According to the report, the global automotive coil spring market is projected to surpass US$ 10.4 Bn by 2027, expanding at a CAGR of ~5% during the forecast period. The automotive coil spring market is driven by a rise in the demand for more reliable and comfortable suspension system. Added advantage of better handling across on road and off-road conditions and comfortable ride has been a key factor boosting the adoption of coil springs in a large number of utility vehicles.
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Expansion of Automotive Coil Spring Market
Emerging trend of integrating an independent rear suspension with coil springs among pick-up trucks is further fueling the adoption of shock absorbers having coil-over- shock absorbers and coil springs. The total vehicle miles traveled (VMT) is increasing at a steady pace, globally. Per capita VMT is rising as well. A vehicle is prone to wear tear, especially shock absorbers, which drives the replacement of shock absorbers at regular intervals, owing to the rise in vehicle miles travelled and more kilometers covered by the vehicle. This, in turn, is anticipated to increase the replacement of shock absorbers around the globe.
Moreover, increased competition among automakers to launch models with competitive features has spurred the adoption of coil springs. A rise in the demand for crossovers and utility vehicles in the market, along with rising penetration of the coil spring among such models is driving the market for automotive coil springs. In 2014, Nissan launched Navara, the first pick-up truck with rear coil spring suspension, Ford Motor Company, General Motors, and Toyota Motor Corporation have been working actively to design new models with coil spring suspension and shock absorbers (absorber is mounted with coil spring).
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Based on OEM, the passenger vehicle segment is likely to account for a major share of the global automotive coil spring market. Higher preference for integration of the coil spring among passenger vehicles has led the segment to hold higher share of the market, while leaf springs and parabolic springs are used in light and heavy duty commercial vehicles. This, in turn, is hindering the commercial vehicle segment, thus leading to lower share and lower expansion of the commercial vehicle segment.
Regional Analysis of Automotive Coil Spring Market
In terms of region, the global automotive coil spring market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East Africa. Asia Pacific is estimated to be a prominent market for automotive coil spring during the forecast period. High production of vehicles in the region, along with availability of higher number of production sites are propelling the market for coil spring in the region. Most key players have their presence the region and have major production sites. China, Japan, and India have major automotive manufacturing sectors and produce vehicles for other countries due to availability of low cost land and labor, which in turn is driving the market for automotive coil spring in the region.
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Prominent players operating in the automotive coil spring market include Ace Wire Spring Form Co., Inc., Betts SPRING MANUFACTURING, Clifford Springs Ltd, Draco Spring Mfg. Co., Hendrickson, Jamna Auto Industries, Kilen Springs, EMCO, Lesjöfors Automotive, Sogefi SpA, Aniceto Gomez SA, Olgun Celik, Rassini, Soni Auto Allied Industries Ltd., and Suspension Spring Specialist, Inc.
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