The Global Suspension Spring Market size is projected to grow at a CAGR of 3.5% during the forecast period. The analysis includes a forecast for each type and application segment from 2021 to 2028, with an in-depth view of key trends shaping the industry.
A suspension spring is a device to control the movement of wheeled vehicles. It absorbs shocks, cushions the vehicle, and ensures safety for both passengers as well as drivers. Suspension springs are also known as coil springs, leaf springs, or airbags depending on their construction type. Suspension springs are wire forms that support the weight of a vehicle and allow it to be guided safely. They also absorb the effects of driving conditions such as bumps, potholes, or other road irregularities. A suspension spring has several features: -High tensile strength & high fatigue resistance - they must maintain their shape even under large loads. -Low stiffness — Suspension springs work by deflecting rather than supporting so they need to bend easily in order to stay within car design parameters which means low stiffness is needed. -Constant force throughout its deflection range — this allows for easy movement over rough surfaces without excessive stress on either part.
On the basis of Type, the global suspension spring market is segmented into Coil Spring, Air Spring, and Leaf Spring.
Coil spring is the most widely used type of suspension spring, regardless of its size or complexity. They consist of a spiral metal wire. They are very common and can be used for many different types of vehicles to hold them up, such as cars or trucks. When the suspension springs compress to absorb bumps in road conditions they help provide control during cornering and braking. Coil spring is expected to hold the largest market size during the forecast period owing to its increased usage in automobiles for suspension system applications.
Air Spring is a type of suspension spring, in which gas or air acts as the spring medium. It has a lower density than traditional coil springs and thus provides cushioning effect during a vehicle's ride on uneven roads. Air Springs find applications in all types of vehicles such as cars, trucks, and buses due to its capability to withstand high loads without any increase in weight. It offers a lot of benefits such as it does not require any maintenance and is noise-free, which makes it a perfect replacement for traditional vehicle suspensions. Air spring also ensures that the car occupants get a smooth ride with improved handling capabilities over rough terrains without compromising on comfort levels during normal driving conditions.
A Leaf Spring is an automotive suspension component that transmits the weight of a wheeled vehicle's load (or sometimes its passengers) to springs, shock absorbers, or other components. It consists of one or more curved metal leaves with side pins connecting them at both ends for hinged attachment of the axle and/or wheels. The leaf spring can be replaced by coil springs in many modern vehicles because it carries no internal parts except possibly some rubber pads between adjacent coils; however, there are also torsion bars that replace flat steel bar sections with coiled wire sections instead.
On the basis of Application, the global suspension spring market is segmented into Passenger Car and Commercial Vehicle.
On the basis of Region, the global suspension spring market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is one of the largest markets for automotive components which has driven the global suspension spring industry over the past few years on account of high demand from automakers like Ford, General Motors, and others who are among top companies in this region. The Asia Pacific holds a major share followed by Europe due to a large number of vehicle manufacturers operating here & increased expenditure towards research activities related to new product development. Japan accounts for the highest share as compared to other countries in the APAC region owing to its strong economy where the government initiated many infrastructure projects with a focus on road network expansion, thereby resulting in rapid growth in the automotive sector along with growing disposable income level in this region. Additionally, demand from key players like Toyota and Honda is anticipated to remain healthy over the forecast period which will further bolster the suspension spring market growth in coming years.
The rising demand for high-performance cars and trucks is a major factor driving the growth of the suspension spring market. All new vehicles are being designed to have an improved powertrain which entails better performance, fuel economy & reduced emissions while improving safety features such as ABS (Anti-lock Braking System) and ESP (Electronic Stability Program). In addition, automakers across various countries in different regions including China, India, etc., especially developing nations are focusing on increasing their exports by investing more towards R&D activities thereby making products with superior quality standards. This has led to a rise in demand from these markets thus spurring the overall automotive industry leading to the rapid expansion of this market over the forecast period 2017 - 2028.
Up Market Research published a new report titled “Suspension Spring Market research report which is segmented by Types (Coil Spring, Air Spring, Leaf Spring), By Applications (Passenger Car, Commercial Vehicle), By Players/Companies NHK Spring, Rassini, Sogefi, Mubea, Thyssenkrupp, Continental, Mitsubishi Steel, Fangda Special Steel, Jamna Auto Industries, Chuo Spring, NHK Spring, Fawer, Hendrickson, Vibracoustic, LesjÃ¶fors, Shandong Leopard, KYB, Firestone, Betts Spring, Eibach, Vikrant Auto, Zhejiang Meili, Akar Tools, BJ Spring”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
|Report Attributes||Report Details|
|Report Title||Suspension Spring Market Research Report|
|By Type||Coil Spring, Air Spring, Leaf Spring|
|By Application||Passenger Car, Commercial Vehicle|
|By Companies||NHK Spring, Rassini, Sogefi, Mubea, Thyssenkrupp, Continental, Mitsubishi Steel, Fangda Special Steel, Jamna Auto Industries, Chuo Spring, NHK Spring, Fawer, Hendrickson, Vibracoustic, LesjÃ¶fors, Shandong Leopard, KYB, Firestone, Betts Spring, Eibach, Vikrant Auto, Zhejiang Meili, Akar Tools, BJ Spring|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||246|
|Number of Tables & Figures||173|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Coil Spring, Air Spring, Leaf Spring and By Application Passenger Car, Commercial Vehicle.
Some of the companies that are profiled in this report are:
Suspension Spring Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Suspension Spring Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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