Global Automotive Leaf Spring Market Size, Share, Forecast Report, 2020-2027

An automotive leaf spring is used as a suspension system to support the vehicle by absorbing the bumps on uneven road tracks. Such springs comprise leaves and consist of one or more leaves. They are one of the traditional suspension systems for the wheeled vehicles. They are mainly used in LCVs and HCVs. The manufacturing process for the automotive leaf springs include center hole punching, shearing of flat bar, heating process, and heating treatment.

The increase in demand for light commercial vehicles and rise in the demand for vehicle comfort during long-run are expected to raise the demand for automotive leaf springs in the global market. Additionally, the increase in the per capita disposable income raises the concerns for the vehicle service and vehicle comfort, which enhance the demand and consumption for the automotive leaf springs, across OEMs and aftermarket. The rapid expansion of the global e-commerce industry is expected to fuel the demand for light commercial vehicles for order delivering, which will raise the demand for automotive leaf springs in the global market. The growth in the adoption of lightweight components is expected to reduce vehicle weight and enhance vehicle performance. Therefore, the use of lightweight components are expected to form an opportunity in the global market for automotive leaf spring during the forecast period. For instance, composite leaf springs are developed to replace the steel leaf springs in the heavy commercial vehicles. However, the continuous fluctuation in raw material prices and change in trade policies are expected to slow down the growth of the global automotive leaf spring market during the forecast period. Thus, the global automobile leaf spring market is estimated to witness 6.5% CAGR during the forecast period, 2019–2025.

Prominent Players

The Prominent Players in the global automobile leaf spring market include Rassini (Mexico), Hendrickson USA, L.L.C. (US), Sogefi SpA (Italy), Jamna Auto Industries (India), Emco Industries (India), LITEFLEX (US), IFC Composite GmbH (Germany), NHK Springs Co. Ltd (Japan), Benteler-SGL (Austria), and OlgunCelik San. Tic. A.S (Turkey).
The global automotive leaf spring manufacturers industry is segmented based on type, material, sales channel, vehicle type, and region. On the basis of type, the market has been segmented into parabolic, elliptic, semi-elliptic, and others. The parabolic type segment is expected to dominate the global market in terms of value and volume during the forecast period. The semi-elliptic type segment is expected to be the fastest growing segment in the global automobile leaf spring market during the forecast period. On the basis of material, the market has been segmented into metal and composite. The metal segment is expected to dominate the global market in terms of both, value and volume during the forecast period. On the basis of sales channel, the market has been segmented into OEM and aftermarket. The OEM segment is expected to dominate the global market in terms of both, value and volume during the forecast period. On the basis of vehicle type, the market has been segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. The light commercial vehicle segment is expected to dominate the global market in terms of both, value and volume during the forecast period.

Geographically, the global automotive leaf spring market has been segmented into four regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold a highest market share and highest growing region during the forecast period owing to the leading highest consumption of commercial vehicles. On the other hand, North America is expected to witness substantial growth owing to an increase in the demand for light commercial vehicles in the transportation industry.