Automotive Leaf Spring Market Size and Competitive Analysis till 2031

The automotive leaf spring market is expected to register a CAGR of 3.9% during 2023–2031. The growing adoption of large commercial vehicles is one of the major trends in the automotive leaf spring market.

Automotive Leaf Spring Market Analysis

• The growing commercial vehicle industry is one of the vital factors fuelling the automotive leaf spring market expansion.
• The global boom in the e-commerce and logistics sectors has witnessed a dramatic rise in the demand for commercial vehicles such as trucks and trailers. Such commercial vehicles need a sturdy suspension system to handle the heavy loads and provide stability. Owing to its characteristic of distributing weight uniformly and offering enhanced stability, leaf springs are used abundantly in commercial vehicles, thereby catalysing the automotive leaf spring market growth.

Automotive Leaf Spring Market Overview

• The global Automotive leaf spring market has emerged as one of the most lucrative markets in the last few years owing to the high demand of the commercial vehicles, coupled with the increased focus on improving the ride quality of the vehicles. Automotive leaf spring is one of the most important parts of the suspensions.
• The use of leaf springs has increased in the automobile industry vehicles are getting lightened because it reduces emissions and give more elegance of mileage, the leaf springs made up of composite material and not such heavier than old suspension devices so in future passenger cars the leaves are used. This also ensured light weight and fast automotive means which ensure to lift the market boom.

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Automotive Leaf Spring Market: Strategic Insights

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Automotive Leaf Spring Market Drivers and Opportunities

Growing Adoption of Passenger Cars and Commercial Vehicles

• Overall, the automotive leaf spring market is increasing at a significant rate due to a higher rate of passenger cars and commercial vehicles. Moreover, the demand for lightweight vehicles as well as growth in manufacturing technologies is also supporting the growth of automotive leaf springs market.
• According to the OICA data, the global passenger vehicle sales was around 57.27 million units in 2021 that further reached to around 65.27 million units in 2023.
• Similarly, according to the OICA data, the global overall vehicle sales was around 83.64 million units in 2021 that further reached to around 92.72 million units in 2023. These figures include passenger as well as commercial vehicles in total.

Higher Adoption of Lightweight Material

• Adoption of advanced composite material like fiberglass, reinforced plastic to reduced weight, stiffness and improve vehicle durability compared to the traditional steel springs.
• The growth is driven by increasing demand of lightweight vehicle according to Department of Energy the advanced material reduces 10% of vehicle weight which can result in 6%-8% fuel because it takes less energy to accelerate lighter object.

Automotive Leaf Spring Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive leaf spring market analysis are number of plates and vehicle type.

• Based on number of plates, the automotive leaf spring market is divided into multi leaf springs and mono leaf springs.
• On the basis of vehicle type, the market is divided into passenger vehicle and commercial vehicle.

Automotive Leaf Spring Market Share Analysis by Geography

• Automotive Leaf Spring Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive leaf spring market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive leaf spring market in these regions.

Automotive Leaf Spring Market Regional Insights

The regional trends and factors influencing the Automotive Leaf Spring Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Leaf Spring Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Leaf Spring Market Report Scope

Automotive Leaf Spring Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Leaf Spring Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Leaf Spring Market are:

1. Hendrickson USA LLC
2. Emco Industries
3. SGL Group SE
4. Mack Springs
5. Sogefi SpA
6. IFC Composite GmbH

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Leaf Spring Market News and Recent Developments

The automotive leaf spring market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the automotive leaf spring market are listed below:

• Hendrickson Truck Commercial Vehicle Systems announces its lightest weight 46,000 lb. capacity rear air suspension, ROADMAAX Z. Hendrickson’s ROADMAAX Z rear air suspension system provides excellent on- and off-highway performance, ride quality, and cargo protection for demanding applications. (Source: Hendrickson, Company Website, March 2024)
• Dorman Products, Inc. (the “Company” or “Dorman”) (NASDAQ:DORM), a leading supplier in the automotive aftermarket industry, today announced that it completed the acquisition of Dayton Parts (“Dayton”) for a total cash consideration of approximately $338 million, subject to customary purchase price adjustments. (Source: Dorman Products Inc, Company Website, August 2021)

Automotive Leaf Spring Market Report Coverage and Deliverables

The “Automotive Leaf Spring Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive leaf spring market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive leaf spring market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST analysis
• Automotive leaf spring market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the automotive leaf spring market
• Detailed company profiles