The auto leaf spring market 2023 to advance at a rate of 7.9% by to 2032 assessment period
Main Drivers and Primary Barriers
Auto leaf springs has emerged as one of the most essential aspects
of an automobile vehicle. Leaf springs find extensive use in medium, heavy-duty
and light commercial vehicles like pick-up vans and trucks. Many of the passenger
car manufacturers are dependent on the use of the leaf spring technology to
induce enhanced suspension. The demand for leaf spring is increasing among the OEM
market as well as the after-sales replacement market, since they both often
require replacement.
It is quite obvious that the growth of the auto leaf springss
market is proportional to the advancements in the automotive industry. Leaf
springs note high traction in the OEM market with the mounting production of medium,
heavy and light commercial vehicles. It is anticipated that the surging disposable
income, improving economic conditions, boost in industrial activities as well
as commercial businesses can translate to incredible business expansion in the
ensuing period.
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springs Market
Today’s consumers opt for higher quality auto components and
systems that cater to their requirements, albeit with lesser maintenance. With
the economic conditions improving around the globe and the rising number of financing
companies that offer financial aid to customers, the sales of automobiles is
bound to shoot up in the near future. This is deemed to induce expansion of the
automobile industry, and subsequent boost to the growth of the auto leaf
springss market. in addition, the burgeoning fleet size of heavy and light
commercial vehicles also encourages the need for leaf spring technology in the
aftermarket.
Market Segmentation
The study on the auto leaf springs manufacturers industry outlines
segments like type, material, sales channel and vehicle type.
The types of auto leaf springs are semi-elliptic, elliptic, parabolic,
and others. The demand for the parabolic type of auto leaf springs is expected
to be the highest in the market, while the semi-elliptic type can expand at the
highest rate over the review period.
The materials used to make leaf spring are metal as well as composite.
Between these, metal can emerge as the top segment in the market, with respect
to volume as well as value.
Depending on the sales channel, the main segments are aftermarket
as well as OEM. The OEM segment is presumed to gain the highest traction in the
global market, in terms of volume and value.
The types of vehicles that are generally equipped with the leaf
spring technology are light commercial vehicle, heavy commercial vehicle and
passenger car. The lead is expected to be taken by the light commercial vehicle
segment over the forecast timeline.
Regional Outlook
The main regions across which the auto leaf springs market can
grow during the review period include North America, APAC or Asia Pacific,
Europe, along with RoW or the Rest of the World.
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springs Market
The most profitable region in the global is estimated to be APAC,
and it can also achieve the fastest growth pace over the coming years. APAC’s
clout in the market is the result of the increasing sales and deployment of commercial
vehicles and the availability of cheap labor. The auto leaf springss market in
the region is also expanding on the back of the massive pool of renowned automotive
manufacturers and the consistently developing automotive industry, backed by
rising disposable income of the people.
North America is not far behind, with the region presumably
progressing at a substantial rate in the global market. The rampant demand in
the transport industry for light commercial vehicles is one of the chief growth
inducers in the regional market. The government in the region also enforces
strict fuel efficiency norms that aim to curb the ill-effects of global
warming. A majority of the celebrated vendors in the region prefer using
advanced materials to develop lightweight solutions, as it helps them adhere to
the mentioned norms. Moreover, the demand for composite leaf springs is
mounting steadfastly on account of their lightweight and high durability,
increasingly replacing conventional steel leaf spring.
Leading Contenders
Leading contenders that are putting in efforts to seize a larger
share in the auto leaf springs industry include OlgunCelik San. Tic. A.S
(Turkey), IFC Composite GmbH (Germany), Benteler-SGL (Austria), NHK Springs Co.
Ltd (Japan), Hendrickson USA, L.L.C. (US), LITEFLEX (US), Rassini (Mexico),
Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), to
mention a few.
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