According to the report, the global automotive suspension spring market is projected to reach US$ 25 Bn by 2030, expanding at a CAGR of ~5% during the forecast period. Rise in sale of passenger and commercial vehicles across the globe is likely to propel the automotive suspension spring market across the globe. The increase in the number of small- and medium-scale industries across the globe is projected to boost manufacturing industries, which, in turn, is anticipated to fuel the automotive suspension spring market across the globe. Consistent research & development in the automotive industry has led to the development of suspension springs that offer more strength, along with ride comfort. The surge in the demand for electric vehicles across the globe is prompting vehicle manufacturers to develop lightweight suspension springs. This factor is anticipated to fuel the automotive suspension spring market across the globe.
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Expansion of Automotive Suspension Spring Market
The rise in the demand for ride comfort is prompting automakers to implement new substitutes that can provide compression resistance as well as flexibility to the vehicle, which is likely to propel the automotive suspension spring market across the globe. The growing acquisitions and agreements between leading spring manufacturers across the globe is a key factor boosting the automotive suspension spring market across the globe. In 2018, Henkel AG & Co., KGaA developed a coil spring made of composite material, which is 30% to 40% lighter than conventional steel spring. The company has developed a coil spring made from LOCITE matrix resin, which allows reduction in weight without compromising on safety. This is likely to boost the automotive suspension spring market across the globe.
China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
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Automotive Suspension Spring Market Dynamics
Based on vehicle type, the global automotive suspension spring market has been divided into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. The spread of the pandemic across the globe has prompted consumers to buy own vehicles to avoid public transportation, which is likely to increase the demand for passenger vehicles across the globe. This, in turn, is estimated to propel the automotive suspension spring market across the globe.
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Automotive Suspension Spring Market Players
Prominent players operating in the global automotive suspension spring market include EMCO, Eaton Detroit Spring, Hendrickson, Rassini, Jamna Auto Industries, FAW Group, NHK Springs, Continental AG, Sogefi., Kilen Springs, Draco Spring Mfg. Co., Renton Coil Spring Co. , American