Automotive Leaf Spring Market Overview
The global automobile leaf spring market was estimated at a CAGR of 6.5% by 2027 during the forecast period. The automotive leaf spring was used as the suspension system which supports the vehicle by absorbing the bumps on uneven road tracks. Such a type of spring comprises leaves that consist of one or more leaves. These are the type of traditional suspension systems for wheeled vehicles and are mainly used in LCVs and HCVs. The manufacturing process of automotive leaf springs includes shearing of flat bars, center hole punching, heating treatment, and heating process.
The demand for the global automobile leaf spring market increased as the demand for light commercial vehicles and the demand for vehicle comfort during the long run increased. There was also an increase in per capita disposable income which increases the concern for the service of vehicles and comfort of the vehicles which increases the demand and consumption of automotive leaf springs across OEMs and aftermarkets. The demand for light commercial vehicles was fueled by the rapid expansion of the global e-commerce industry.
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The demand for light commercial vehicles also increases the demand for the global automobile leaf spring market. The lightweight components’ growth led to the reduction of the weight of the vehicle and improve its performance of the vehicle. During the forecast period, the use of lightweight components provides an opportunity for the global automobile leaf spring market. The composite leaf springs replace the steel leaf springs in heavy commercial vehicles.
During the forecast period, the continuous fluctuation in the prices of raw materials and changes in the policies of the trade led to a decrease in the growth of the global automobile leaf spring market. The parabolic segment dominates the global automobile leaf spring market during the forecast period. During the forecast period, the metal segment dominates the market in terms of both, value and volume.
The intended audience involved in the global automobile leaf spring market is auto leaf spring manufacturers, traders and exporters, automotive components manufacturers, automotive components distributors dealers/ retailers, and automotive suspension manufacturers.
Automotive Leaf Spring Market Segmentation
The global automobile leaf spring market was segmented based on type, material, sales channel, and vehicle type.
Based on type, the global automobile leaf spring market was divided into semi elliptic, parabolic, elliptic, and others.
Based on material, the global automobile leaf spring market was divided into composite and metal.
Based on sales channel, the global automobile leaf spring market was divided into aftermarket and OEM.
Based on vehicle type, the global automobile leaf spring market was divided into heavy commercial vehicles, passenger cars, and light commercial vehicles.
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Automotive Leaf Spring Market Regional Classification
The global automobile leaf spring market was spread in the following regions – Asia-Pacific, Europe, North America, and rest of the World.
Automotive Leaf Spring Industry News
The key players involved in the global automobile leaf spring market are LITE FLEX (US); Rassini (Mexico); IFC Composite GmbH (Germany); Hendrickson USA, L.L.C. (US); NHK Springs Co. Ltd (Japan); Sogefi SpA (Italy); Benteler-SGL (Austria); Jamna Auto Industries (India), OlgunCelik San. Tic. A.S (Turkey) and Emco Industries (India).
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