Automotive Suspension Coil Springs Market size is set to grow by USD 696.7 million from 2024-2028, Increase in production of passenger and commercial vehicles to boost the market growth, Technavio

NEW YORK, Aug. 2, 2024 /PRNewswire/ -- The global automotive suspension coil springs market size is estimated to grow by USD 696.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.5% during the forecast period. Increase in production of passenger and commercial vehicles is driving market growth, with a trend towards developments in automotive suspension springs market. However, increasing cost of vehicles due to rising prices of steel and aluminum poses a challenge. Key market players include Alpha Springs Ltd., Asha Spring and Engineering Co., BWI Group, Coiling Technologies Inc., Continental AG, Dietz GmbH, Kilen Springs, Leggett and Platt Inc., Melling, Melrose Industries Plc, Mitsubishi Steel Mfg. Co. Ltd., Muhr und Bender KG, MW Industries Inc., NHK Spring Co. Ltd., Sogefi Spa, Springcoil Ltd., Tenneco Inc., The Lesjofors Group, thyssenkrupp AG, and ZF Friedrichshafen AG.

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Key Market Trends Fueling Growth

The automotive suspension coil springs market is experiencing advancements as vendors and automakers collaborate to enhance the performance and durability of vehicle suspension systems. For decades, vendors have grappled with meeting automakers' demands for a balance between passenger comfort, handling characteristics, and load capacity. Vendors have focused on optimizing spring rates, which determine the weight required to compress the spring. Coil springs can have either a low spring rate (soft, absorbing much energy) or high spring rate (hard, best for heavy loads). Recent innovations include the E-shaped spring design, which allows for easy compression under light loads while maintaining stiffness with increased weight. This design improves suspension performance and extends coil spring life. Some designs combine two E-springs to fine-tune the overall suspension system, potentially driving market growth during the forecast period. 

The Automotive Suspension Coil Springs market is experiencing notable trends, including the adoption of adaptable suspension systems for improved ride and handling. Cost-effective production methods are driving affordability, leading to mass adoption by consumers. However, growth is restrained due to sustainability concerns and the environmental impact of traditional materials like steel. Major manufacturers are developing new, durable materials and suspension technology to meet consumer demands for smoother rides and better vehicle stability. The trajectory of the market is influenced by the growing consumer focus on robust automotive trends and the design requirements of vehicle ride and tire contact. Elasticity and the vehicle's weight are key factors in the development of coil springs for suspension systems. 

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Market Challenges

• The automotive industry is witnessing a shift towards advanced materials in vehicle manufacturing, with a focus on improving performance, reliability, and durability. Hardened steel and aluminum are commonly used for components and parts, including suspension coil springs, which are now being manufactured using these materials for enhanced efficiency. However, the rising cost of these materials per metric ton may negatively impact manufacturing costs and potentially increase vehicle prices, potentially hindering market growth during the forecast period. Automakers must carefully balance the benefits of using advanced materials with the financial implications for consumers.
• The Automotive Suspension Coil Springs market faces various challenges in the components and systems sector. Meeting diverse specifications and quality standards for passenger cars, sedans, hatchbacks, SUVs, coupes, delivery vans, heavy-duty trucks, and buses requires continuous innovation. Aftermarket sales of parts and accessories call for customization and upgrades, addressing consumer preferences for ride quality, safety, and efficiency. Driving factors like diverse road conditions, emissions regulations, and sustainability influence material technology advancements, such as lightweight alloys and advanced composites. Consumer demands for luxury cars, off-road vehicles, and specialized suspension systems necessitate ongoing suspension component innovations. Production volume and technology investments are crucial in meeting the needs of the transportation industry, which includes passenger cars, commercial vehicles, and electric and autonomous vehicles. The market must adapt to the evolving landscape, focusing on fuel efficiency, structural integrity, and compliance with regulations.

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Segment Overview 

This automotive suspension coil springs market report extensively covers market segmentation by

1. Application 
• 1.1 Passenger Car
• 1.2 Commercial Vehicle
2. Geography 
• 2.1 APAC
• 2.2 Europe
• 2.3 North America
• 2.4 South America
• 2.5 Middle East and Africa

1.1 Passenger Car-  The global automotive suspension coil springs market caters to the varying needs of passenger vehicle segments, including entry-level, mid-level, and premium or luxury vehicles. These segments utilize different suspension systems to enhance comfort and performance. Vendors are responding to this demand by providing lightweight, sturdier coil springs that consume less space in the suspension system. Advanced materials and technology are driving improvements in suspension system performance. MacPherson Strut and multi-link suspension setups are commonly used in entry- and mid-level vehicles, while premium vehicles feature advanced suspensions like adaptive, semi-active, air, and active systems. These systems regulate body movements, leading to increased demand for suspension coil springs, positively impacting market growth.

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Research Analysis

The Automotive Suspension Coil Springs market is a critical component of the automotive industry, focusing on the design and production of coil springs for automotive suspension systems. These springs play a vital role in providing a smooth ride and ensuring vehicle handling stability by absorbing road irregularities. Coil springs are typically made of durable materials such as steel and composite alloys, which offer elasticity and durability to support the vehicle's weight and maintain tire contact with the road. Advancements in suspension technology include the use of lightweight metals, smart technologies, adaptive suspension, and electronically controlled systems. These innovations cater to specific vehicle needs, providing tailor-made solutions for improved car stability and sustainability. 3D printing techniques enable intricate designs, enhancing the overall vehicle performance and offering ecofriendly materials as alternatives to traditional steel. The market continues to evolve, focusing on enhancing the driving experience while ensuring durability and sustainability.

Market Research Overview

The Automotive Suspension Coil Springs market plays a crucial role in enhancing the vehicle ride and handling experience. Coil springs, made from durable materials such as steel, are a key component of the suspension system. They absorb road irregularities, ensuring a smoother ride for passengers and improving the car's stability during cornering, braking, and other driving conditions. Technology advances and engineering innovations have led to the use of composite alloys and lightweight metals in place of traditional steel, increasing durability and overall vehicle efficiency. The design of coil springs is tailor-made to specific vehicle specifications, ensuring optimal performance and comfort. The automotive suspension market is subject to various disruptions, including factory closures, workforce availability, manufacturing and distribution issues, and fluctuating demand due to economic uncertainties and changing market conditions. OEMs and aftermarket players offer replacement options, upgrades, and customization for various types of vehicles, including passenger cars, sedans, hatchbacks, SUVs, coupes, and commercial vehicles, used for transportation of passengers and goods. The use of smart technologies, such as adaptive suspension and electronically controlled systems, has become increasingly popular, responding to road conditions in real-time for improved driving experience. Sustainability and eco-friendly materials are also gaining importance in the production processes, ensuring efficiency and meeting quality standards.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Passenger Car
• Commercial Vehicle
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio