Global Automotive Leaf Spring Market: Snapshot
As the automotive industry continues to achieve new peaks, primarily in the Asia Pacific region, the segment of automotive leaf spring is gaining traction, because the suspension of a vehicle goes a long way towards determining its capacity to handle load as well as offer safety and comfort to the passengers. As conventional vehicle suspension unit, leaf springs are facing deficit in the passenger vehicle segment but its application in commercial vehicles is irreplaceable, as load carrying capacity and rigidity are the strengths of leaf springs. According to this business intelligence study, the demand in the global automotive leaf spring market will multiply at a notable CAGR of 6.1% during the forecast period of 2017 to 2025. In terms of revenue, the vendors of the automotive leaf market will have an opportunity of US$7,631.1 mn by the end of 2025 to make profits from, substantially more than the market’s evaluated valuation of US$4,767.3 mn as of 2017.
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The fruitfulness of the automotive leaf spring market can be accredited to factors such as the rapid expansion of the automotive industry, constantly growing demand for commercial vehicles from the transportation sector, swelling light commercial vehicle sales, and rise in purchasing power of consumers. In addition to that, the prosperity of various economic sectors such as agriculture and construction are expected to reflect positively over this market.
Double End Leaf Spring Key End-type Segment
On the basis of the type of end, the automotive leaf spring market has been segmented into double end leaf spring and open end leaf spring. In 2016, the double end leaf spring segment accounted for the most prominent chunk of demand. Double end is leaf spring in which both ends are closed and can be screwed to the chassis of the vehicle. These are also known as closed end leaf spring and are mostly used in the light vehicles. Open end are leaf springs that have either one of the ends open, which mounts on the chassis of vehicle. Open end leaf spring has application in heavy commercial vehicles.
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By shape, the global automotive leaf spring market has been bifurcated into parabolic leaf spring and elliptical leaf spring, which has been further sub-segmented into semi elliptical and transverse elliptical leaf spring. Parabolic leaf spring is basically a leaf or a set of leaves, which are tapered in a parabolic way rather than linear. So from the middle, where it is thick, to the ends, where it is thinner, the tapering steps down in a parabolic manner. An elliptical leaf spring is shaped like a part of an ellipse and consist of number of leaves. The shape of the leaf is rectangular and the thickness remains constant throughout the length of the leaf of the spring. Parabolic leaf spring is a comparatively newer concept to and the demand for it is expected to grow quickly during the forecast period 2017 – 2025.
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Asia Pacific Most Lucrative Region by a Country Mile
Geographically, Asia Pacific is currently the most lucrative region and is projected to remain so until 2025 too. Gaining traction from increasing demand for commercial vehicles from the transportation sector as well as construction and manufacturing, the Asia Pacific automotive leaf spring market is estimated to be worth US$4,278.8 mn by 2025. The region is also primed to expand the demand at an above-average CAGR of 6.9% during the forecast period of 2017 to 2025. North America is second most profitable region for the vendors operating in the global automotive leaf spring market. By the end of 2025, the North America leaf spring market is estimated to be worth US$1,887.2 mn.
Rassini, Hendrickson USA, L.L.C., Sogefi SpA, Jamna Auto Industries, Emco Industries, LITEFLEX, NHK Springs Co. Ltd., and Dongfeng Motors are a few prominent players in the global automotive leaf spring market.
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