Global Automotive Coil Spring Market, By Type (Helical Coil Spring, Progressively Wound Spring), Vehicle Type (Two Wheeler, Four Wheeler, Heavy Vehicles) Application (Air Bags, Seat Belts, Suspension, Fuel Injection, Clutch, Valve, Others) - Industry Trends and Forecast to 2029.
Automotive Coil Spring Market Analysis and Size
Automotive coil springs are one of the most important part of a suspension system in automotive and as per current market trends, the adoption of these coil springs is set to remain higher than leaf springs in the forecast period. Furthermore, an automotive coil spring is used in many vehicles such as heavy commercial vehicles (HCVs), two-wheelers, passenger cars, light commercial vehicles (LCVs) and many other. Therefore, the rising automotive production is one of the major factor which is expected to drive the growth of the global automotive coil spring market during the forecast period of 2022-2029.
Data Bridge Market Research analyses that the automotive coil spring market was valued at USD 3464.20 million in 2021 and is expected to reach USD 5157.33 million by 2029, registering a CAGR of 5.10 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Automotive Coil Spring Market Scope and Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
Type (Helical Coil Spring, Progressively Wound Spring), Vehicle Type (Two Wheeler, Four Wheeler, Heavy Vehicles) Application (Air Bags, Seat Belts, Suspension, Fuel Injection, Clutch, Valve, Others)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
Market Players Covered
Kilen Springs (U.K.), GKN Automotive (U.K.), Sogefi SpA (Italy), NHK of America Suspension Components, Inc (U.S.), Muhr und Bender KG, (Germany), Betts Spring (U.S.), MW Industries (MWI) (U.S.), Draco Spring Mfg. Co. (U.S.), Hyperco (U.S.), Neapco (U.S.), Alco (U.S.), UNI ATUO PARTS MANUFACTURE CO., LTD. (Taiwan), MITSUBISHI STEEL MFG. CO., LTD. (Japan), Lesjöfors Automotive (U.K.), Clifford Springs Ltd (U.K.), Hendrickson USA, L.L.C. (U.S.), Jamna Auto Industiries Ltd (India)
An automotive coil spring is a form of spring which is generally used for suspension purposes in wheeled vehicles. Coil springs were also called carriage spring, and sometimes it was also referred to as a helical spring. A coil spring is a mechanical device which is generally used to store energy and then release it after sometime. It is also used to maintain a force between contacting surfaces or to absorb shock.
Global Automotive Coil Spring Market Dynamics
- Rise in the manufacturing of vehicle
The growing vehicle manufacture is directly proportional to the rising demand for the automotive parts such as automotive coil spring. So, the growing demand for vehicle production is estimated to also propel the demand for the automotive coil spring due to this it has become a standard in all type of vehicle in the global market which are expected to drive the growth of the automotive coil spring market.
- Rising demand of high performance material
High performance material is mainly used to manufacture quality suspension products for better performance of vehicle components. High quality products are also used in the manufacturing of automotive coli springs which allow vehicle to run efficiently thus also reducing fuel consumption. Reduced fuel consumption decreases the total vehicle ownership cost.
- Increasing demand of road transportation
The growth in the usage of light, medium, and heavy-duty vehicles in emerging nations due to the increasing preference for road transportation are expected to drive the growth rate of the automotive coil spring market during the forecast period of 2022-2029.
Furthermore, increasing popularity of helical springs, growing demand for quality products in the automotive, rising demand for luxury and comfort along with high demand due to their extraordinary strength to weight ratio and enhanced fatigue resistance and increase in disposable income which has increased the demand for passenger vehicles, are some other factors which are anticipated to boost the growth of the market.
- New product launches
The surging product launches and other innovations by major market players further offer numerous growth opportunities within the market. For instance, Nissan has launched Navara which is the first pick-up truck with rear coil spring suspension, Toyota Motor Corporation, Ford Motor Company and General Motors have been working on new models with shock absorbers (absorber is mounted with coil spring) and coil spring suspension.
- High investment for medium and heavy commercial vehicle
The growing demand for medium and heavy commercial vehicles for bulk transportation makes the manufacturers invest a huge amount in maintenance and servicing of these vehicles. Therefore, automatically, increase the demand for the aftermarket parts such as automotive coil springs, etc. at a very healthy rate. These growing activities in the OEM and aftermarket are projected to create the immense opportunities for the growth of the automotive coil spring over the forthcoming years in the market globally.
Additionally, rising industrialization and growth in infrastructure investments will further increase several new opportunities for the growth of the automotive coil spring market during the forecast period.
- Issues associated with automotive coil spring
Corrosion due to lack of proper spring coating and spring damage due to overweight on vehicle are some major factors which are expected to act as major restraints and obstruct the growth of the automotive coil spring market in the above mentioned forecasted period.
This automotive coil spring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive coil spring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Automotive Coil Spring Market
The outbreak of COVID-19 pandemic has continued to impact the growth of the automotive and many other sector across the globe. This pandemic has hampered a majority of businesses overall the globe due to imposed lockdown, which caused the people to stay at home. The imposed lockdown led to a decrease in the sales of vehicle, consequently, contracting the global automotive coil spring market. However, the global automotive coil spring market is anticipated to expand from 2021, due to economic measures, the government has taken some steps to recover from financial losses which has caused imposed shutdown of business activities during the COVID-19 pandemic.
Global Automotive Coil Spring Market Scope
The automotive coil spring market is segmented on the basis of type, vehicle type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Helical Coil Spring
- Progressively Wound Spring
- Two Wheeler
- Four Wheeler
- Heavy Vehicles
- Air Bags
- Seat Belts
- Fuel Injection
Automotive Coil Spring Market Regional Analysis/Insights
The automotive coil spring market is analysed and market size insights and trends are provided by country, type, vehicle type and application as referenced above.
The countries covered in the automotive coil spring market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
North America dominates the automotive coil spring market in terms of market share and revenue growth. This is due to already established infrastructure in this region.
Asia-Pacific is expected to fastest growing region during the forecast period of 2022-2029 due to the major investment going into the production and manufacturing industry.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Automotive Coil Spring Market Share Analysis
The automotive coil spring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive coil spring market.
Some of the major players operating in the automotive coil spring market are:
- Kilen Springs (U.K.)
- GKN Automotive (U.K.)
- Sogefi SpA (Italy)
- NHK of America Suspension Components, Inc (U.S.)
- Muhr und Bender KG, (Germany)
- Betts Spring (U.S.)
- MW Industries (MWI) (U.S.)
- Draco Spring Mfg. Co. (U.S.)
- Hyperco (U.S.)
- Neapco (U.S.)
- Alco (U.S.)
- UNI ATUO PARTS MANUFACTURE CO., LTD. (Taiwan),
- MITSUBISHI STEEL MFG. CO., LTD. (Japan)
- Lesjöfors Automotive (U.K.)
- Clifford Springs Ltd (U.K.)
- Hendrickson USA, L.L.C. (U.S.)
- Jamna Auto Industiries Ltd (India)