Authored By: Sarah
11 Jul 2024

 Automotive Suspension Coil Springs Market Size to grow by USD 696.7 million between 2024-2028

According to a research report “ Automotive Suspension Coil Springs Market” by Application (Passenger Car, Commercial Vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 696.7 million, at a CAGR of  4.5% during the forecast period. The global automotive industry experienced significant growth in 2023, with a record production of approximately 93 million vehicle units. Passenger vehicles dominated the market, accounting for 73% of the total production with 68 million units. Light commercial vehicles represented a substantial portion of this figure, accounting for over 21 million units. Commercial vehicle production also saw an increase, with 25 million units produced, including 3 million units of medium and heavy trucks and buses/coaches. Given the integral role of coil springs in automotive suspension systems, this surge in automobile production is propelling the expansion of the global automotive suspension coil springs market.

Browse market data tables, figures, and in-depth TOC on “Automotive Suspension Coil Springs Market” by Application (Passenger Car, Commercial Vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Passenger Car segment is projected to dominate the market size in 2024

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By Geography, APAC  segment is expected to hold the largest market size for the year 2024

In the automotive industry, passenger vehicles are categorized into entry-level, mid-level, and premium or luxury segments. Each segment utilizes distinct suspension systems, with enhanced comfort features contributing to optimized performance. Market participants in the global automotive suspension coil springs market are introducing lightweight, yet robust coil springs. These innovations consume minimal space within the suspension system and offer improved durability. The advancement of suspension systems in passenger vehicles is fueled by the adoption of efficient materials and cutting-edge technology. Collaborative efforts between market vendors and automakers have led to the development of advanced suspension system designs. This collaboration results in the increased utilization of fortified and hardened steel for manufacturing suspension coil springs, ultimately enhancing overall vehicle performance.

APAC is forecasted to hold the largest market size by region in 2024

The Automotive Suspension Coil Springs market is a significant sector within the global automotive industry. Coil springs are a crucial component of a vehicle's suspension system, ensuring optimal ride comfort and handling performance. Market growth is driven by factors such as increasing vehicle production, rising demand for premium vehicles, and advancements in spring technology. Key players in this market include ThyssenKrupp, ZF Friedrichshafen, and NHK Spring. Strategic collaborations, product innovation, and cost competitiveness are key strategies for market success.

The Automotive Suspension Coil Springs Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Alpha Springs Ltd.
  • Asha Spring and Engineering Co.
  • BWI Group
  • Coiling Technologies Inc.
  • Continental AG
  • Dietz GmbH
  • Kilen Springs
  • Leggett and Platt Inc.
  • Melling
  • Melrose Industries Plc
  • Mitsubishi Steel Mfg. Co. Ltd.
  • Muhr und Bender KG
  • MW Industries Inc.
  • NHK Spring Co. Ltd.
  • Sogefi Spa
  • Springcoil Ltd.
  • Tenneco Inc.
  • The Lesjofors Group
  • thyssenkrupp AG
  • ZF Friedrichshafen AG
.

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Research Analysis Overview

The Automotive Suspension Coil Springs market is witnessing significant growth due to the increasing demand for eco-friendly materials and sustainability in the automotive industry. Manufacturers are focusing on tailor-made intricate designs using 3D printing techniques to create suspensions that can adapt to specific vehicle requirements and road conditions. Electronically controlled and adaptive suspension systems are becoming popular, integrating smart technologies to provide a smoother ride and improved handling. Coil springs remain a crucial component of the suspension system, with a focus on durability using traditional steel, lightweight metals, and composite alloys. Elasticity and tire contact are essential factors in designing coil springs to ensure the car's stability and vehicle ride quality. The vehicle's weight and road irregularities also influence the choice of materials and design. As the market evolves, coil springs are expected to become more efficient and effective, enhancing overall vehicle performance and contributing to a more sustainable future for the automotive industry.

Market Research Overview

The Automotive Suspension Coil Springs market is experiencing significant development as automotive trends shift towards robust automotive technology. The growing consumer preference for comfort, safety, and fuel efficiency is driving the demand for advanced suspension systems. Major manufacturers are investing in technology innovations, such as adaptive suspension and electronically controlled systems, to meet these demands. The leading region for the automotive suspension coil springs market is Asia Pacific, with China being a major contributor due to its large automotive industry and increasing consumer adoption of advanced vehicles. However, sustainability concerns and emissions regulations are hindering the growth of traditional materials like steel and are pushing the market towards ecofriendly materials and sustainable manufacturing. The market for suspension components, including coil springs, is expected to see mass adoption in autonomous vehicles and electric vehicles as they become more common. The sale of parts in the aftermarket is also a significant driver of growth, with consumers seeking replacement options, upgrades, and customization. The diverse road conditions and structural integrity requirements of commercial vehicles, such as buses, heavy-duty trucks, and delivery vans, are driving the demand for specialized suspension systems. The transportation of goods and passengers is a crucial factor in the market's growth, with efficiency and durability being key considerations. Despite these driving factors, the market is facing setbacks due to economic uncertainties, factory closures, and disruptions in the automotive supply chain. The recovery of the market is expected to be slow, with new norms and resilience being essential for long-term success. The automotive suspension coil springs market is undergoing significant changes, with advanced composites and lightweight alloys being used to create tailor-made, intricate designs using 3D printing techniques. The focus on safety, ride quality, and driving experience is leading to engineering innovations and technology advances in materials and production processes. Braking, cornering, and the car's stability are all crucial factors in the design of coil springs and the overall suspension system. The market is expected to continue evolving as automakers adapt to changing consumer preferences and diverse road conditions.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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