Automotive Suspension Coil Springs Market Size, Share, Growth and Industry Analysis by Type (OEM And, Aftermarket), By Application (Passenger Cars, And, Commercial Vehicles) Regional Insights and Forecast To 2031

Updated On: 08 April 2024

AUTOMOTIVE SUSPENSION COIL SPRINGS MARKET REPORT OVERVIEW

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The global automotive suspension coil springs market size was USD 2152.8 million in 2021 and will touch USD 2942.4 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.

Automotive suspension coil springs are vital components that contribute to a vehicle's ride comfort and handling. These springs, typically made of durable materials like steel, absorb and distribute the impact of road irregularities, ensuring a smoother ride. Functioning as a crucial element of the suspension system, coil springs support the vehicle's weight and help maintain tire contact with the road.

Their design and elasticity influence the car's stability during cornering and braking. As technology advances, manufacturers explore materials and engineering innovations to optimize the balance between comfort and performance, enhancing the overall driving experience for motorists.

COVID-19 impact: Fluctuating Demand for Vehicles, Coupled with Economic Uncertainties During Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic significantly impacted the automotive industry, including the production of suspension coil springs. Disruptions in global supply chains, factory closures, and reduced workforce availability led to challenges in manufacturing and distribution. Automakers faced delays in obtaining raw materials, hindering production schedules. Fluctuating demand for vehicles, coupled with economic uncertainties, affected the automotive supply chain. As the industry grappled with pandemic-related challenges, including shutdowns and reduced consumer spending, the production of automotive suspension coil springs experienced disruptions. Despite these setbacks, the automotive sector has shown resilience, adapting to new norms and working towards recovery in a changing market landscape.

LATEST TRENDS

"Usage of Advanced Materials, Such as Composite Alloys and Lightweight Metals to Fuel Market Growth"

Innovations in automotive suspension coil springs are reshaping the driving experience. Advanced materials, such as composite alloys and lightweight metals, are replacing traditional steel, enhancing durability while reducing overall vehicle weight. Smart technologies, including adaptive suspension systems and electronically controlled springs, dynamically adjust to road conditions, optimizing comfort and handling.

3D printing techniques allow for intricate designs, offering tailor-made solutions for specific vehicle models. Additionally, sustainability drives innovations with eco-friendly materials and production processes. These advancements underscore a transformative era in automotive suspension, where technology and materials converge to deliver improved performance, efficiency, and a smoother ride for drivers. All of these factors are driving the automotive suspension coil springs market share.

AUTOMOTIVE SUSPENSION COIL SPRINGS MARKET SEGMENTATION

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• By Type

Based on types the global market is classified into OEM and, aftermarket

OEM: Original Equipment Manufacturer - Refers to companies that produce components or systems used in the production of vehicles by automakers. OEM parts are designed to meet the specifications and quality standards set by the vehicle manufacturer.

Aftermarket: The automotive aftermarket involves the sale of parts, accessories, and services for vehicles after they have been sold to consumers by the original equipment manufacturer (OEM). These products may be manufactured by companies other than the vehicle's original producer and offer customization, upgrades, or replacement options for vehicle owners.

• By Application

Based on application the global market is classified into passenger cars, and, commercial vehicles

Passenger Cars: Designed for the transportation of passengers, these vehicles are typically smaller in size and prioritize comfort and efficiency. They include sedans, hatchbacks, SUVs, and coupes.

Commercial Vehicles: Tailored for transporting goods or passengers for commercial purposes, these vehicles encompass a range from delivery vans to heavy-duty trucks and buses. They play a crucial role in various industries, contributing to the transportation of goods and people on a larger scale.

DRIVING FACTORS

"Increasing Consumer Demand for Smoother Rides and Improved Handling Prompts to Amplify Market Growth"

The driving factors in automotive suspension coil springs revolve around enhancing ride quality, safety, and performance. Increasing consumer demand for smoother rides and improved handling prompts innovations in material technology, such as lightweight alloys and advanced composites. The pursuit of fuel efficiency encourages the development of lighter components without compromising structural integrity.

Safety considerations drive the incorporation of smart technologies, including adaptive suspension systems, ensuring optimal handling under diverse road conditions. Moreover, stringent emissions regulations propel manufacturers to explore eco-friendly materials and sustainable manufacturing processes, aligning with the broader industry shift towards environmental responsibility and efficiency. All of these factors are driving the automotive suspension coil springs market growth.

"Continuous Advancements in Vehicle Design to Drive Market Growth"

Market dynamics and consumer preferences also contribute to the evolution of automotive suspension coil springs. Continuous advancements in vehicle design, from luxury cars to off-road vehicles, stimulate the demand for specialized suspension systems, influencing spring innovations. Global economic trends and the automotive industry's growth impact the production volume and technology investments in suspension components.

 Moreover, the push for electric and autonomous vehicles emphasizes the need for adaptable and efficient suspension solutions. As competition intensifies, manufacturers strive for cost-effective production methods, driving efficiency without compromising performance. These diverse factors collectively steer the trajectory of automotive suspension coil springs toward innovation and improved functionalities.

RESTRAINING FACTOR

"Stringent Regulatory Standards on Vehicle Emissions to Deteriorate Market Growth"

Challenges facing automotive suspension coil springs include the constant balance between ride comfort and performance. Stringent regulatory standards on vehicle emissions and safety impact design choices, adding complexity to production. Economic fluctuations and global supply chain disruptions influence material costs and supply availability, affecting manufacturing consistency.

Additionally, integrating advanced technologies poses challenges related to affordability and mass adoption. Market saturation and slower consumer adoption of new suspension technologies contribute to restrained growth. Sustainability concerns and the industry's reliance on traditional materials also pose limitations, necessitating careful navigation of environmental impact. Successfully addressing these restraining factors is crucial for sustainable progress in the automotive suspension sector.

AUTOMOTIVE SUSPENSION COIL SPRINGS REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market in Upcoming Years Due to Region's Focus on Innovation"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America and Middle East & Africa

Asia Pacific emerges as the leading region in automotive suspension coil springs, driven by robust automotive production and demand. Countries like China, Japan, and India contribute significantly to the region's dominance, housing major manufacturers and original equipment suppliers. The flourishing automotive industry, coupled with increasing investments in research and development, positions Asia Pacific as a pivotal hub for suspension technology.

The region's focus on innovation, coupled with a growing consumer market, solidifies its leadership, influencing advancements in materials, design, and technology. As automotive trends evolve, Asia-Pacific remains at the forefront, shaping the trajectory of automotive suspension coil spring development.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profile

• NHK Spring (Japan)
• Mubea (Germany)
• Sogefi Group (Italy)
• Daewon Kang Up (South Korea)
• ThyssenKrupp (Germany)
• Rassini (Mexico)
• Chuo Spring (Japan)
• Mitsubishi Steel Mfg (Japan)
• DRiV Incorporated (U.S.)
• China Spring Corporation (China)
• Fawer Automotive Parts (China)
• Lesjöfors AB (Sweden)
• GKN Automotive (U.K.)
• Betts Spring (U.S.)
• Meili High Technology (China)

INDUSTRIAL DEVELOPMENT

August 2022: Innovative Suspension System: The MacPherson strut introduces a groundbreaking design by integrating a coil spring and shock absorber into a unified unit. Widely adopted as the predominant front suspension in passenger cars, this system optimizes ride comfort and handling. Beyond this, the evolution of coil spring technology unveils three distinct types: tension/extension, compression, and torsion. Each variation caters to specific vehicular requirements, marking a significant advancement in the customization and adaptability of coil spring designs for diverse automotive applications. This innovation heralds a new era in suspension systems, prioritizing versatility and performance in the ever-evolving automotive landscape.

Report Coverage

The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.