Global Automotive Coil Spring Market Insights Forecasts to 2033

• The Global Automotive Coil Spring Market Size was Valued at USD 3.52 Billion in 2023
• The Market Size is Growing at a CAGR of 4.79% from 2023 to 2033
• The Worldwide Automotive Coil Spring Market Size is Expected to Reach USD 5.62 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

 

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The Global Automotive Coil Spring Market Size is Anticipated to Exceed USD 5.62 Billion by 2033, Growing at a CAGR of 4.79% from 2023 to 2033.

 

Market Overview

An automotive coil spring is a helical mechanical component that can be closed or opened. It is a key requirement for automobile production. These coils, which are often made from reinforced steel or flexible materials, help conserve mechanical energy. This spring is an indispensable component of the suspension system in motor vehicles that can have a significant effect on the passenger's comfort as well as the ability of the driver to regulate the vehicle. The process of creating these springs is a straight wire that enters into the coiler through a series of coiling rollers, which leads to a set of coiled points that apply force to create an automotive spring coil. These springs are utilized by a large number of vehicles right from the two-wheelers to the compact cars to the heavy-duty vehicles like trucks, buses, and tractors. Due to the versatile nature of coil springs where manufacturers can customize these springs as per the preference of the customers and their applications in various sectors like the Automotive industry, real estate industry, and agricultural sector which will potentially boost the automotive coil spring market.

 

Report Coverage

This research report categorizes the market for the global automotive coil spring market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global automotive coil spring market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global automotive coil spring market.

 

Driving Factors

Various factors like the low cost involved in the manufacturing of these coils alongside the property of being lightweight will contribute to the high growth and demand for automotive coil springs globally. The majority of springs are composed of inexpensive metals like steel. Such metals can be found easily anywhere, and they are inexpensive to buy. Also, these springs are remarkably lightweight considering the amount of power they deliver. The spring's strength is increased by the coiled shape of steel as compared to the inherent straight shape of the metal. The growing use of light, medium, and heavy-duty vehicles in developing countries because of the growing demand for road transportation will contribute to the growth of the automotive coil spring market.

 

Restraining Factors

Various restraining factors, such as decreased efficiency as time goes on and unsuitability for heavy-duty vehicles will hasten the growth of the automotive coil spring market. Generally, springs are susceptible to constant wear and tear and ultimately lose effectiveness. Also, heavy-duty vehicles like trucks, tankers, and bulldozers, carry a considerable number of loads of weight which will rapidly deteriorate the quality of the spring coils. These coils also require frequent maintenance because they are at a high risk of corrosion which will hamper vehicular traveling.

 

Market Segmentation

The global automotive coil spring market share is classified into material, vehicle type, and application.

 

• The steel spring segment is expected to hold the largest share of the global automotive coil spring market during the forecast period.   

Based on the material, the global automotive coil spring market is divided into composite spring, steel spring, and plastic spring. Among these, the steel spring segment is expected to hold the largest share of the global automotive coil spring market during the forecast period. Due to the reasonable cost and outstanding mechanical characteristics, steel springs continue to be a popular and widely utilized material in the automotive industry. These springs are very reliable as they can handle big loads while maintaining durability over an extended period. This ongoing development of exceptionally strong and lightweight steel alloys is a notable trend for steel springs. To improve spring lifespan while reducing weight, automobile manufacturers and spring producers are constantly exploring new steel compositions and heat treatment methods. The above trend is consistent with the industry's focus on cutting car emissions and increasing fuel economy.

 

• The passenger cars segment is expected to grow at the fastest CAGR in the global automotive coil spring market during the forecast period.   

Based on the vehicle type, the global automotive coil spring market is divided into commercial vehicles, passenger vehicles, and heavy-duty vehicles. Among these, the passenger vehicles segment is expected to grow at the fastest CAGR in the global automotive coil spring market during the forecast period. The emphasis on improving ride quality and handling while lowering vehicle weight is an increasing industry trend in the passenger car segment. Manufacturers are focusing on more advanced suspension systems that utilize superior shock absorbers and coil springs to provide passengers with a smoother, and improved driving experience. Furthermore, there is a need for particular springs that can handle the unique weight distribution and features of these motors due to the increasing popularity of electric and hybrid cars.

 

• The OEM (Original Equipment Manufacturer) segment is expected to grow at the fastest CAGR in the global Automotive coil spring market during the forecast period.   

Based on the application, the global automotive coil spring market is divided into OEM (Original Equipment Manufacturer) and aftermarket. Among these, the OEM (Original Equipment Manufacturer) segment is expected to grow at the fastest CAGR in the global automotive coil spring market during the forecast period. Manufacturers of automobiles receive the coil springs directly from OEMs which ensures that high-quality suspension parts are installed in every new vehicle. The auto industry in general benefits from the continual growth of automobile manufacturing, particularly in developing regions like Asia-Pacific. OEMs work actively with automakers to establish and enhance coil spring designs, such as cutting-edge materials to enhance efficiency and long-term reliability. Companies also adhere to stringent quality requirements. Modern vehicles take advantage of electronically controlled suspension systems that will raise the OEM's requirements for specialized coil springs, and define the market segment as the driving force behind both technological innovation and market expansion.

 

Regional Segment Analysis of the Global Automotive Coil Spring Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is anticipated to hold the largest share of the global automotive coil spring market over the predicted timeframe.

 

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Asia Pacific is anticipated to hold the largest share of the global automotive coil spring market over the predicted timeframe. Due to the substantial amount of funds invested in the manufacturing and industrial sectors. Alongside, the region's top industry participant’s increased investment capacity leading to better financial conditions, and growth in the manufacturing of both passenger and commercial cars. As per the data provided by the Government of India, 2,27,17,562 vehicle registrations were done during 2023 which includes petrol, electric, and diesel vehicles.

 

North America is expected to grow at the fastest pace in the global automotive coil spring market during the forecast period. Innovations in vehicle suspension systems and the thriving automotive sector in this region are the main drivers of the automotive coil spring business. Significant investments in R&D, an established network of major manufacturers, and an increasing need for light trucks and SUVs make the region thrive. Given their distinct industrial capacities and market trends, the US and Canada both significantly impact the dynamics of the industry.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global automotive coil spring market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Hendrickson USA L.L.C.
• Betts Spring Manufacturing.
• Jamna Auto Industries Ltd.
• M W Components.
• UNI AUTO-PARTS CO., LTD.
• Hyperco.
• Sogefi Group.
• NHK Spring Co.Ltd.
• Lesjöfors AB.
• Draco Spring Manufacturing Company.
• Rassini S.A.B.De C.V.
• Mubea Fahrwerksfedern GmbH
• Tata AutoComp Systems Ltd.
• Stanley Spring & Stamping Corporation.
• Mack Springs.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

 

• In June 2024, Nidec Corporation announced the development of a new air suspension for auto vehicles which has the feature to accurately adjust the car’s height with the pneumatic pressure.

 

• In April 2022, Rheinmetall created an innovative suspension spring made of glass fiber. Collaborating alongside a high-end OEM, Düsseldorf-based technology.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive coil spring market based on the below-mentioned segments: 

 

Global Automotive Coil Spring Market, By Material

• Composite spring
• Steel spring
• Plastic spring

 

Global Automotive Coil Spring Market, By Vehicle Type

• Commercial vehicles
• Passenger vehicles
• Heavy-duty vehicles

 

Global Automotive Coil Spring Market, By Application

• OEM (Original Equipment Manufacturer)
• Aftermarket

 

Global Automotive Coil Spring Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa