Market Size of Automotive Leaf Spring Industry
![Automotive Leaf Spring Market Summary](https://s3.mordorintelligence.com/automotive-leaf-spring-market/1695925263057_automotive-leaf-spring-market_Market_Summary.webp)
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.56 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | Asia-Pacific |
Market Concentration | Medium |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
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Automotive Leaf Spring Market Analysis
The Automotive Leaf Spring Market is valued at USD 5.88 billion in the current year and is expected to reach USD 7.51 billion within the next five years, registering a CAGR of about 4.56% during the forecast period.
Over the long term, the market is driven by the demand increase in demand for commercial vehicles and an increased demand for vehicle comfort. Furthermore, the significant development of the e-commerce industry across the globe is likely to foster the demand for light commercial vehicles to cater to the demand of vehicle manufacturers, increasing worldwide demand for automobile leaf springs. Furthermore, the growing culture of sports utility vehicles in countries like India, China, and the United States will drive the market growth.
For example, according to premium car Manufacturer Mercedes Benz, the share of SUVs in the overall Indian passenger cars market grew to 47% in 2022, which was 22% five years back.
However, the springs tend to lose structure and sag over time. When the sag is uneven, it might change the vehicle's cross weight, which can impair the handling slightly. It can also affect the angle of the axle to the mount. Acceleration and braking torque can generate wind-up and vibration. It might hamper the market growth during the forecast period.
Asia-Pacific dominates the automotive leaf spring market owing to China's highest passenger car sales in 2022, followed by India and Japan.
- For instance, According to the International Organisation of Motor Vehicle Manufacturers, China contains the highest no sales of passenger vehicles at 23 million units in 2022. Moreover, the majority of suppliers in the region seek to produce lightweight solutions utilizing superior materials as it allows them to adhere to the set standards.
Furthermore, because of their lightweight and great durability, composite leaf springs are progressively replacing conventional leaf springs. Thus, the above factors will drive the market growth.
Automotive Leaf Spring Industry Segmentation
Leaf springs are an essential component of a vehicle, especially for a commercial vehicle suspension system. They are made up of several layers of leaves that vary in size, with the largest layer on top and each layer linked to the next. Leaf springs are joined to the frame directly, either at both ends or at one end. The front end of the latter is fastened to the frame, while the other end is tied to a short swinging arm by a shackle. The primary function of leaf springs is to offer passenger comfort by reducing vertical vibration produced by nonuniformity in road geometry.
The automotive leaf spring market is segmented by type, vehicle type, sales channel, and geography.
By type, the market is segmented into semi-elliptic, elliptic, parabolic, and others. By vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. By sales channel, the market is segmented into OEMs and aftermarkets. By Geography, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. The report offers market size and forecasts for the automotive leaf spring market in value (USD) for the above segments.
Type | |
Semi-Elliptic | |
Elliptic | |
Parabolic | |
Other Types |
Vehicle Type | |
Passenger Cars | |
Light Commercial Vehicle | |
Heavy Commercial Vehicle |
Sales Channel | |
OEMs | |
Aftermarkets |
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Automotive Leaf Spring Market Size Summary
The Automotive Leaf Spring Market is poised for significant growth over the forecast period, driven by increasing demand for commercial vehicles and enhanced vehicle comfort. The expansion of the e-commerce industry globally is expected to boost the demand for light commercial vehicles, thereby increasing the need for automobile leaf springs. The rising popularity of sports utility vehicles in regions such as India, China, and the United States further contributes to market growth. However, challenges such as the tendency of leaf springs to lose structure and sag over time may impact market dynamics. The Asia-Pacific region leads the market, with China, India, and Japan at the forefront due to high passenger car sales and a focus on lightweight solutions using advanced materials.
The market is also witnessing a shift towards composite leaf springs, which offer benefits like reduced weight and improved durability compared to traditional options. This transition is supported by rising disposable incomes, urbanization, and increased construction activities, which drive the adoption of commercial vehicles. The logistics sector's shift towards customer-centric solutions and supportive government policies for electric vehicles further bolster market demand. The Asia-Pacific region, with its burgeoning e-commerce and vehicle manufacturing sectors, is expected to see substantial market development. Major players in the region are investing in research and development to innovate and meet growing demand, with significant investments in new technologies and product diversification.
Automotive Leaf Spring Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increase in Sales of Commercial Vehicles
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1.2 Market Restraints
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1.2.1 The Spring tends to Loose Structure With Time
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size in Value USD)
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2.1 Type
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2.1.1 Semi-Elliptic
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2.1.2 Elliptic
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2.1.3 Parabolic
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2.1.4 Other Types
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Light Commercial Vehicle
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2.2.3 Heavy Commercial Vehicle
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2.3 Sales Channel
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2.3.1 OEMs
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2.3.2 Aftermarkets
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Russia
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 South America
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2.4.4.2 Middle-East and Africa
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Automotive Leaf Spring Market Size FAQs
What is the current Automotive Leaf Spring Market size?
The Automotive Leaf Spring Market is projected to register a CAGR of 4.56% during the forecast period (2024-2029)
Who are the key players in Automotive Leaf Spring Market?
EATON Detroit Spring, Inc., Sogefi SpA, MITSUBISHI STEEL MFG. CO., LTD., NHK SPRING Co.,Ltd. and Jamna Auto Industiries Ltd. are the major companies operating in the Automotive Leaf Spring Market.