Surge in demand for improved suspension systems in vehicles and rise in adoption of autonomous driving systems are fueling the automotive coil spring market size.
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Automotive coil springs provide enhanced suspension and work as shock absorption, thereby being extensively used in vehicles to improve suspension. Moreover, growth in the electrification of vehicles is propelling market expansion.
Automotive coil spring market manufacturers are introducing innovative products to meet consumer demands and improve their product portfolio.
Moreover, leading players in the market are forming partnerships to globalize their brands and enhance overall business performance. They are investing in technological developments to increase their manufacturing capacities.
Automotive coil springs are a crucial part of a suspension system in automotive. An automotive coil spring is used in many vehicles, such as Heavy Commercial Vehicles (HCVs), two-wheelers, passenger cars, Light Commercial Vehicles (LCVs), and many others.
It is generally used for suspension purposes in wheeled vehicles. Automotive suspension springs ensure a safe drive on bumpy roads and avoid collision.
A coil spring is a mechanical device that is generally used to store energy and then release it after a specific interval. It is also used to maintain a force between contacting surfaces or to absorb shock. Close-end, square-end, open, and pigtail are some of the common types of automotive coil springs.
Attribute Detail DriversSuspension systems ensure a smooth and comfortable ride, as well as enhance vehicle stability and handling. Automobile spring is a key component of suspension systems, providing support and absorbing shocks from road irregularities.
Rise in focus on comfort and ride quality, safety and stability, performance, and customization are major factors driving the demand for enhanced suspension systems. Thus, surge in demand for improved suspension systems in vehicles is fostering the automotive coil spring market revenue.
Technological developments in the automotive sector are encouraging manufacturers to develop feasible coil springs that offer superior performance, durability, and weight savings. Moreover, increase in vehicle production across the globe is propelling the automotive coil spring market development.
Autonomous driving systems introduce new challenges and requirements for vehicle suspension systems, including coil springs, to ensure optimal performance, safety, and comfort. Manufacturers of automotive coil springs focus on introducing effective springs to meet safety standards.
Autonomous driving requires precise vehicle control to easily drive according to the changing road conditions. Thus, rise in adoption of autonomous driving systems is contributing to the automotive coil spring market growth.
Coil springs are integral components of vehicle dynamics control systems, working in conjunction with Electronic Stability Control (ESC) and Traction Control Systems (TCS) to optimize vehicle handling and stability.
These are extensively utilized in electric vehicles. Hence, increase in the electrification of vehicles is propelling the market progress.
According to the International Energy Agency, electric cars could potentially account for 18% of total car sales throughout the entire year. Under the IEA Stated Policies Scenario (STEPS), the global outlook for the share of electric car sales based on existing policies and objectives is likely to increase to 35% by .
As per the latest automotive coil spring market analysis, Asia Pacific dominated the global market in .
Increase in the manufacturing of passenger vehicles and government initiatives to increase sales of electric vehicles are projected to drive the automotive coil spring industry share during the forecast period.
Moreover, presence of leasing automotive manufacturers in this region is boosting market value.
According to the International Energy Agency, China accounted for around 60% of global electric car sales in . More than half of the electric cars on roads across the globe were in China and the country has already exceeded its target for new energy vehicle sales.
As per the recent automotive coil spring market trends, developments in the automotive industry generate multiple automotive coil spring industry opportunities for manufacturers in this sector.
Leading companies in automotive coil spring business are launching new products to enhance their product portfolio and meet consumer demands. Moreover, they are adopting various strategies including partnerships to increase their global reach and expand their brand presence.
Some of the leading companies in the market are Ace Wire Spring & Form Company, Betts Company, Clifford Springs, Draco Spring Mfg. Co., Hendrickson USA, L.L.C., Jamna Auto Industries Limited, Kilen Springs, Emco Electronics, Lesjöfors Automotive, Sogefi SpA, Aniceto Gomez SA, Olgun Celik, Rassini, Soni Auto & Allied Industries Ltd., and Suspension Spring Specialists.
These companies have been profiled in the automotive coil spring market report based on parameters, such as business strategies, financial overview, product portfolio, company overview, recent developments, and business segments.
It was valued at US$ 12.2 Bn in
It is projected to grow at a CAGR of 4.5% from to
Surge in demand for improved suspension systems in vehicles and rise in adoption of autonomous driving systems
Asia Pacific was the most lucrative region in
Ace Wire Spring & Form Company, Betts Company, Clifford Springs, Draco Spring Mfg. Co., Hendrickson USA, L.L.C., Jamna Auto Industries Limited, Kilen Springs, Emco Electronics, Lesjöfors Automotive, Sogefi SpA, Aniceto Gomez SA, Olgun Celik, Rassini, Soni Auto & Allied Industries Ltd., and Suspension Spring Specialists
&#;The global Automotive Coil Spring market was valued at US$ 595 million in and is anticipated to reach US$ 679.9 million by , witnessing a CAGR of 1.9% during the forecast period -.&#;
Automotive Coil Spring Market Research Report Revealing a Comprehensive Analysis of Industry Trends, Growth, and Opportunities By Types (Below 4 Inch,Above 4 Inch), By Application (Automotive OEM,Automotive Aftermarket), By Regional Outlook and Forecast, &#; . Ask for Sample Report
Browse Detailed TOC of Automotive Coil Spring Market report which is spread across 95+ Pages, Tables and Figures with Charts that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.
Who is the largest manufacturers of Automotive Coil Spring Market worldwide?
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Short Description About Automotive Coil Spring Market:
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The global Automotive Coil Spring market was valued at US$ 595 million in and is anticipated to reach US$ 679.9 million by , witnessing a CAGR of 1.9% during the forecast period -.At present, there are mass of manufacturers in the market. Leading companies in the market are GKN, Sogefi Group, Mubea Fahrwerksfedern GmbH, Mitsubishi Steel, Federal-Mogul, Lesjöfors AB, NHK Spring and Kilen Springs, etc, with about 40% market shares.
The Automotive Coil Spring market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and sub-division of major countries, and sometimes end user, channel, technology, as well as other information individually tailored before order confirmation.
What are the factors driving the growth of the Automotive Coil Spring Market?
Growing demand for below applications around the world has had a direct impact on the growth of the Automotive Coil Spring
What are the types of Automotive Coil Spring available in the Market?
Based on Product Types the Market is categorized into Below types that held the largest Automotive Coil Spring market share in .
Which regions are leading the Automotive Coil Spring Market?
This Automotive Coil Spring Market Research/Analysis Report Contains Answers to your following Questions
Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Automotive Coil Spring Industry.
Detailed TOC of Global Automotive Coil Spring Market Research Report, -
1 Automotive Coil Spring Market Overview : 1.1 Product Definition 1.2 Automotive Coil Spring Segment by Type 1.3 Automotive Coil Spring Segment by Application 1.4 Global Market Growth Prospects 1.5 Assumptions and Limitations
2 Market Competition by Manufacturers : 2.1 Global Automotive Coil Spring Production Market Share by Manufacturers (-) 2.2 Global Automotive Coil Spring Production Value Market Share by Manufacturers (-) 2.3 Global Key Players of Automotive Coil Spring, Industry Ranking, VS VS 2.4 Global Automotive Coil Spring Market Share by Company Type (Tier 1, Tier 2 and Tier 3) 2.5 Global Automotive Coil Spring Average Price by Manufacturers (-) 2.6 Global Key Manufacturers of Automotive Coil Spring, Manufacturing Base Distribution and Headquarters 2.7 Global Key Manufacturers of Automotive Coil Spring, Product Offered and Application 2.8 Global Key Manufacturers of Automotive Coil Spring, Date of Enter into This Industry 2.9 Automotive Coil Spring Market Competitive Situation and Trends 2.10 Mergers & Acquisitions, Expansion
3 Automotive Coil Spring Production by Region : 3.1 Global Automotive Coil Spring Production Value Estimates and Forecasts by Region: VS VS 3.2 Global Automotive Coil Spring Production Value by Region (-) 3.3 Global Automotive Coil Spring Production Estimates and Forecasts by Region: VS VS 3.4 Global Automotive Coil Spring Production by Region (-) 3.5 Global Automotive Coil Spring Market Price Analysis by Region (-) 3.6 Global Automotive Coil Spring Production and Value, Year-over-Year Growth
4 Automotive Coil Spring Consumption by Region : 4.3 North America 4.4 Europe 4.5 Asia Pacific 4.6 Latin America, Middle East & Africa
5 Segment by Type : 5.1 Global Automotive Coil Spring Production by Type (-) 5.2 Global Automotive Coil Spring Production Value by Type (-) 5.3 Global Automotive Coil Spring Price by Type (-)
6 Segment by Application : 6.1 Global Automotive Coil Spring Production by Application (-) 6.2 Global Automotive Coil Spring Production Value by Application (-) 6.3 Global Automotive Coil Spring Price by Application (-)
7 Key Companies Profiled :CPCP
8 Industry Chain and Sales Channels Analysis : 8.1 Automotive Coil Spring Industry Chain Analysis 8.2 Automotive Coil Spring Key Raw Materials 8.3 Automotive Coil Spring Production Mode & Process 8.4 Automotive Coil Spring Sales and Marketing 8.5 Automotive Coil Spring Customers
9 Automotive Coil Spring Market Dynamics : 9.1 Automotive Coil Spring Industry Trends 9.2 Automotive Coil Spring Market Drivers 9.3 Automotive Coil Spring Market Challenges 9.4 Automotive Coil Spring Market Restraints
10 Research Finding and Conclusion :
11 Methodology and Data Source : 11.1 Methodology/Research Approach 11.2 Data Source 11.3 Author List 11.4 Disclaimer
Continued&#;.
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