High Uptake of Independent Rear Suspension Systems to Drive Market
The automotive sector is experiencing continual waves of innovation wherein manufacturers are striving to improve the overall performance of vehicles. Apart from targeting automotive manufacturers that are currently developing new vehicles, companies operating in the automotive coil spring market are likely to leverage opportunities in the aftermarket to strengthen their foothold in the market. In the past decade, a considerable amount of emphasis is being given to the development of lightweight vehicles and its impact can be felt across the automotive coil spring market. Vehicle owners are increasingly aware of indications of a broken coil such as bouncing movements, vehicle sway, underside noise, vehicle sag, etc., due to which replacement of worn-out automotive springs has gained significant popularity.
Automotive coil springs are one of the most integral components of a suspension system in vehicles and as per current trends, the adoption of automotive coil springs is set to remain higher than leaf springs during the forecast period. The demand for automotive coil springs is projected to increase over the upcoming years due to the swelling adoption of the same across heavy weight trucks worldwide. Companies in the current market landscape are focusing on increasing the timeframe and durability of their products. The growing adoption of independent rear suspension systems in pick-up trucks coupled with the surge in the sales of vehicles worldwide are some of the top factors that are expected to drive the global automotive coil spring market past ~US$ 10.4 Bn during the forecast period.
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End Users Likely to Prefer Automotive Coil Springs over Leaf Springs
Although the adoption of leaf springs is showing little signs of slowing down, the adoption rate of automotive coil spring is expected to remain higher throughout the forecast period. The demand for various automotive springs primarily depends on the nature of the application. The uptake of automotive coil springs is on the rise, owing to their desirable performance while negotiating minor obstructions, steep slopes/hills, uneven terrain, towing boats, hauling furniture, and during acceleration and braking. The demand for automotive coil spring is projected to be higher from passenger vehicle manufacturers in comparison with that from manufacturers involved in the production of commercial vehicles.
Dwindling prices of minicompact, supermini, and mid-size vehicles are a major factor augmenting the demand for these vehicles, particularly in the Asia Pacific region– presenting participants of the automotive coil spring market with abundant lucrative opportunities. Although there are various parameters that influence the adoption of different types of automotive springs, the installation preference predominantly depends on the end user. Although an air spring offers an improved ride quality, it is not as reliable as an automotive spring coil.
Companies Explore Potential of New Coil Springs Made from New Materials
Participants involved in the supply side of the value chain in the automotive spring coil market are eagerly exploring the potential of automotive coils made from new materials. Apart from focusing on the development of highly durable automotive spring coils, companies are also exploring the potential of developing advanced automotive coils made from different materials. While conventional automotive spring coils are produced using steel, manufacturers are actively engaged in research and development to unlock the potential of automotive spring coils made from epoxy resins and glass fiber. For instance, the Sogefi Group developed a new technology that could potentially replace automotive coil spring made from steel. Over the past couple of years, more number of automakers are inclining toward the development of automotive coil springs using glass fiber-reinforced polymer (GFRP) due to its lightweight and low energy consumption.
Amidst mounting environmental concerns, automakers are under pressure to develop eco-friendly cars made from lightweight components. While steel automotive coil springs have been around for several decades, the production of automotive coil spring with alternative materials has only received traction over the past five to six years. However, the trend is expected to continue during the forecast period, which in turn will result in the growth of the automotive coil spring market.
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Automotive Coil Spring Market: Overview
- The global automotive coil spring market is expected to expand at a CAGR of ~5% between 2020 and 2027
- The automotive coil spring market is primarily expanding due to rising preference for shock absorber with coil spring above leaf/ parabolic springs
- Emerging trend for independent rear suspension with coil springs among pick-up trucks is leading to the adoption of shock absorbers having coil springs with shock absorbers