Global Automotive Leaf Spring Market: Analysis, Trends, and Forecast 2023 – 2030
To support the car by absorbing the bumps on uneven road surfaces, an automobile leaf spring is used as the suspension system. Such springs include one or more leaves and encompass leaves. These are one of the more common types of wheeled vehicle suspension systems.
Both LCVs and HCVs employ them. Center hole punching, flat bar shearing, heating procedure, and heating treatment are all part of the process of making car leaf springs. The automotive leaf spring is the most widely used elastic component in the automobile suspension system and benefits from high levels of dependability, simplicity, speed of production, low cost, and structural simplicity.
The Global Automotive Leaf Spring Market is estimated to be worth USD 6.8 Billion by 2030, registering a 6.5% CAGR during the forecast period (2022- 2030).
The leaf spring consist simple structure, reliable operation, low cost, and simple maintenance. It can transmit many forces and moments, determines the jumping trajectory of the wheel, and at the same time, it also has an assertive friction-damping effect.
The growing demand for automobiles globally is pushing the leaf spring market. The leaf springs are mostly applied in light, medium, and heavy-duty commercial vehicles like pick-up trucks and vans. Some passenger car manufacturers depend on the implementation of leaf spring technology for better suspension.
The leaf spring is experiencing a massive demand from both, the OEM market and the after-sales replacement market as they generally need replacement. The growth of the Automotive Leaf Springs market is dependent on the upsurge in the automotive sector. The worldwide automotive sector is rearing rapidly which is pushing the demand for automotive leaf springs.
Regional Analysis
The Global Automotive Leaf Spring Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific is projected to hold the highest market share and substantial growing region during the forecast period owing to the leading highest consumption of commercial vehicles. The availability of labor and other essential resources at a low price in the Asia-Pacific region is awaited to drive the automotive leaf springs market over the forecast period. Japan has a massive number of automotive manufacturers which are estimated to create demand for automotive leaf springs over the forecast period.
The Western Europe region is anticipated to account for the largest market share in terms of value as many major manufacturers are located in this region.
Latin America and MEA regions perceive a steady growth in the automotive leaf spring market during the forecast period.
Market Segmentation
The Global Automotive Leaf Spring Market is segmented into the following types;
By Spring Type
- Parabolic Leaf Spring
- Multi-Leaf Spring
By Material
- Metal Leaf Springs
- Composite Leaf Springs
By Location Type
- Front Suspension
- Rear Suspension
By Vehicle
- Passenger Vehicles
- Light Commercial Vehicles
- Medium & heavy Commercial Vehicles
Key Players
The Global Automotive Leaf Spring Market’s prominent key players are Rassini (Mexico), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), LITEFLEX (US), IFC Composite GmbH (Germany), NHK Springs Co. Ltd (Japan), Benteler-SGL (Austria) and OlgunCelik San. Tic. A.S. (Turkey).
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