July 22, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Leaf Spring Market.
It was estimated prior to this unanticipated outbreak that the Automotive Leaf Spring Market is projected to witness an impressive double-digit CAGR over the next five years to reach US$ 5.8 billion in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
A leaf spring is a spring comprising leaves and is commonly used for suspension in the wheeled vehicles. It is a semi-elliptical arm consisting of one or more leaves which are strips of steel or other materials that are meant to flex under pressure yet maintain their original shape when not under pressure. Leaf springs are one of the oldest suspension components and are still being used in most of the LCVs and MHCVs. There is another type of spring called coil spring, which has a widespread usage in passenger cars.
Over a period of time, the automotive industry has witnessed a remarkable transition in the leaf spring technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. At the same time, there are a lot of R&D activities happening for the development of lightweight alternatives of heavier steel leaf springs. Composite leaf springs are the outcome of these activities, offering significant weight saving advantage over steel springs without sacrificing performance.
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Based on the material type, the market is segmented into steel springs and composite leaf springs. Steel leaf spring is expected to remain the larger spring type in the next five years; however, composite spring is likely to witness the higher growth for the same period. Composite springs offer excellent strength-to-weight ratio, fatigue resistance, and natural frequency and are about five times more durable than a steel spring. Internal damping in the composite materials leads to excellent absorption of vibration energy within the parts, resulting in, a reduced transmission of vibration noise to the neighboring structures.
Based on the vehicle type, the market is segmented into passenger car, LCV, MHCV, and others. MHCV dominates the market in terms of value and is likely to maintain its dominance in the coming five years as well. Large production base of MHCVs coupled with high penetration of leaf springs in MHCVs and large MHCV fleet are the key whys and wherefores behind the dominance of MHCVs in the market.
In terms of region, Asia-Pacific is expected to remain the largest market for leaf springs in the foreseen future, because of increasing production of MHCVs in the developing Asian economies, such as China and India. China, Japan, and South Korea are likely to remain the major markets in the region; however, India is likely to be the new growth engine of the region’s market in the coming five years. Several automakers are eyeing on the Indian market and have huge plans to open manufacturing plants in the country in order to leverage the benefits offered by the government under several manufacturing boost initiatives, such as Make in India.
Europe and North America, other major markets, are also likely to have a positive outlook in the coming five years. The USA and Mexico are likely to be the major markets in North America, whereas Russia, Germany, and France are the major markets in Europe.
The key automotive OEMs are-
- Tata Motors
The key leaf spring manufacturers are-
- Jamna Auto Industries
- Dongfeng Motors
- IFC Composite
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Automotive Leaf Spring analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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