South Korea Automotive Leaf Spring Market Size Overview:
Market Research Future (MRFR) expects the South Korea automobile leaf spring market 2023 to advance at a rate of 7.9% by to 2032
assessment period
Automotive leaf spring 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 automotive leaf springs
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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Market Size
Leading Contenders
Leading contenders that are putting in efforts to seize a larger
share in the automotive leaf spring 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.
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 automotive leaf
springs 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 automotive leaf spring manufacturers industry outlines
segments like type, material, sales channel and vehicle type.
The types of automotive leaf spring are semi-elliptic, elliptic, parabolic,
and others. The demand for the parabolic type of automotive leaf spring 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 South Korea Automotive Leaf Spring
Market Size 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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Market Size
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 automotive leaf springs
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.
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