passenger comfort and a vehicle's handling traits and load-bearing capacity. Vendors have dedicated resources to optimizing spring rates, a crucial factor in determining the softness or firmness of coil springs. Coil springs utilized in automotive suspension systems can have either a low spring rate (soft, absorbing much energy) or a high spring rate (firm, excelling under heavy loads). Vendors' ongoing research and innovation aim to provide solutions that cater to both requirements effectively. Thus, such trends will shape the growth of the market during the forecast period.
Increasing cost of vehicles due to rising prices of steel and aluminum is the major challenge that affects the growth of the market. The trajectory of automotive suspension coil springs market is witnessing significant development due to the evolving trend of manufacturing smarter and more efficient vehicles. Modern automobiles are incorporating advanced technologies and materials, such as steel, aluminum, titanium, and magnesium, to enhance performance, reliability, and durability. Hardened or reinforced steel, manufactured using advanced processes, is extensively used in automotive manufacturing for the vehicle body and mechanical components. A current trend in the industry is the increasing adoption of more-efficient materials like aluminum. This shift towards lightweight and robust materials is expected to drive the growth of the market in the foreseeable future. Hence, the above factors will impede the growth of the market during the market forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BWI Group - The company offers products such as damper modules.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger car segment is estimated to witness significant growth during the forecast period. The market caters to the demand for enhanced vehicle ride and handling in passenger vehicles. Coil springs, a crucial component of the suspension system, absorb road irregularities and ensure a smoother ride for passengers. Vendors in this market are focusing on using durable materials, such as steel, to manufacture coil springs that can withstand the vehicle's weight and provide elasticity for better car stability during cornering, braking, and driving experience.
Get a glance at the market share of various regions Download the PDF Sample
The passenger car segment accounted for USD 2.21 billion in 2018. Advanced technology and engineering innovations are being integrated into the design of coil springs to improve vehicle performance and consumer comfort. However, disruptions in the automotive supply chain, including factory closures and workforce availability, can hinder production and lead to fluctuating demand. Economic uncertainties and setbacks in the industry can also impact the market recovery. Despite these challenges, the market is expected to adapt to new norms and continue its growth trajectory as automakers prioritize resilience and performance in their offerings.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 70% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market encompasses the production and supply of coil springs for various vehicle types, including delivery vans, heavy-duty trucks, and buses. Driving factors for market growth include ride quality, safety, and the increasing demand for fuel efficiency and structural integrity. Advanced material technology, such as lightweight alloys and composite materials, is driving innovation in suspension component design. Consumer preferences for diverse road conditions, emissions regulations, and sustainability concerns are influencing the market. Vehicle design trends in luxury cars, off-road vehicles, and specialized suspension systems are also impacting the market. Major manufacturers are investing in technology to produce cost-effective, adaptable suspension systems for electric vehicles and autonomous vehicles.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also be interested in:
Automotive Suspension Member Market - Automotive Suspension Member Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, South Korea, Germany - Size and Forecast
Automotive Suspension System Lubricants Market - Automotive Suspension System Lubricants Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Japan, India, Germany - Size and Forecast
Automotive Aftermarket Shock Absorbers Market - Automotive Aftermarket Shock Absorbers Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast
The market plays a crucial role in enhancing the vehicle ride and handling experience. Coil springs, a significant component of the suspension system, absorb road irregularities, ensuring a smoother ride for passengers. Manufacturers use durable materials, primarily steel, to create these springs, ensuring elasticity and the ability to withstand the vehicle's weight and tire contact. They are essential for a car's stability during cornering, braking, and other driving conditions. Technology advances and engineering innovations have led to the development of more comfortable and high-performance coil springs, significantly improving the driving experience. However, disruptions such as factory closures and workforce availability issues can hinder production, leading to setbacks in the automotive supply chain. Fluctuating demand and economic uncertainties can also impact the market. Despite these challenges, the market remains resilient and adapts to new norms, focusing on recovery and continued growth. Consumer spending patterns and changing market trends are key factors influencing the market. Manufacturers must stay agile and adapt to these changes to remain competitive in the industry.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
148 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
|
Market growth 2024-2028 |
USD 696.7 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
4.23 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 70% |
|
Key countries |
China, Japan, US, Germany, and India |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Alpha Springs Ltd., Asha Spring and Engineering Co., BWI Group, Coiling Technologies Inc., Continental AG, Dietz GmbH, Kilen Springs, Leggett and Platt Inc., Melling, Melrose Industries Plc, Mitsubishi Steel Mfg. Co. Ltd., Muhr und Bender KG, MW Industries Inc., NHK Spring Co. Ltd., Sogefi Spa, Springcoil Ltd., Tenneco Inc., The Lesjofors Group, thyssenkrupp AG, and ZF Friedrichshafen AG |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
