Automotive Leaf Spring Market Size
|2019 - 2029
|Base Year For Estimation
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Automotive Leaf Spring Market Analysis
The Automotive Leaf Spring Market is valued at USD 5.88 billion in the current year and is expected to reach USD 7.51 billion within the next five years, registering a CAGR of about 4.56% during the forecast period.
Over the long term, the market is driven by the demand increase in demand for commercial vehicles and an increased demand for vehicle comfort. Furthermore, the significant development of the e-commerce industry across the globe is likely to foster the demand for light commercial vehicles to cater to the demand of vehicle manufacturers, increasing worldwide demand for automobile leaf springs. Furthermore, the growing culture of sports utility vehicles in countries like India, China, and the United States will drive the market growth.
For example, according to premium car Manufacturer Mercedes Benz, the share of SUVs in the overall Indian passenger cars market grew to 47% in 2022, which was 22% five years back.
However, the springs tend to lose structure and sag over time. When the sag is uneven, it might change the vehicle's cross weight, which can impair the handling slightly. It can also affect the angle of the axle to the mount. Acceleration and braking torque can generate wind-up and vibration. It might hamper the market growth during the forecast period.
Asia-Pacific dominates the automotive leaf spring market owing to China's highest passenger car sales in 2022, followed by India and Japan.
- For instance, According to the International Organisation of Motor Vehicle Manufacturers, China contains the highest no sales of passenger vehicles at 23 million units in 2022. Moreover, the majority of suppliers in the region seek to produce lightweight solutions utilizing superior materials as it allows them to adhere to the set standards.
Furthermore, because of their lightweight and great durability, composite leaf springs are progressively replacing conventional leaf springs. Thus, the above factors will drive the market growth.
Automotive Leaf Spring Market Trends
Increasing sales of Commercial Vehicles boost the market growth
The rise in disposable incomes in both developing and developed countries and growing construction activities and urbanization are also projected to drive the adoption of commercial vehicles, which will result in the growth of the market. Considering the scenario, manufacturers are working on innovating vehicle design and customizing vehicles according to weight regulations.
Moreover, the logistics market shifted to offering customer-centric solutions, making the growing need for commercial vehicles. Supportive policies and initiatives by governments raised the demand for commercial electric vehicles. Electric buses and heavy-duty truck registrations increased in North America and Asia Pacific.
For instance, in August 2023, the Indian Government approved USD 7 billion to run 10,000 electric buses in 169 cities.
Due to rising MHCV (Medium and Heavy Commercial Vehicle), production is growing in regions like the Asia-Pacific, and automotive giants such as Tata Motors are focusing on new technologies for the production of commercial vehicles. Many companies are also focusing on developing composite leaf springs for electric vehicles and LCVs since composite leaf springs may minimize noise, vibration, and harshness. Furthermore, the composite leaf springs are 40% lighter, with a 76.39% lower stress concentration, and deform 50% less than steel-graded leaf springs.
The Society of Indian Automobile Manufacturers states that sales of medium and heavy commercial vehicles increased from 2,40,577 to 3,59,003 units, and light commercial vehicles increased from 4,75,989 to 6,03,465 units in FY-2022-23, compared to the previous year.
Thus, with the rise in adoption of commercial sales and production, demand for leaf springs will continue to grow and contribute to market growth.
Asia-Pacific is Anticipated to Play a Significant Role in the Market
In the Asia-Pacific region, the increasing e-commerce businesses are fueling the expansion of the transportation industry. According to our analysis, with the largest population in the world and only 6% of India's retail market coming from e-commerce, the market is one of the fastest growing in the world.
With expanding vehicle manufacturing in India and China, the Asia-Pacific region is likely to experience considerable development in the global market. For instance, according to the International Organisation of Motor Vehicle Manufacturers, the top 5 car production countries in the world are dominated by Asia-Pacific, with China being the first, followed by Japan and India.
Seeing the growth in production and sales of vehicles in the Asia-Pacific region, companies are focusing on making investments in R&D activities to develop new technologies and cater to the demand.
For instance, in December 2022, THACO Chu Lai Industrial Park announced the establishment of THACO INDUSTRIES in Vietnam. The corporation sets the strategy for the development and manufacturing of products like leaf springs on a large scale. It invests in diversifying its products and services by the construction of a new R&D center and mechanical center.
The above factors, coupled with high sales of vehicles and major investments, will fuel the market growth.
Automotive Leaf Spring Industry Overview
The Automotive Leaf Spring market in the region is fairly consolidated, with major players like EATON Detroit Spring, Inc., Sogefi SpA, and MITSUBISHI STEEL MFG. CO., LTD., NHK SPRING Co., Ltd., and Jamna Auto Industries Ltd., capturing the major market share amongst others.
Many players are investing in new technologies to gain the upper hand over their competition and focusing on new launches.
- In May 2022, Dongfeng Motor RUS announced the launch of the DF6 pickup truck in Russia. It is a frame pickup with robust and dependable construction, as well as comfort and off-road capability. The strong undercarriage, with double-wishbone front suspension and a rear-dependent leaf spring, is suitable for Russian roads.
Automotive Leaf Spring Market Leaders
EATON Detroit Spring, Inc.
MITSUBISHI STEEL MFG. CO., LTD.
NHK SPRING Co.,Ltd.
Jamna Auto Industiries Ltd.
*Disclaimer: Major Players sorted in no particular order
Automotive Leaf Spring Market News
- January 2023: Kraftfahrzeug Trunkenpolz Mattighofen will soon be playing around with composite leaf spring suspension on its motocross offerings.
- June 2022: Foton Commercial Vehicles launched the New and Improved Foton Tunland E+ Pickup Truck in Nepal. The vehicle is equipped with a double-wishbone with coil springs and a leaf spring with a shock absorber.
Automotive Leaf Spring Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increase in Sales of Commercial Vehicles
4.2 Market Restraints
4.2.1 The Spring tends to Loose Structure With Time
4.3 Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value USD)
5.1.4 Other Types
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Light Commercial Vehicle
5.2.3 Heavy Commercial Vehicle
5.3 Sales Channel
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.4.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 EATON Detroit Spring, Inc.
6.2.2 Sogefi SpA
6.2.3 Mitsubishi Steel Mfg. Co., Ltd.
6.2.4 NHK SPRING Co.,Ltd.
6.2.5 Jamna Auto Industiries Ltd.
6.2.7 Mack Springs Pvt. Ltd.
6.2.8 EMCO INDUSTRIES
6.2.9 Roc Springs
6.2.10 Dendoff Springs Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Automotive Leaf Spring Market Research FAQs
What is the current Automotive Leaf Spring Market size?
The Automotive Leaf Spring Market is projected to register a CAGR of 4.56% during the forecast period (2024-2029)
Who are the key players in Automotive Leaf Spring Market?
EATON Detroit Spring, Inc., Sogefi SpA, MITSUBISHI STEEL MFG. CO., LTD., NHK SPRING Co.,Ltd. and Jamna Auto Industiries Ltd. are the major companies operating in the Automotive Leaf Spring Market.
Which is the fastest growing region in Automotive Leaf Spring Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Leaf Spring Market?
In 2024, the Asia-Pacific accounts for the largest market share in Automotive Leaf Spring Market.
What years does this Automotive Leaf Spring Market cover?
The report covers the Automotive Leaf Spring Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Leaf Spring Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Leaf Spring Industry Report
Statistics for the 2024 Automotive Leaf Spring market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Leaf Spring analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.