Leaf Spring Demand in the Global Automotive Industry to Reach US$ 5.8 Billion in 2024, Says Stratview Research
DETROIT, December 20, 2018 /PRNewswire/ --
Stratview Research announces the launch of a new research report on Automotive Leaf Spring Market by Vehicle Type (Passenger Car, Light-Duty Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), by Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), by Material Type (Metal Leaf Springs and Composite Leaf Springs), by Location Type (Front Suspension and Rear Suspension), by Manufacturing Process Type (Shot Peening, HP-RTM, and Others), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.
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This market report, from Stratview Research, studies leaf spring in the global automotive industry over the trend and forecast period of 2013 to 2018 and 2019 to 2024, respectively. The report provides detailed insights on the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Automotive Leaf Spring Market: Research Highlights
Leaf spring is a spring comprising leaves and is commonly used for suspension in the wheeled vehicles. It is a semi-elliptical arm consisting of one or more leaves, which are strips of steel or other materials that are meant to flex under pressure yet maintain their original shape when not under pressure. Leaf spring is one of the oldest suspension components and is still being used in most of the LCVs and MHCVs.
Over a period, the automotive industry has witnessed a remarkable transition in the leaf spring's technology, material, style, design, etc. There are countless styles of leaf-spring suspension available worldwide featuring different mounting points, shapes, and sizes. At the same time, there are a lot of R&D activities happening for the development of lightweight alternatives of heavier steel leaf springs. Composite leaf springs are the outcome of these activities, offering significant weight saving advantage over steel springs without sacrificing performance.
As per Stratview Research, the next five years for the leaf spring market in the automotive industry seems attractive with significant growth opportunities in both, OE as well as aftermarket segments. The market is set to reach an estimated value of US$ 5.8 billion in 2024, witnessing a healthy growth in the coming years. Several factors are bolstering the demand for leaf springs among which, rising production of LCVs and MHCVs is the biggest growth factor contributing to a greater demand for leaf springs. Other noticeable driving factors are advancements in the leaf spring technology, such as parabolic leaf springs; greater demand for lightweight springs, especially composite leaf springs; and rising automotive fleet.
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The author of the report cited that MHCV dominates the market in terms of value and is likely to maintain its dominance in the coming five years as well. Large production base of MHCVs coupled with high penetration of leaf springs in MHCVs and large MHCV fleet are the key whys and wherefores behind the dominance of MHCVs in the market.
Weight reduction is one of the mega trends in the automotive industry. It can be achieved primarily through introduction of better materials, design optimization, and better manufacturing processes. Selection of any material for an application is based on the relative cost as well as the strength of the material. There are several advanced materials available with light-weighting advantage. Composite materials are one of them with elastic strain energy, better fatigue resistance, and higher strength-to-weight ratio compared to steel. It provides significant weight reduction with adequate improvement in the mechanical properties and is one of the best replacement materials for conventional steel.
Based on the material type, steel leaf spring is expected to remain the larger spring type in the next five years; however, composite spring is likely to witness the higher growth in the same period. Composite springs offer excellent strength-to-weight ratio, fatigue resistance, and natural frequency and are about five times more durable than a steel spring. Internal damping in the composite materials leads to excellent absorption of vibration energy within the parts, resulting in, a reduced transmission of vibration noise to the neighboring structures.
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In terms of region, Asia-Pacific is expected to remain the largest market for leaf springs in the foreseen future, because of increasing production of MHCVs in the developing Asian economies, such as China and India. China, Japan, and South Korea are likely to remain the major markets in the region; however, India is likely to be the new growth engine of the region's market in the coming five years. Europe and North America, other major markets, are also likely to have a positive outlook in the coming five years.
The global automotive leaf springs market is highly fragmented with the presence of more than 100 global as well as regional players. The key automotive leaf spring manufacturers are Rassini, Hendrickson, Jamna Auto Industries, Dongfeng Motors, and IFC Composite (for composite leaf springs). New product development, capacity expansion, formation of strategic alliances are some of the key strategies adopted by the major players to gain a competitive edge in the market.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter's five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
This report studies leaf spring market in the global automotive industry and has segmented the market in seven ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the seven ways in which the market is segmented:
Automotive Leaf Spring Market by Vehicle Type:
- Passenger Car (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Light-Duty Commercial Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Medium- & Heavy-Duty Commercial Vehicles (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by Spring Type:
- Parabolic Springs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Multi-Leaf Springs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by Material Type:
- Metal Leaf Springs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Composite Leaf Springs (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by Spring Location Type:
- Front Suspension (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Rear Suspension (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by Manufacturing Process Type:
- Shot Peening (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- HP-RTM (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by End-User Type:
- OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Automotive Leaf Spring Market by Region:
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Stratview Research has several high value market reports in the global automotive industry. Please refer to the following link to browse through our reports:
Click Here for Other Reports from Stratview Research in the Automotive Industry
Some of our other related premium reports in the automotive industry:
Automotive Leaf Spring Aftermarket by Vehicle Type (Passenger Car, LCV, M&HCV, and Others), by Spring Type (Parabolic Leaf Spring and Multi-Leaf Spring), by Location Type (Front Suspension and Rear Suspension), and by Region (North America, Europe, Asia-Pacific, and Rest of World) Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024
Automotive Composite Leaf Springs Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- & Heavy-Duty Vehicle, and Others), by Installation Type (Transversal and Longitudinal), by Location Type (Front and Rear), by Manufacturing Process Type (Compression Molding, High-Pressure Resin Transfer Molding, and Prepreg Layup), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
Global Automotive Suspension Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Duty Commercial Vehicle), by System Type (Passive, Semi-Active, Active, and Air Suspension), by Architecture Type (Dependent and Semi-Independent / Independent), by Damping Type (Hydraulic / Pneumatic and Electromagnetic), by Component Type (Coil Spring, Leaf Spring, Air Spring, Shock Absorber, Strut, Control Arm, Ball Joint, and Others), and by Region (NA, Europe, APAC, ROW), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2016-2021
Automotive Composite Suspension Components Market by Component Type (Leaf Spring, Coil Spring, Suspension Arm, Stabilizer Bar, and Others), by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Duty Commercial Vehicle, and Others), by Manufacturing Process Type (Compression Molding, HP-RTM, Prepreg Layup, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023
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