Automotive Coil Spring Market, By Vehicle Type, By Spring Type, By Material, By End-User, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Automotive Coil Spring Market size was valued at USD 3,904.74 Million in 2023, expanding at a CAGR of 5.10% from 2024 to 2032.
Automotive coil springs are essential elements of a vehicle's suspension system, serving a critical role in supporting the vehicle's weight and maintaining the appropriate ride height. They are responsible for providing comfort, stability, and safety by absorbing and dispersing kinetic energy caused by road disturbances. The effectiveness of these coil springs in modern vehicles relies on achieving the ideal balance of various spring properties, including minimal weight, optimal installation space, maximum durability, and cost-effectiveness. They collaborate closely with partners in the automotive industry to address these important considerations.
Automotive Coil Spring Market- Market Dynamics
Growth in the automotive industry and surge in demand for improved suspension systems in vehicles are projected to drive the growth of market
The expansion of the automotive industry creates opportunities for manufacturers and suppliers of automotive coil springs to meet the growing demand from OEMs (Original Equipment Manufacturers) and aftermarket segments. The United States has one of the largest automotive markets in the world. In 2020, U.S. light vehicle sales were 14.5 million units. Overall, the United States is the world's second-largest industry for vehicle production and sales. Autos Drive America reports international automakers manufacturer 5 million vehicles across US in 2020, according to international trade administration. However, continuous advancements in automotive technology have led to the development of innovative suspension systems create an opportunity for the market growth.however,Stringent Regulations and Standards may hampers the market growth.
Automotive Coil Spring Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.10% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, Commercial Vehicle was predicted to show maximum market share in the year 2023
Based on Spring Type segmentation, Compression Springs was the leading type in 2023
Based on End-User segmentation, OEMs was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
Automotive Coil Spring Market- Segmentation Analysis:
The Global Automotive Coil Spring Market is segmented on the basis of Vehicle Type, Spring Type, Material, End-User, and Region.
The market is segmented into two categories according to Vehicle Type: Commercial Vehicle and Passenger Vehicle. Commercial Vehicle holds a significant share in the market. As economies expand, there is usually a rise in the need for transporting goods and individuals, leading to a higher demand for commercial vehicles and their associated components like coil springs.
The market is segmented into three categories according to Spring Type: Compression Springs, Extension Springs, and Torsion Springs. Compression Springs are the most prevalent in the market. These coil springs are specifically engineered to withstand compressive forces when they are either pushed or compressed. In automotive settings, compression springs are utilized in suspension systems to dampen shocks and uphold vehicle stability.
The market is categorized into three sections according to the Material type: Alloy Steel, Carbon Steel, Stainless Steel, and Others. These materials are the main ones utilized, each providing a distinct blend of strength, longevity, and resistance to corrosion in order to fulfill the varied requirements of automotive applications.
The market is segmented into two groups according to the end-user: OEMs and Aftermarket. OEMs hold a significant share in the market as they establish strict quality criteria for all parts, including coil springs, to guarantee the safety, dependability, and durability of their vehicles. Manufacturers of coil springs must comply with these standards and go through thorough testing and certification procedures in order to be recognized as approved suppliers to OEMs.
Automotive Coil Spring Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business growth. Asia Pacific leads the market due to significant investments in medium and heavy commercial vehicles. These types of vehicles require durable suspension systems, such as high-quality coil springs, to handle heavy loads and ensure safe and comfortable operation. China remains the largest vehicle market globally in terms of annual sales and manufacturing output, with an estimated domestic production of 35 million vehicles by 2025. According to data from the Ministry of Industry and Information Technology, over 26 million vehicles were sold in 2021, including 21.48 million passenger vehicles, marking a 7.1% increase from 2020. Commercial vehicle sales totaled 4.79 million units, a 6.6% decrease from 2020. Looking ahead, Europe is projected to be the second-largest region for market growth, driven by the rising demand for road transportation.
Automotive Coil Spring Market- Competitive Landscape:
The automotive coil spring market is primarily controlled by a few prominent multinational corporations. These companies possess significant manufacturing capabilities, a diverse range of products, and well-established partnerships with major OEMs. They maintain a worldwide presence, operating manufacturing plants and distribution networks across various continents. The competition within this market is fueled by manufacturers' capacity to distinguish their offerings through factors like material excellence, longevity, load-bearing capability, and performance across different operational circumstances. Manufacturers allocate resources to research and development in order to create groundbreaking solutions that surpass their rivals' products.
Recent Developments:
On January 3, 2021, Hyperco was chosen as the spring provider for NASCAR's latest NextGen initiative. The development of this new racing platform involved a partnership with renowned chassis manufacturer Dallara and various industry professionals to enhance performance and safety, lower operational expenses, and achieve a closer resemblance to regular production vehicles.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL Automotive Coil Spring MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Kilen Springs
GKN Automotive
Sogefi SpA
NHK of America Suspension Components, Inc
Muhr und Bender KG
Betts Spring
MW Industries (MWI)
Draco Spring Mfg. Co.
Hyperco
Neapco
Alco
UNI ATUO PARTS MANUFACTURE CO., LTD.
MITSUBISHI STEEL MFG. CO., LTD.
Lesjofors Automotive
Clifford Springs Ltd
Hendrickson USA, L.L.C.
Jamna Auto Industiries Ltd.
Others
GLOBAL AUTOMOTIVE COIL SPRING MARKET, BY VEHICLE TYPE- MARKET ANALYSIS, 2019 - 2032
Commercial Vehicle
Passenger Vehicle
GLOBAL AUTOMOTIVE COIL SPRING MARKET, BY SPRING TYPE- MARKET ANALYSIS, 2019 - 2032
Compression Spring
Extension Spring
Torsion Spring
GLOBAL AUTOMOTIVE COIL SPRING MARKET, BY MATERIAL- MARKET ANALYSIS, 2019 - 2032
Alloy Steel
Carbon Steel
Stainless Steel
Others
GLOBAL AUTOMOTIVE COIL SPRING MARKET, BY END-USER- MARKET ANALYSIS, 2019 - 2032
OEMs
Aftermarket
GLOBAL AUTOMOTIVE COIL SPRING MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1.Automotive Coil Spring Market Overview
1.1.Study Scope
1.2.Market Estimation Years
2.Executive Summary
2.1.Market Snippet
2.1.1.Automotive Coil Spring Market Snippet by Vehicle Type
2.1.2.Automotive Coil Spring Market Snippet by Spring Type
2.1.3.Automotive Coil Spring Market Snippet by Material
2.1.4.Automotive Coil Spring Market Snippet by End-User
2.1.5.Automotive Coil Spring Market Snippet by Country
2.1.6.Automotive Coil Spring Market Snippet by Region
2.2.Competitive Insights
3.Automotive Coil Spring Key Market Trends
3.1.Automotive Coil Spring Market Drivers
3.1.1.Impact Analysis of Market Drivers
3.2.Automotive Coil Spring Market Restraints
3.2.1.Impact Analysis of Market Restraints
3.3.Automotive Coil Spring Market Opportunities
3.4.Automotive Coil Spring Market Future Trends
4.Automotive Coil Spring Industry Study
4.1.PEST Analysis
4.2.Porter's Five Forces Analysis
4.3.Growth Prospect Mapping
4.4.Regulatory Framework Analysis
5.Automotive Coil Spring Market: COVID-19 Impact Analysis
5.1.Pre-COVID-19 Impact Analysis
5.2.Post-COVID-19 Impact Analysis
5.2.1.Top Performing Segments
5.2.2.Marginal Growth Segments
5.2.3.Top Looser Segments
5.2.4.Marginal Loss Segments
6.Automotive Coil Spring Market Landscape
6.1.Automotive Coil Spring Market Share Analysis, 2023
6.2.Breakdown Data, by Key Manufacturer
6.2.1.Established Players' Analysis
6.2.2.Emerging Players' Analysis
7.Automotive Coil Spring Market - By Vehicle Type
7.1.Overview
7.1.1.Segment Share Analysis, By Vehicle Type, 2023 & 2032 (%)
7.1.2.Commercial Vehicle
7.1.3.Passenger Vehicle
8.Automotive Coil Spring Market - By Spring Type
8.1.Overview
8.1.1.Segment Share Analysis, By Spring Type, 2023 & 2032 (%)
8.1.2.Compression Spring
8.1.3.Extension Spring
8.1.4.Torsion Spring
9.Automotive Coil Spring Market - By Material
9.1.Overview
9.1.1.Segment Share Analysis, By Material, 2023 & 2032 (%)
9.1.2.Alloy Steel
9.1.3.Carbon Steel
9.1.4.Stainless Steel
9.1.5.Others
10.Automotive Coil Spring Market - By End-User
10.1.Overview
10.1.1.Segment Share Analysis, By Spring Type, 2023 & 2032 (%)
10.1.2.OEMs
10.1.3.Aftermarket
11.Automotive Coil Spring Market- By Geography
11.1.Introduction
11.1.1.Segment Share Analysis, By Geography, 2023 & 2032 (%)
11.2.North America
11.2.1.Overview
11.2.2.Automotive Coil Spring Key Manufacturers in North America
11.2.3.North America Market Size and Forecast, By Country, 2019 - 2032 (US$ Million)
11.2.4.North America Market Size and Forecast, By Vehicle Type, 2019 - 2032 (US$ Million)
11.2.5.North America Market Size and Forecast, By Spring Type, 2019 - 2032 (US$ Million)
11.2.6.North America Market Size and Forecast, By Material, 2019 - 2032 (US$ Million)
11.2.7.North America Market Size and Forecast, By End-User, 2019 - 2032 (US$ Million)