The rising demand for passenger autos and commercial vehicles is the primary factor driving the suspension spring market. People in growing economies such as China, India, and Brazil can now buy passenger vehicle due to rising disposable income. This has led to an increase in the demand for suspension springs as they are a crucial component for vehicles. Additionally, the increasing demand for safety and performance has further fueled the demand for suspension springs.
The suspension spring market is growing due to the need for smoother rides and safety in vehicles. Suspension systems help in providing superior handling, braking, ride quality, and overall vehicle stability. They also reduce tire wear and increase the life of other parts of the vehicle. Thus, suspension springs play an important role in making a car comfortable and safe to drive.
The suspension spring market offers several advantages such as reduced vehicle weight, improved handling, and better ride quality. Additionally, the use of suspension springs helps in improving the overall stability and safety of a vehicle. Suspension springs are projected to be in high demand in the coming years due to increased demand for passenger automobiles and commercial vehicles.
A suspension spring is a type of spring used in a vehicle's suspension system. It is designed to absorb shock and provide dynamic stability while driving. Suspension springs are usually made of steel or other heavy materials such as rubber, composite materials, and polymers. They help to enhance the ride quality and handling performance of the vehicle by providing support for the suspension system.
The suspension spring market offers various services related to the designing, manufacturing, and testing of suspension springs. Companies in this market offer comprehensive solutions and technical support for customization based on different requirements. They also offer turnkey solutions as well as comprehensive after-sales services like maintenance, repair, and installation. Additionally, some companies offer online stores for OEMs and aftermarket services.
The global suspension spring market was valued at USD 23.14 Billion in 2020 and is projected to reach USD 30.92 Billion by 2031, growing at a CAGR of 5.1% from 2021 to 2031.
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The high cost of suspension springs is a major impediment to market expansion. Suspension springs are made from expensive materials such as steel and rubber, which makes them costly for OEMs and aftermarket services. Additionally, increasing regulations on safety standards and emission norms could further hamper the growth of the market. The rising demand for electric vehicles is expected to be a major driving force in the suspension spring market. Electric vehicles require sophisticated and advanced suspension systems, which increases the need for high-end suspension springs.
The Key players in the suspension spring market include Lesjöfors AB, Sogefi S.p.A., Eibach Group, NHK Spring Co. Ltd., ZF Friedrichshafen AG, Hendrickson USA, LLC., KYB Corporation, American Axle & Manufacturing Inc., Mando Corporation, and Mubea Group. These companies offer various services and products related to suspension springs. They are investing in product innovation, research & development activities, and strategic partnerships to strengthen their presence in the market. The increasing demand for lightweight suspension springs is a major trend in the market. With the rising focus on reducing vehicle weight to improve efficiency, manufacturers are increasingly using lightweight materials such as aluminum and steel alloys to manufacture suspension springs.
Segment Analysis
The coil spring segment Type Emerges as the Most Lucrative Segment
During the projected period, the coil spring sector is predicted to increase the most. Coil springs are widely used in vehicles, as they can absorb shock and provide dynamic stability while driving. They also offer good performance at a relatively lower cost than other types of suspension springs. Additionally, the increasing demand for luxury vehicles with advanced suspension systems is likely to boost the growth of the coil spring segment.
The Most Popular Application Segment is the passenger car
During the projected period, the passenger vehicle category is predicted to increase the most. Passenger cars are one of the largest segments in terms of revenue and production worldwide. The increasing sales of passenger cars due to rising disposable incomes, especially in emerging economies, are likely to drive the growth of the segment.
The aftermarket segment to Ensure Revenue Maximization
The aftermarket segment is expected to witness the highest growth during the forecast period. This is mainly due to the rising availability of suspension springs and related accessories online, which has increased the accessibility of these products for customers. Furthermore, increased OEM expenditures in the automotive sector are expected to boost the market growth in the area.
The Asia Pacific (APAC) region to render Adequate Financing Avenues
The Asia Pacific region is expected to be the fastest-growing market during the forecast period. This can be attributed to the growing demand for passenger cars and commercial vehicles in countries, such as China and India, as a result of rapid urbanization and rising disposable incomes. Additionally, increasing investments by OEMs in the automotive sector are likely to drive the growth of the market in the region.
COVID-19 Impact and Market Status
The suspension spring market has been affected by the COVID-19 pandemic. This is mainly due to a decline in the production and sales of vehicles and suspension springs due to the closure of factories and disruption in supply chains. Additionally, travel restrictions and lockdown measures have also led to a decline in demand for vehicles, which has further impacted the growth of the market. However, with the gradual easing of lockdown measures and increasing investments by OEMs in the automotive sector, the market is expected to revive during the forecast period.
Recent Developments in the “Suspension Spring” Market
• In 2019, KYB Corporation announced the launch of their new suspension spring called Lightloader. The company claimed that the product is 50% lighter than conventional coil springs and offers improved performance.
• In 2020, ZF Group launched a new shock absorber which was designed to reduce the weight of the vehicle while providing high levels of comfort.
• In 2021, Anand Suspension Systems launched their new air suspension system for the Indian market. The company stated that the product is designed to provide superior comfort and performance while reducing the vibration levels of vehicles.
Suspension Spring Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | USD 30.92 Billion |
| Growth Rate | CAGR of 5.1% during 2021-2031 |
| Segment Covered | Type, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Lesjöfors AB, Sogefi S.p.A., Eibach Group, NHK Spring Co. Ltd., ZF Friedrichshafen AG, Hendrickson USA, LLC., KYB Corporation, American Axle & Manufacturing Inc., Mando Corporation, and Mubea Group. |
Key Segment of Global Suspension Spring Market
By Type Overview 2021-2031, (USD Billion)
• Coil Spring
• Air Spring
• Leaf Spring
By Application Overview 2021-2031, (USD Billion)
• Commercial Car
• Passenger Vehicle
By End-User Overview 2021-2031, (USD Billion)
• OEM
• Aftermarket
By Region Overview 2021-2031, (USD Billion)
North America
• USA
• Canada
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of North America
Europe
• Germany
• France
• UK
• Rest of Europe
Middle East and Africa
Frequently Asked Questions (FAQ) :
Suspension Spring Market is projected to reach USD 30.92 Billion by 2031, growing at a CAGR of 5.1